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A single point of data but unusual to me.
I recently refinanced, paying down principal and getting a lower rate. We already owned more than 1/2, even assuming an aggressive markdown of the house's "value", but I figure it wasn't a bad move.
I've had 2 different mortgages before this....they were held by the issuing bank as long as we held them.
This last one is with Wells Fargo, or should I say was. I couldn't believe the hoops we were jumping through to document everything imaginable to them. Everything had to be a clear and simple as possible. I work full time and also own a business on the side that adds about 10% additional on top of my salary.
The broker from Wells didn't want to know about that. They just wanted salary, all the financial info of what I owned, including money in 401(k), etc.
And it took forever - we had paid to lock in the rate (which was applied to the closing costs), and it took almost 3 months till it was all done.
Here's the kicker - we got a letter saying the mortgage is owned by Fannie now (okay, I didn't read it, but my wife said it was one of the gov't sponsored mortgage companies, I think she said Fannie).
How strange - here was a good mortgage, low risk as our neighborhood hasn't seen massive depreciation, and we have about 60% equity in the house - and it gets turned over to the Feds so soon???
Makes you wonder about what sort of goals the gov't was looking to achieve when the rates were down around the mid 4% range earlier this year?
Any thoughts?
I recently refinanced, paying down principal and getting a lower rate. We already owned more than 1/2, even assuming an aggressive markdown of the house's "value", but I figure it wasn't a bad move.
I've had 2 different mortgages before this....they were held by the issuing bank as long as we held them.
This last one is with Wells Fargo, or should I say was. I couldn't believe the hoops we were jumping through to document everything imaginable to them. Everything had to be a clear and simple as possible. I work full time and also own a business on the side that adds about 10% additional on top of my salary.
The broker from Wells didn't want to know about that. They just wanted salary, all the financial info of what I owned, including money in 401(k), etc.
And it took forever - we had paid to lock in the rate (which was applied to the closing costs), and it took almost 3 months till it was all done.
Here's the kicker - we got a letter saying the mortgage is owned by Fannie now (okay, I didn't read it, but my wife said it was one of the gov't sponsored mortgage companies, I think she said Fannie).
How strange - here was a good mortgage, low risk as our neighborhood hasn't seen massive depreciation, and we have about 60% equity in the house - and it gets turned over to the Feds so soon???
Makes you wonder about what sort of goals the gov't was looking to achieve when the rates were down around the mid 4% range earlier this year?
Any thoughts?
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