I'd locked in a rate of 4.125% with Kern Schools Mortgage on August the 12th and then had to endure the waiting game to see if all the documents get processed and become official. Not only was this refinance a good deal financially considering I bought my house with an interest rate of 6.75% and would be dropping more that two points, it was a necessity to get out from under the WORST mortgage company ever!!! When I first bought the house I was with Taylor, Bean and Whitaker for the first couple years and never had any problems, but then that company went under and everything went downhill from there. My mortgage was bought out by a company called CENLAR (Central Loan Administration and Reporting)...who had nothing but complaints and a Better Business Bureau rating of an "F"!!! I was right there with them, I had only problems from the get-go! The first thing that CENLAR did was raise my monthly payment on my 30 year FIXED loan, claiming they needed more in my escrow account?!?! By the time I got out, over $1,000 (of MY money) was unaccounted for and lost forever! One of the biggest questions I had for the Kern Schools Mortgage broker, was related to the process they use when they sell loans and I was relieved that they don't typically sell loans and even if they did, my payment would still be made to KSFCU because they'd always be governing the loan. SOLD!
I'd locked in a rate of 4.125% with Kern Schools Mortgage on August the 12th and then had to endure the waiting game to see if all the documents get processed and become official. Not only was this refinance a good deal financially considering I bought my house with an interest rate of 6.75% and would be dropping more that two points, it was a necessity to get out from under the WORST mortgage company ever!!! When I first bought the house I was with Taylor, Bean and Whitaker for the first couple years and never had any problems, but then that company went under and everything went downhill from there. My mortgage was bought out by a company called CENLAR (Central Loan Administration and Reporting)...who had nothing but complaints and a Better Business Bureau rating of an "F"!!! I was right there with them, I had only problems from the get-go! The first thing that CENLAR did was raise my monthly payment on my 30 year FIXED loan, claiming they needed more in my escrow account?!?! By the time I got out, over $1,000 (of MY money) was unaccounted for and lost forever! One of the biggest questions I had for the Kern Schools Mortgage broker, was related to the process they use when they sell loans and I was relieved that they don't typically sell loans and even if they did, my payment would still be made to KSFCU because they'd always be governing the loan. SOLD!
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