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View Full Version : Quicken Loans Refinancing > So easy a caveman could dhu eet!



danewilson77
02-14-2013, 05:42 PM
http://i1015.photobucket.com/albums/af278/nicee46/Home%20stuff/WilsonsPlace.jpg

Out my kitchen window
http://i1015.photobucket.com/albums/af278/nicee46/Home%20stuff/IMAG1889.jpg

http://i1015.photobucket.com/albums/af278/nicee46/Home%20stuff/Myhome2-1.jpg



So...we purchased out home newly built construction in March of 2007 (6 years ago).

I had to enter into some sleazy mortgage (I guess it wasn't sleazy), in order for us to afford the home, my wife wanted. 3200 sqft, on 3.1 acres, in Williamsburg, VA. Pretty much our dream home as we like living where it's quiet, and have 5 kids.

At any rate, when I purchased, I believe it was just prior to the housing collapse. I did an 80/20 loan (no longer allowed) so I didn't have to pay the Primary Mortgage Insurance (PMI) and it was interest only. That's the ball buster right there, as I knew the 7 year ticker had started until I had to start making the amoritized payments. (>$3k/mo). My plan all along was to re-fi though.

I owed $318,000 on my first in 2007. Today.....after making 6 years worth of payments, I still owed $316,000 :facepalm. It would have been the same number had I not thrown a little better extra at it, when I could.

Last month I started seeing the Quicken Loan commercials, and blew it off several times, but finally gave them a call, as one of my goals for retirement this year was to get the house refinanced.

I called them up and started the process, and had my housed refinanced and closed on, in < 3 weeks. :)

I can not even begin to describe to you guys how easy the process was with these people (Nadine Itawi was amazing) . Everything was done online, and at closing they had the notary go to a location of our choosing.

My interest rate before was at 6.375%. Payment was $1989.00/month > Interest only.

My interest rate after is 3.99%. Payment is $1881.00 > 30 year fixed > Principal and Interest.

Additionally, if I just pay what I've always been paying ($1989.00), I will pay off the house in 26 years, vice 30. So in effect, I will have only really lost 2 years....and I'm willing to bet, if I make an extra payment each year, I could have it paid off in about 20 years.

So, I just wanted to let you know that they offer a quality product, with top notch customer service, and a very efficient method, to getting your house refinanced.

Have a great Friday.

static667
02-14-2013, 06:36 PM
Awesome! I'm glad that you worked that one out, Dane. I'm sure its a load off your mind, too.

3ZHP
02-14-2013, 07:04 PM
Good deal

danewilson77
02-14-2013, 07:11 PM
Yeah... It was to the point where I was thinking about it a lot. Thanks fella's

Williamsburg, VA, Droid DNA, Tapatalk

wsmeyer
02-14-2013, 07:15 PM
That's great news. It's nice to hear one of these situations turning out well for a change. The house must look extra beautiful to you now!

danewilson77
02-14-2013, 07:17 PM
That's great news. It's nice to hear one of these situations turning out well for a change. The house must look extra beautiful to you now!

Yup. It sure does!

Williamsburg, VA, Droid DNA, Tapatalk

kayger12
02-14-2013, 07:26 PM
Awesome news, DW.

That had to be weighing on you, brother.

Very happy for you. Well done.

Sent from my kick-A Galaxy S3

Mike V
02-14-2013, 08:45 PM
Awesome, congrats! Do you actually make payments to Quicken, or do they sell the loan to another company? After I sell this house this summer, my goal is to never be affiliated with Wells Fargo again.

danewilson77
02-14-2013, 08:50 PM
Awesome, congrats! Do you actually make payments to Quicken, or do they sell the loan to another company? After I sell this house this summer, my goal is to never be affiliated with Wells Fargo again.

I actually make my payments to Green Tree Servicing. I'm sure I'll be notified who holds the note soon.

Williamsburg, VA, Droid DNA, Tapatalk

johnrando
02-15-2013, 03:34 PM
Congrats Dane, much better.

GMATT
02-15-2013, 04:59 PM
Happy for you brother, mortgage payments can be a real "heartache "

Sent from my fancy telephone!