wanting to refinance



Answers
Answer #1

Thank you for your questions. Your primary residence is documented through a varity of means. It is traditionally the address printed on your drivers license, bank statements, paystubs, and tax returns. There are also verification methods utilized by the banks during the processing of a loan application that might identify a property as other than a primary residence when the borrower is suggesting it is. In these rare instances, you would have to provide supportive documentation as evidence it is in deed your primary home or the loan would have to be underwritten as an investment property (if the lender didn’t out right deny the application for misrepresentation). Staying with you current bank is no less a “hassle” than starting over with a new lender. The mortgage industry requires new updated documentation on all loan applications. There aren’t any shortcuts your current bank can take to make your life easier other than having your previous application on file with your social security number, birth date, etc. that you have to now provide to a new company. You’ll still have to give your old lender new paystubs, bank statements, lender fees, and escrows to set up a new loan just as you would a new lender. Unless you have a great relationship with a particular loan officer at your old company, test the waters on a new relationship. You might have a better experience and possibly better terms as well. Rates are great – you should move on starting your refinance now. I invite you to give me a call to learn what options you have.

Eric Strasser
301.517.5434
NMLSR# 11971

Answers Answered By: Eric-Strasser Level Ratingpoints
Answer #2

Hello and thank you for your inquiry. You don’t usually have to prove a property is your primary unless it appears as if you’re renting it to someone. Is there a specific reason you’re asking the question? I assume you live in the property currently.

I would talk to several mortgage companies and choose the one which answers all of your questions and takes the time to explain the application process. Choose someone that you feel is treating you well and provides a competitive quote. Following your bank from years past is not in your best interest. The mortgage landscape has changed over the last three years and some banks and mortgage companies are more competitive and more competent than others.

You shouldn’t have to talk to very many Loan Officers and I would be happy to speak with you.
Skip Kittleson
Access National Mortgage
301-339-7816 xt 252
skittleson@accessnational.com

Answers Answered By: Skip Kittleson Level Ratingpoints
Answer #3

I agree with the comments made by Eric and Skip. Anyone of us on the website can provide you with all the detailed information/rate info you might want. Feel free to contact us directly.

Stu Hall
301.526.8612
nmls #137009

Answers Answered By: Stuart-Hall Level Ratingpoints
Answer #4

Thank you for your refinance inquiry. Much like my colleagues above have stated, there are a number of cross referenced checks that are done to confirm a property is in fact ones primary residence. Any discrepancies can be grounds for an immediate credit denial and possible insinuation of loan fraud. Obviously in today’s environment, any misrepresentation are severely frowned upon.With regards to which lender you work with, rates and price should be very consistent. A great way to confirm is by comparing the APR from competing firms. My personal recommendation would be to work with someone your are comfortable with, who has been recommended by someone who has already conducted business with that person and/or someone that can furnish references immediately upon request. I certainly encourage you to move forward sooner rather than later as rates have already begun the assent up. I would certainly appreciate the opportunity to be one of those competing for and ultimately earning your business. Best of luck.

Michael C. Parsons
Chairman
Apex Home Loans, Inc.
240-268-3053
NMLS # 13403

Answers Answered By: Michael Parsons Level Ratingpoints

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