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refinance quicken????????


faith67
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I have a first mortgage 138,000 that is due to adjust 7/08 and a second mortgage at 9.9 26,000 for 30 years. husbands mid score is 670 mine is 601 we have about 40,000 credit card debt haven't been late on any payment s in years. house last appraised at 190,000. I need to refinance can I just refinance my first or do I have to do both. I tried with quicken and they want a 400 deposit. Has anyone else dealt with them he said we are approved at 6.75 30 year fixed. payment would be about 200 less and would include taxes and insurance. What do you suggest I do. I have also applied with ditech since my 2nd is with them. Should I try my credit union??

faith

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Quicken has been collecting upfront for a while now. Yes, this is legal. No, it isnt typical.

Most new loans will require that you pay both mortgages off with the new financing, its risk issues for the bank. The exception? FHA will allow you to refinance your first mortgage, providing that your second will release itself, and then attach again behind the new loan (a long and technical process called "resubordination")

But, why would you do that anyway? Your second mortgage is at a high rate and a new FHA loan (with todays market rates being 6-6.25%) would be much cheaper overall. A complete refinance could even lower your monthly payments.

I don't know what loan type you were offered, but my experience as a competitor of Quicken Loans has given me many return clients that were unhappy with service or were bait and switched. By all means try your credit union but make sure you get an FHA quote from someone. Your credit union should be able to give you a local referral if they can't help.

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I agree...if I were you I would do it, and quickly. Rates are not as "lovely" as they were a couple weeks ago. Given the information that you provided, you should have a fairly easy transaction and should be able to get it done quickly combining both loans into a lower rate 30 year fixed loan and paying less every month.

When was your last appraisal done?

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I recently did a refi through Quicken. I have to say it was smooth as silk. I did have to pay the $400 up front, but that covered the apprasial, and they credited me $400 on closing. They were very easy to work with, and I was very, very happy with the whole process.

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I don't know what loan type you were offered, but my experience as a competitor of Quicken Loans has given me many return clients that were unhappy with service or were bait and switched.

I am a Quicken customer, and have to say that I am very pleased with them, and 100% satisfied. The process was very upfront, and I dealt with the same person though-out the whole application and loan process, which made it very easy to get questions answered and keep on top of things, The whole process took less than 30 days (from application to closing). My payments actually ended up lower at closing than they indicated as my tax rate had been miscaculated by my previous lender.

I for one would recommend Quicken without hesitation.

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