When you refinance your home mortgage with the same mortgage company like wells fargo, do they?
by CO Refinance on Wednesday, September 1st, 2010 | 5 Comments
do they look at your credit report or just how you have paid them
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Both. And they will get a new appraisal on your property. If the value has gone down, they may want PMI, even if you didn’t have it before! That just happened to me, and I told them to go f**k themselves. I have a 5.25% ARM, and that rate is fixed for the next 2.5 years. So I have plenty of time to make other arrangements.
Sorry. There are no more streamline refinances even if it is a rate and term transaction.
Freddie and Fannie have done away with them at least for the present.
It is not just some lenders. It is all lenders that sell/service agency products.
Good question: I’m a local Texas mortgage broker and whenever you apply for a new loan or do a refinance, the bank will pull your credit. This is especially true in today’s mortgage environment.
However, sometimes if your loan is below a certain LTV (loan to value) the bank will require less documentation. What is LTV?–let’s say you owe $70,000 on a home that’s worth $100,000, your LTV is 70%.
Mortgage home loans with LTVs lower than 80% typically have less documentation since these loans are less risky than, say, a 95% LTV.
http://www.mylendingplace.com/current-mortgage-rates-texas-refinance.html
I agree with Carlos. Some banks look at everything and then make you go through closing and applications and charge you new fees for that. We did the same thing, and told them no thanks. We will keep our adjustable for the next couple of years and then do something.
Wells, I believe, has a streamline program for current wells fargo mortgage holders. This should assist you in completing your mortgage process faster, but they will pull your credit to make sure you do not have any late payments in the last 12 months and they you have good credit. You will still have to provide proof of income and obtain an appraisal. I would call a wells mortgage professional