| T O P I C R E V I E W |
| kristin sherrill |
Posted - Aug 17 2011 : 3:28:40 PM
Ok, we are at the point where we would like to refinance our mortgage. We have Bank of America right now at 7. something % and only owe $75k. We have a 15 year loan. SO my hubby's son said we should go to www.lowermybills.com and follow the instructions. We did and got a call from Quicken loans. This lady called my husband and talked to him most of the day yesterday. Bout wore him out. So she called me and told me about the options. We could do a 30 year loan or a 15. We would be saving between $300-200 a month depending on which way we go.
He also talked to B of A and theirs sounded good too. We are very unsure and uneasy about doing our mortgage on line. Giving a total stranger we know nothing about all out information plus money.
So we were looking for some advice and I thought I would ask my very smart, very wise, farmgirl friends what they would do. We are leaning more toward the B of A but I would really love to get away from them right now. Although I have a feeling that wherever we go eventually they will own our loan.
So what would y'all do? Any advice would be taken into consideration and thought about and talked over til we can decide what to do. We feel like we have stepped onto a car lot right now!
Kris
Happiness is simple. |
| 14 L A T E S T R E P L I E S (Newest First) |
| Farmer Judy |
Posted - Aug 18 2011 : 12:17:20 PM
We should really have a main category for money, I'm sick from my situation too and would love to "talk" it out with others or at least have more encouragement.
God bless,
Judy
Born a city girl but a farm girl at heart!
http://farmtimes.blogspot.com/ |
| nubidane |
Posted - Aug 18 2011 : 12:07:39 PM
Kris
We did it online, but I know Linda(wooliespinner) took it with her son & his fiance(now wife) at a church near me. I wanted to take it like that but that same church was not offering it. The videos are really fun. He is a good speaker. Some find him abrasive, but his message is simple. Personal financial responsibility. & our gonvt (none of them) are not going to save us. He does it in baby steps, & he knows about hitting rock bottom, as he did, & has built his business from a card table in his basement to a company that has won multiple awards as "the best place to work in Nashville"
My neighbor makes fun of me for some of my overly frugal habits, but I want to pay our house off in 5 yrs. We are "gazelle intensive"
It has completely changed my way of thinking about money. |
| kristin sherrill |
Posted - Aug 18 2011 : 11:50:12 AM
We sure need some financial peace. I should look into that class too. I'll see if there is one starting near me. It helps me to be a part of a group to actually get soemthing done. I am sick of not having enough money to get by.
Kris
Happiness is simple. |
| Farmer Judy |
Posted - Aug 18 2011 : 11:06:27 AM
So glad to hear that I'm not the only Dave Ramsey fan on this website. I'm taking the Financial Peace class in September.
God bless,
Judy
Born a city girl but a farm girl at heart!
http://farmtimes.blogspot.com/ |
| kristin sherrill |
Posted - Aug 18 2011 : 10:47:28 AM
I went to that Dave Ramsey site, Lisa. I filled out the app. and now i have to get some things together to fax to them if they call. It's Churchill Mortgage in Nashville, I think. SO now it's a waiting game. Thanks for the link.
Kris
Happiness is simple. |
| nubidane |
Posted - Aug 18 2011 : 07:10:55 AM
Check out this sample lesson of Dave's
It has some farmgirl elements to it.. He talks about goats for a bit
Click on the right where it says "Launch Free Preview Lesson"
http://www.daveramsey.com/fpu/online?ictid=lmbb_fpo |
| kristin sherrill |
Posted - Aug 18 2011 : 06:55:48 AM
Thank you all so much for all your advice. I will go to Dave Ramsey's stie. My hubby listens to him. We are so close to Tn. that I am there a few times a week for something. We will try to get away from B of A as soon as we can. But really, I do belive that they will own everyone's mortgage sooner or later.
Again, thanks so much. I will talk to hubby and tell him what you all have said here. It's so much to consider when doing this. I cannot handle too much and it starts getting to me where I can't even think anymore. I will leave the final descision up to my husband though.
Kris
Happiness is simple. |
| Farmer Judy |
Posted - Aug 18 2011 : 06:45:18 AM
Kristin, before you do anything look into your local banks and credit unions, you may feel more comfortable and most credit unions I have dealt with are really good people oriented places. I would also agree with everyone else, stay away from B of A and Chase, I have horror stories about Chase and B of A is on the bad lender list with Dave Ramsey who I trust. Try to stay with the 15 year if you can, I don't know how old you are but you don't wnat this dragging out till you want to retire. You could look at some advice from the website DaveRamsey.com, he is a Christian financial counselor.
