How Remortgaging And Switching Lenders Can Help [mortgageuseful.blogspot.com]
Mortgage lenders are in the business of making money, and in the last five years they have found a new way to squeeze more out of borrowers who want to. How mortgage lenders are hiking switching costs by stealth
Rates have went down and my lender can't get me a better rate because I am already locked in." Do I switch lenders? What do I do?
mortgageuseful.blogspot.com Should I Switch Mortgage Lenders?
When you first look for a mortgage you are likely to be drawn in by the attractive offers available for new customer, however, please be aware that the rates you get will not last forever and will only be for a set period of time. Something you need to look at is the rate you are going to revert to when your current deal runs out.
If at the end of your deal you are not satisfied with the rate you are going to receive you can opt to remortgage. This involves switching lenders which can be beneficial to homeowners but also have their disadvantages which everyone should be aware of.
One of the advantages of remortgaging is you will be able to save on your monthly repayments. Once your current fixed or discounted term comes to an end, remortgaging will mean you can return to a lower rate with a new lender rather than go on to the standard rate of your current lender.
Please note that if you choose to end your deal early in order to switch lenders you will probably have to pay an early repayment charge.If you choose to remortgage then you will be able to save a considerable amount of money. This spare cash can be spent in various ways including making home improvement that you may have been putting off due to lack of funds. We could all do with some extra funds in our account at the moment despite the economy emerging out of its slump. All opportunities to save some money should be seriously considered.
Mortgages are not something that everyone is clued up on and if you are one the many people this applies to then you should consult a whole of market mortgage broker who will be able to offer you some brilliant advice on your next steps whether you are looking to remortgage or are a first time buyer.
A whole of market mortgage broker has a range of different deals from all the leading lenders in the market and therefore are in a position to help you whatever your circumstances.When it comes to remortgaging, consider your options carefully and sit down and work out what savings you are likely to make. Consider all the costs that are associated with switching before you make your final decision and remember, brokers are all regulated by the Financial Services Authority so they have to offer you the best deals to suit your circumstances and not their profits.
Find the best mortgage deals around by searching online for a whole of market mortgage broker. This applies whether you are remortgaging or looking for first time buyer mortgages.
Recommend How Remortgaging And Switching Lenders Can Help TopicsQuestion by Sarah B: How long does it take to switch mortgage lenders when you're so close to your closing date? Okay, so we were supposed to close on our house tomorrow (the 28th). My husband is using his VA loan for the 2nd time. He was medically retired at the end of October 2010, and has a 40+ hour a week job within a month after that, & has maintained it ever since. He is 80% disabled. Everything was going just fine with the whole process until the underwritter on Friday came back & told our loan officer "No, the VA won't approve". That didn't sound right to us or our loan officer. So she did some digging & found out that the VA said no such thing, and that it was actually the underwritter who had the issue with my husband. The underwritter claimed that my husband has not held his new job long enough according to Century 21's standards (which they say is anywhere between 6 months to a year). But the VA said that they had no problem with that, & that they take each individual person's situation into consideration because no two are the same. [I should also mention that with the 1st VA loan we had, we had also gone thru Century 21 for that one, and that we had never missed a payment & were always on time with our payments.] This underwritter would not budge on his decision after our loan officer practially begged & pleaded with him all day Friday. So our loan officer took action and asked if we would be comfortable with switching lenders (which we are). So she {our loan officer} contacted another lender whom she also does business with, and she faxed over all of our paper work to the new lender late Friday afternoon. They (the new lender) looked everything over thuroughly and said that they would lend to us. So basically, from what our loan officer that we've been working with all along up until this point has told us, that because we've already done all that major paperwork, inspections, appraisal - all of that - that it's pretty much now just how quickly they can change over everything to this new lender. She said that they seller of the house we are buying would like to have everything taken care of and done by Thursday of this coming week {which would be March 3rd}. So I guess all in all here, my question is, has anyone ever experienced anything like this before, and is it possible to switch lenders like this and still be able to close fairly quickly here? Like I said, we've already done all of the major stuff that we did earlier on in the past 30 days, and our loan officer that we've had all along up to this point said that any fees that may come up with switching lenders that she will have them take that out of her 'bank' or 'fund [I believe is what she called it]. She feels that the underwritter that turned us down at the last minute is discriminating against my husband because he is a disabled veteran, and because he hasn't had a job for more than 6 months to a year (even tho he's only been a civilian for 4 months and has held this job he has no for 3 months of those 4 months). *** I did forget to include that the seller did agree to an extension, he's already said that he wants to sell this house to us [he's a re-habber].*** Best answer for How long does it take to switch mortgage lenders when you're so close to your closing date?:
Answer by godged
I would definately not count on just a few days to change lenders, it could easily take weeks, especially because VA is involved. You really have no choice at this point, you have to change lenders, it is a matter of whether the seller will wait and grant you an extension of the contract.
Answer by Lisa L
With new laws that were put in place about a year ago you couldn't close that soon even if everything is in place. From the time the new lender discloses & gets paperwork to you, you cannot close until the 8th day. Sunday doesn't count as one of those days. The certificate of eligibility is probably the only form the old lender has that can be used. Possibly the Indebtedness form, too, but that will be up to the lender. The old mortgage company does not own the appraisal so you are good there. It is available to new lender online. I still don't understand why people use a real estate agency's mortgage company to make the largest purchase of their life. They will probably soon be a thing of the past with new changes coming about. That is a good thing. It could be perceived as a conflict of interest. VA only guarantees the loan, they do not purchase the loan. Therefore it is not up to VA to say what is OK with them. It is up to the investor that will purchase the loan to say what they will accept. This particular underwriter knew what the investor would accept & your scenario wasn't it. Your agent was out of line saying she thinks your husband is being discriminated against. The other odd thing about that is that it is her company's affiliate she is bad mouthing. I rest my case.
