08-16-2012 07:18 AM
08-16-2012 11:20 PM
Yes, I've had great experiences with them.
If you want to do a refi, you can do it a few ways. You can apply online, if you like the rate, you can then open an account and then finalize on the loan. In order to finalize, they'll need -
- 10-day payoff and account # from current lender
- Power of Attorney to transfer title signed by you and whoever else is on the title
- Proof of Insurance
- Copy of your Drivers License
- Registration (proof that it's not expired, unless you go into a branch they can manually see this)
- Sometimes they will need VOI (verification of income) which will be the last two paystubs. This isn't always required, and is a case by case basis, but most accounts and applications submitted online, they will end up needing this. Just varies.
As long as your CS is above 700, you'll receive the lowest rate possible, which is 2% if you apply over the phone or in a branch, and 1.9% if you apply online. That rate is good up to 60 months, if you need to go longer than 60 months, the rate will increase accordingly.
08-18-2012 08:38 PM
Thanks for the info. I actually got the approval from them today. I have a 702 according to them on TU. They gave me a 2.4% rate for 60 months on the refi
for $31,600. This is awesome because I am going from an 84 month 7.99% loan that I have been paying on for roughly 15 months. So I am trimming the term by some months and saving about $30 a month so its a win win. I am also going to get the gap insurance as well. She said I had to have a 740 at least to get the 1.9% rate.
I am happy with the 2.4% rate, for a 40 point difference I think that is fair.
They did ask for VOI which I provided. They verified that and all is well on that. They sent me an email with some docs including the power of attorney and the info almost verbatim to what you wrote. Thank you for your info. I am so glad I got that loan.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO