20thGix Posted February 18, 2013 Report Share Posted February 18, 2013 So a couple months ago i went into my bank that currently holds my mortgage and i also went to the credit union that i belong to to see who would give me a better deal on a refi. At the credit union they pushed the FHA streamline refi with a couple different upfront cost options using the County Auditor's webite for my current home value. Another deal was to actually have the home appraised at my cost. So i take there deal to my current bank and see if they can do better. They basically say they cant do a better refi but i may qualify for the HARP program. So she also gets on the auditors wesite for the value and claims my Loan to Value ratio wont let me. Then in more words tells me to piss off. What i dont get is that the credit union and bank used the auditors value but did not include the second parcel of land. My house is on one lot and i own the lot beside it. All of which was purchased at the same time when i bought the house originally. I tried to tell the lady at the bank she is not including the whole value of my mortgage (parcel #2). All she kept saying was "home values have fallen yada yada yada". Rough numbers:Parcel #1Land value = $26KImprovements = $88K--------------------Total= $114,000Parcel #2Land value = 12KTotal value per the Auditor of what i pay for every month: $126KActual value i would assume to be higher being that i have had new roofs on the house and garage along with all new windows. Not to mention all the updates i have done on the inside.I would assume that i am right on including both parcels or is there some reason that i cannot understand or they cant explain.I am going to go throught with a refi soon now that i have more money available to pay more of the upfront cost to get the best rate. Any of you peeps have some advice or do this for a living? Quote Link to comment Share on other sites More sharing options...
aforrest4 Posted February 18, 2013 Report Share Posted February 18, 2013 The current administration has screwed the banks so hard with the Durbin Amendment, it has made it difficult for them to make quality loans to anyone other than top investors that don't need it.If you research some other banks, you may find some that have additional investment and may be able to give you the deal you want.But now they are fewer and fewer. Quote Link to comment Share on other sites More sharing options...
madcat6183 Posted February 18, 2013 Report Share Posted February 18, 2013 Do this for a living. Several issues pop up right away, if the CU is offering you a streamline then your current lender should be too. If they aren't then the lady you spoke with is a moron. It happens, just ask to speak to a different loan officer. 1 thing that sounds like you already know and did when you bought the other parcel, BUT if it's not 1 parcel now, then they won't include it on the refi, unless it's a full doc refi, you can't add parcels to the primary parcel/residence in a streamline. What that means is the parcel has to be on the same loan as the home/parcel home sits on.As for the appraisal, I wouldnt do that if I were you, most likely then you won't qualify especially if you live in OH.Also, for what its worth, none of what you did, roof, windows, really adds any value at all. These are considered to be necessities and required to make a house livable. Things like updates to kitchen/baths, flooring, are about all that matters in the end. Auditors don't care about any of the roof, etc. only what properties around you are selling for. Anymore same with appraisers, nothing matters excep COMP's, or houses that have sold around you, sat on market, left empty, etc.If you want more info, let me know directly, I can't get into too much detail directly with lender names etc as Im at work. And can only do that privately. 1 Quote Link to comment Share on other sites More sharing options...
20thGix Posted February 18, 2013 Author Report Share Posted February 18, 2013 madcat- Just to be clear on the land, both lots were sold to me when i bought the house. As in the lady i bought the house off of already owned them. So my original motgage is 2 parcels. One being the land, house and garage (Actually parcel #2 has the garage on it). The other just land. As far as the lady at US bank being a moron, im sure thats correct. In short what i told here was if you cant give me a better/equal deal on a refi compared to Wright Patt i will be dumping you as my bank altogether. She seemed like she didnt care. Quote Link to comment Share on other sites More sharing options...
madcat6183 Posted February 18, 2013 Report Share Posted February 18, 2013 Yeah, then she was clueless. No one wants to lose their current customers, so I'd peace out of there ASAP. If you can do a streamline refi and benefit, DO IT. I've given advice to several people on here and WERA both and most have benefitted from the refi.And no, Im not a broker, or anything, so I can't do the refi myself lol. Quote Link to comment Share on other sites More sharing options...
bshultz0930 Posted February 19, 2013 Report Share Posted February 19, 2013 Do this for a living. Several issues pop up right away, if the CU is offering you a streamline then your current lender should be too. If they aren't then the lady you spoke with is a moron. It happens, just ask to speak to a different loan officer. 1 thing that sounds like you already know and did when you bought the other parcel, BUT if it's not 1 parcel now, then they won't include it on the refi, unless it's a full doc refi, you can't add parcels to the primary parcel/residence in a streamline. What that means is the parcel has to be on the same loan as the home/parcel home sits on.As for the appraisal, I wouldnt do that if I were you, most likely then you won't qualify especially if you live in OH.Also, for what its worth, none of what you did, roof, windows, really adds any value at all. These are considered to be necessities and required to make a house livable. Things like updates to kitchen/baths, flooring, are about all that matters in the end. Auditors don't care about any of the roof, etc. only what properties around you are selling for. Anymore same with appraisers, nothing matters excep COMP's, or houses that have sold around you, sat on market, left empty, etc.If you want more info, let me know directly, I can't get into too much detail directly with lender names etc as Im at work. And can only do that privately.what he said...my mind has been blown. Quote Link to comment Share on other sites More sharing options...
madcat6183 Posted February 19, 2013 Report Share Posted February 19, 2013 Yeah if anyone has refi ?s PM me and Ill offer my cell for after business hrs. 1 Quote Link to comment Share on other sites More sharing options...
YSR_Racer_99 Posted February 19, 2013 Report Share Posted February 19, 2013 US Bank does sooo much volume that the loan officer may be cherry-picking what she wants to deal with. I agree with Madcat: check with a different loan officer, probably at a different branch. Quote Link to comment Share on other sites More sharing options...
20thGix Posted February 19, 2013 Author Report Share Posted February 19, 2013 US Bank does sooo much volume that the loan officer may be cherry-picking what she wants to deal with. I agree with Madcat: check with a different loan officer, probably at a different branch.I am going to leave that bank totally. There is zero benefit for me to use them anymore. Not that there was one to begin with. The only reason they have my mortgage it becasue National City Bank sold it to them. Hell i never made the first payment before it was sold to Us Bank. They act like they cant help with a refi but when i want an auto loan they want to give me Home equity line of credit. I must not keep enough money in my checking account for them to care. I only still have them because the convnience of bill paying.In the end my checking, HSA and mortgage will be moved to Wright PAtt where my savings is. They have always been willing to help and easy to deal with.Madcat: Thanks for clarifying the parcel confusion. If the loan officer could have explained it im sure she would have figured out what i was trying to tell her instead of just blindly saying i cant do that. Quote Link to comment Share on other sites More sharing options...
madcat6183 Posted February 19, 2013 Report Share Posted February 19, 2013 NP, I love what I do and what I've learned and love to help people. Anything I can do for anyone I will Quote Link to comment Share on other sites More sharing options...
bshultz0930 Posted February 20, 2013 Report Share Posted February 20, 2013 madcat, just curious, you ever heard of a gentlemen named bill osborne? Quote Link to comment Share on other sites More sharing options...
madcat6183 Posted February 20, 2013 Report Share Posted February 20, 2013 madcat, just curious, you ever heard of a gentlemen named bill osborne?I know a Chad Osborne, have for about 8 years now. Bill, doesn't ring a bell, but I work with about 9K+ daily Quote Link to comment Share on other sites More sharing options...
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