Bank Refi Runaround
Has anyone experienced resistance with their banks in trying to refinance their current mortgages? From May until now I have had alot of issues with HSBC, really what is their incentive? Today I was told they do not have to follow Freddie Mac/Fannie Mae guidelines, is this true?
Has anyone experienced resistance with their banks in trying to refinance their current mortgages? From May until now I have had alot of issues with HSBC, really what is their incentive? Today I was told they do not have to follow Freddie Mac/Fannie Mae guidelines, is this true?
HSBC really is terrible – from the runaround to the fact that they don’t assign mortgages (CEMA). I’m not surprised that you are having a hard time with them. Avoid them at all costs.
HSBC really is terrible – from the runaround to the fact that they don’t assign mortgages (CEMA). I’m not surprised that you are having a hard time with them. Avoid them at all costs.
HSBC really is terrible – from the runaround to the fact that they don’t assign mortgages (CEMA). I’m not surprised that you are having a hard time with them. Avoid them at all costs.
I also think that this happens in quite a few areas…not just you. Another thing to look out for is that you may want to make sure that you have looked into all of your options instead of jumping into refinancing.
This article has helped me understand what exactly is involved with refinancing and some possible problems resulting from it.
Hope this helps:
http://www.bankapedia.com/mortgage-encyclopedia/faqs/661-when-are-the-drawbacks-to-refinancing
We have been working on a Citibank refi since late-April and it looks like it will finally close in the next 2 weeks. I really never thought they would let the new loan close, given the level of retarded things they wanted. The appraiser had to come out twice, authorizing the comps had not changed. They wanted notarized letters of my citizenship (hello born LI NY), we have closed on two other properties and I have never seen anything like it. My husband disagrees but I think they were just hoping we would give up as we locked in a very strong (low) rate. Good luck, I don’t think its just your bank, my sense is that this behavior is pervasive.
May be true that they don’t have to follow Freddie/Fannie guidelines if they want to keep the loan on their books as opposed to selling it. If you’re doing a refi of an existing HSBC loan that will get you a much better rate, HSBC may not have a strong incentive to be helpful or quick. Try a broker – frequent poster here Adam Dahill, or one of the mortgage broker companies. They may be able to shop your refi and get a good rate from a more cooperative lender.