Good luck and make sure you think everything through, don't be pushed into signing paperwork just because they say so.
God bless,
Judy
Born a city girl but a farm girl at heart!
http://farmtimes.blogspot.com/ |
| nubidane |
Posted - Aug 18 2011 : 06:42:48 AM
Kris
I am a huge follower of Dave Ramsey. If you go to his website there is a link to Churchill Mortgage. He does not endorse any company that is bogus. He is very conservative with anything financial, & I completely trust his judgement. He demands that anyone he endorses has the mind of a teacher in that they will walk you through the process. There is a video or 2 on the link as well. I believe they are based out of TN, but my neighbor here in OH is using them as well, so I think they are licensed most anywhere.
& definitely go with the 15 yr. Do you want a house payment forever? (I got that from Dave Ramsey too; he suggests not buyin a home until you can put 20% down on a conventional mortgage with a 15 yr term..I told you he was conservative; but he is totally into being financially free. Hubs & I are stoked about it.)
Check them out; here is a link http://www.churchillmortgage.com/dave/ |
| natesgirl |
Posted - Aug 18 2011 : 03:54:15 AM
Stay away from CHASE!!!!
They doubled our payment within 6 months of movin in to our new house and won't allow you to pay extra on your loan without penalties. They ruined our credit and foreclosed on us in less than a year of us movin in. It was a total nightmare that we are still tryin to fix 8 years later.
They have too many fine print rules that never get explained to you no matter how many times you call for help with them.
A small bank or credit union is usaully the very best option their is.
Farmgirl Sister #1438
God - Gardening - Family - Is anything else important? |
| FarmDream |
Posted - Aug 17 2011 : 6:51:28 PM
I've been wanting to refinance also. Just ask around at lots of places. Credit unions also do home mortgages. Our loan is with Chase, which there's lots of bad things to say about them too, but we haven't had any issues. We didn't start with them, it just ended up there over time. You should definitely shop around for loans in the 3-5% area. You can cut your payment down or shorten the life of the loan through the money you save. I'd love to change ours to a 3% 15 year loan.
~FarmDream is Farmgirl Sister #3069
Live Today, Cherish Yesterday, Dream Tomorrow
http://naturaljulie.etsy.com
http://julie-rants.blogspot.com |
| levisgrammy |
Posted - Aug 17 2011 : 5:23:24 PM
Any chance your hubby is ex military Kristin? You can use a VA loan no matter how long you have been out. This how we have done things with the different houses we have bought. I think we are on our 3rd house and we have refinanced two of them. Almost wishing we could do this one again but not sure since we are close to being paid off whether it would be good right now.
I have never had experience with other mortgage companies so I guess I am not much help here. I do hope you find a place you trust. I would not do it online unless you have already worked with the company before. I don't really care for B of A.
farmgirl sister#43
O, a trouble's a ton or a trouble's an ounce,
Or a trouble is what you make it!
And it isn't the fact that you're hurt that counts,
But only--how did you take it?
--Edmund C. Vance.
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| farmmilkmama |
Posted - Aug 17 2011 : 3:51:03 PM
I'm not sure who to suggest but I would also steer clear of B of A if at all possible. They took over Countrywide (who we owned our former house through) and holy cripes, I could write a book on the stuff that we went through with them. I don't know from what I've heard if anything has gotten better in the switch. However, like you said, its hard to know...whoever you do your re-fi with, it might end up being sold to B of A anyway!
As far as the online stuff, I know lots of people are uncomfortable with it but it seems like that's the way a lot of the bigger companies are going. I would just call them and say "Hey, we're not comfortable doing this all online" and see if they are willing to work with you. If they think they're going to lose you as a customer...who knows?
--* FarmMilkMama *--
Farmgirl Sister #1086
Be yourself.
Everyone else is already taken.
-Oscar Wilde
www.farmfoodmama.blogspot.com
www.thehmmmschoolingmom.blogspot.com |
| oldbittyhen |
Posted - Aug 17 2011 : 3:40:38 PM
DO NOT USE B of A, they are under all sorts of investigations/lawsuits, regarding mortgages...and I would never use an online company, you need to be able to go in to an office and do everything in black and white, I do not know who you should use, that is in your area, so talk to friends/neighbors/family that you trust...also, because of the market, make sure you don't end up oweing more than your place is worth, that has/is happening to alot of people...good luck!!!
"Knowlege is knowing that a tomato is a fruit, Wisdom is not putting it in a fruit salad" |
