Had to share this... Decided to lower our current mortgage by 1.75% and refinance. I narrowed the choice to WaMu and BofA (lowest rates). I did the application with B of A on-line, spent 10 minutes with a rep. on the phone reviewing the credit reports, and *boom* it was conditionally approved on that call. I was told final approval would be pending the underwriter's sign-off. I got that call (and fax) 18 hours later. B of A has an "80% reduced paperwork" program - our scores were both >660 so we qualified. No paystubs, no mortgage statements, no W2's or taxes, no bank statements .... this was almost as easy as applying for a credit card! I spend less time on the phone with this than I did with MBNA for a stupid Visa (which they declined anyway). Title, appraisal, etc. wiill happen over the next few weeks, but I've got an approval letter on my desk 24 hours after starting this process. Amazing - easy - and with a 5/1 ARM (fixed 5 years, then variable--- we're selling w/in 5 years) at 5% with NEGATIVE .125 points (yes, negative - they apply .125 points towards closing costs) this has been a most plesant experience. I'm **REALLY** liking B of A lately. Between the new 1st mort. with them and the wonderful (and continuing) good experience with Morgan Stanley (Discover) on the 2nd, I'm a good example of how a good credit card relationship can blossom into a much bigger relationship for the bank. -mj
mj, Are ya'll engaged yet? Just kidding!!! That is great news. ohnostruck was looking for a mortgage, maybe B of A is the place. Are the closing costs high? I have a friend that is trying to refi 5 mortgages. WAMU was one of their choices. Do you know what the max amount loaned is for "no docs" and what the minimum scores need to be? Again, Congratulations on the big day!!! Charlie
That is great CONGRATS! Yes I am looking for a mortgage as well. I REALLY would like a USDA loan. There is a program that runs through the end of their fiscal year (Nov) that would give me 3% interest. BUT it is not at all score driven. They require 0 collections or late pays in the last 2 years. We are good on the collections but have some late pays only on Experian that I have disputed 4 times now only to remain. Hopefully they go bye bye and we can apply. If not I may be screwed.
could you post some more details about the USDA loan? what other requirements do they have ? do you have a website for it? thanks, Ioan
WOW! you guys are my heros. I want to be like you when I grow up (my credit score, that is...) ...so much to learn...so much to learn...
mj, What documentation did they require form you? How extensive was their verification process? Thanks!
Sorry I took so long to answer ... been busy! Scores for "80% less paperwork" - they didn't give me the numbers, but when I asked "what's considered 'good' they said 620, and when I replied 'so anything over 650 gets this fast-track' they said "something like that". SO MIKE ... you're officially grown up now What did they require? Nothing, really. We reviewed the credit entried from the tri-merged report over the phone. - No bank statements - No asset statements - No tax returns - No W2s - No paystubs - No proof of insurance (they asked for phone# and they would verify) - No existing mortgage statements or docs (again, they asked for phone# and would take care of it) All that was required was an explanation of my '95 BK, the discharge notice, and schedules showing BofA was not a creditor included in the BK The rate is awesome- check their site (www.bankofamerica.com), go to mortgages, and click on "custom rate" to get the rates as of today. -mj
THATS GREAT MJ - I am beginning to think I could get a MORTGAGE ..... BUT, if I wait one year - I should get a prime rate. GREAT - dogman
That's the killer whale, sman! mj, Thanks for all the info. I mut admit I'm tempted. with the necessary change in employment, we had to put our purchase on hold for a month as the broker didn't think she could get it doen until the employment thing was settled down. It is now, but, frankly this looks like a sweet deal. I may just have to try it. I'd love to talk with one of their loan people first. Can you e-mail the direct contact info for the person you have been speaking with? Thanks! Tom
Tom - any of the reps. are cool to work with -- 1.800.900.9000. You can call them, but they are SWAMPED now. You may be best off to do the on-line prequalification (it's a hard inquiry) and then when they call you discuss it. Good luck- mj
I spoke to one of the reps at length. I could barely understand her English. I had to explain to her what a second mortgage was. Yikes. Anyway, the long and the short of it is that I don't think it's going to work for me at this moment. With having just changed jobs, some of the paperwork doesn't meet their criteria. So, I'll go ahead and go with the program the mortgage broker found for me. It's not bad. It's 6-7/8% with some restrictions, and one point, which isn't spectacular, BUT, with my scores where they are now (I just checked Equifax and it's now at 729!!!), we can go Stated Income AND Stated Assets. Basically no paperwork. They give me the Thump Test and fund the mortgage. I just have to move some balances around to look like I have a lot of money in the bank for a week, and away we go. Should have it all put to be before September 1st.
