I'll ask here first

MuddyAxles · #1 (**permalink**) 07-19-2007, 10:13 PM

I am thinking of doing some debt consolidation and maybe a mortgage refinance to shift some of the cost of building my garage from short term debt to longer term mortgage or second mortgage type debt.

Has anyone here had an exceptionally good experience with a particular lender or type of loan? I'm in NY state so they have to be able to do business here.

We can read all day about the horror stories, got a few myself! I'm just looking for a few good, honest lenders who will genuinely compete for my business and won't try to charge an arm, a leg, and a half-interest in my future retirement to cover the closing costs.

This ought to be a lively thread...I hope it is.

Thanks, anyone

Jdenninger · #2 (**permalink**) 07-19-2007, 10:15 PM

try wells fargo. my wife was a mortgage broker for a while. shes not in the bus any more tho

MuddyAxles · #3 (**permalink**) 07-19-2007, 10:18 PM

Quote:

Originally Posted by Jdenninger

try wells fargo. my wife was a mortgage broker for a while. shes not in the bus any more tho

I'll take a look at them.

Thanks

ken75ranger · #4 (**permalink**) 07-20-2007, 06:44 AM

Check with some local credit unions. Good rates and they don't sell your morgage to another lender.

Ronin007 · #5 (**permalink**) 07-20-2007, 08:26 PM

Check with your bank too. If they care to retain your business they will give you good terms or will refer you to someone else that can.

GLR · #6 (**permalink**) 07-21-2007, 07:50 AM

I've known too many people in this area that have had a problem with Wells Fargo. As said, I would do business locally if you can.

ranger1999 Bob · #7 (**permalink**) 07-21-2007, 03:33 PM

i used countrywide on one of my secopnd mortgages like you want to do a while ago i was lowering my rate and paying off the truck and doing some home improvements . I went through the whole thing and it was great until i sold the house. One of the ways i make money is to buy a junky house and live in it while rehabbing it over the course of a couple of years and selling it for a large profit.

they were great while i had them but on the payoff i was arguing with them for over three weeks trying to get the proper payoff letter for the closing on that house.. it took my attorney on the phone with some supervisor or something to get it faxed over. i still had to leave money in escrow tho to make sure it was all good. so my advice is stay away from them

MuddyAxles · #8 (**permalink**) 07-21-2007, 11:58 PM

I usually prefer to deal locally.

You'd think over 40 years at one bank and nearing 10 at another would rate some kind of courtesy at least. Called Five Star the other day, where 1st mtg is, and the fellow was out, so I had message left to call me.....he never did...so I'm done with them once I get unhooked. Bank of Castile (the 40-year relationship) danced me around so bad about 10 yrs ago that I lost out on a very sweet deal, so they get the checking account business only, took the mtg away from them.

And, I haven't found either of those two to be particularly competitive on the interest rates or closing costs. They weren't terribly high, but I always seem to learn of someone who just got a loan at the same place within weeks for a percent less interest or hundreds less in closing costs...and I have a stellar payment record.

Well, we'll see what else comes up here.

Thanks to all who have replied so far.

rsylvstr · #9 (**permalink**) 09-07-2007, 05:40 AM

I used a mortgage broker (out of Latham, NY) a few months ago when we bought this house....her got me a better deal than any local bank and guided us through the myriad of bull****.