A Tale of Two Refinancing Experiences
When Susan wanted to buy her Natick home in 2002, she turned to Debbie Siegel, her Business Networking International colleague, for help. Since then, Debbie has guided Susan through one home purchase and two refinancings. “I thought all refinancings were as easy as the ones I did with Debbie,” laughs Susan ruefully.
Unfortunately, Susan was wrong. When she refinanced to take advantage of low rates in 2011, Susan was enticed by the “no closing costs” and rock-bottom rates offered by her credit union. She didn’t anticipate the three months of aggravation and legwork that would accompany the attractive offer.
“It was a dreadful, agonizing process,” Susan explains. “No one communicated with one another, no one knew the answers, people didn’t call back. I spent so much time sending paper around, making copies and following up with people. I was accustomed to Debbie taking care of all the details. It was exhausting to have to do all the work!”
Susan was also surprised to discover that her credit union didn’t lock in a rate until the mortgage was approved. As the process dragged on from December 2011 into January and February of 2012, Susan was concerned that rates would rise and she would lose her window of opportunity.
“Debbie locks the rate and then gets the paperwork done and the loan approved in the required time period. There’s an incentive to move quickly. I wish I had known that her system is not the way everyone works.”
If Susan could go back in time, she says she would definitely have decided to refinance with Debbie. “I would have just said ‘If rates hit this number, lock them in’ and then the rest of the process would have been so simple,” Susan comments.
Debbie responds, “I wish that Susan’s saga was unique, but I hear refinancing horror stories all the time. My goal is to make the process smooth, understandable and stress-free. We want to offer both great rates and great customer service.”
March 09, 2012