Burned by a Bad Refi? Reliance Can Help.

“My Reliance First Capital mortgage analyst made such a difference. He turned around a bad situation for me. It was nice to finally get to work with someone honest who knew what he was doing!”

Providing for her parents

Karen Clark is not new to home financing. “This is probably my tenth house,” she noted, “so I had a good idea of what to expect. I also knew what I wanted, and I really needed someone who could put all the pieces together.”

“It’s a place that my parents and I bought and we made some home improvements,” she said. “They are getting older and require more care from me, so I would like to be nearby.” Karen’s family had paid cash for the remodeling work and wanted to get some of that money back to put into a fund that she could use in case they ran into any unforeseen medical expenses. So Karen decided to look to refinance the mortgage.

Before attempting the refinance, Karen had a good estimate of the home’s value and she believed the loan-to-value would allow her to get cash out.

First attempt to refinance falls short

Karen began the refinance process with a mortgage company and it dragged on for nearly a year. And just when she thought she was on track to close the loan, two days before the scheduled closing, that mortgage company told her they couldn’t complete the closing because she had requested a cash-out loan.

Karen was furious. “Why didn’t they figure that out at the beginning of the process instead of the end? It was incredibly frustrating,” she explained.

That company moved Karen’s application to another loan officer who started the process over, but when they sent her the loan papers, it was for a refinance that required her to bring $6,000 to closing and not for a cash-out loan which was what she wanted.

“I could see this just wasn’t going to fly,” Karen continued. “I wondered why I was even trying to do this. I lost a lot of time and money going through the refi process with that company.”

Bringing the project back from the dead

After her previous refinance deal fell through, Karen was about ready to give up. Then she found Reliance First Capital online. “When I contacted them, I made it clear I’d been burned recently by another mortgage company,” she noted. “The mortgage analyst took my loan application and from the outset he was very up-front with me and let me know we’d have to start over but that he’d do everything he could to make the process go as smoothly as possible and that he would keep me informed every step of the way.”

Karen soon found that the mortgage analyst was as good as his word. He updated her all throughout the process and took time to let her know the reasons behind any requests for documents. “He was extremely personable and knowledgeable and was willing to bend over backwards to get the job done,” she explained. “He was organized, dependable, honest, and took the time to explain things. I have purchased/refinanced many homes and I have never met anyone like him.”

“He even taught me things I didn’t know about home loan applications,” continued Karen. “I don’t like surprises and he truly put me at ease. He was absolutely amazing.”

The Reliance First Capital mortgage analyst crafted a mortgage for Karen that met all of her requirements: a lower interest rate, a lower monthly payment, and the cash out she and her parents needed for their ‘cushion.’

Karen’s advice to others looking to refinance: “Be prepared! It might seem like a straightforward transaction but it can be more complex than you realize. Start by being clear about what you want and what your goals are … and then make sure you communicate them to the mortgage company representative. Then ask lots of questions and make sure you get clear answers from the representative to confirm you are all on the same page.”

“I highly recommend Reliance First Capital. They picked up this transaction and brought it back from the dead to get me the result I was after.”

Important notes: If you choose to refinance with Reliance First Capital, results will depend on your specific financial situation and credit background.

[cta]Looking for a lender who will give your application the attention it needs? Contact your Reliance First Capital (NMLS ID #58775) mortgage analyst, Larry Karpen (NMLS ID #58775), at lkarpen@reliancefirstcapital.com or (516) 422-8816, ext. 1.[/cta]