I signed the documents for my mortgage refinance yesterday. A recap for the process since the beginning (sorry for lack of updates when I was on vacation):
Week 1. Found a good rate. Filled out application.
Week 2. Locked rate. Signed disclosure documents. Faxed supporting documents.
Week 3. Home appraisal. Decided against waiving escrow for a fee.
Week 4. Nothing happened. Appraiser could not produce the appraisal report. Lender agreed to extend rate lock at no charge.
Week 5. Appraisal report finally came. The appraised value was about 20% less than what Zillow shows but it would not affect my ability to refinance. Underwriter approved the loan.
Week 6. Scheduled document signing. The lender’s contracted settlement agent sent over a notary to my office. I signed the documents in front of her. She would then forward the whole thing to the settlement agent by FedEx.
My overall experience with the lender National Mortgage Alliance is positive. The final closing statement matched the rate quote I received initially. There is no bait and switch. The loan advisor is accessible and responsive. My e-mails were replied within hours. When I called, I often got to speak to her, which I couldn’t when I worked with the mortgage broker I used (90% of my calls went to voicemail).
I also learned through this mortgage refinance process about the business model of a direct lender. I will write about it in another post in the future.
Say No To Management Fees
If an advisor is charging you a percentage of your assets, you are paying 5-10x too much. Learn how to find an independent advisor, pay for advice, and only the advice: Find Advice-Only.