Freedom Mortgage?

[Lazarus1140]

Has anyone refinanced with this organization?

I have been getting mailed solicitations from them for quite a while and I finally called them today. The program sounds legit but almost too good to be true.

Basically, it appears that I could refinance at an interest rate roughly 2% lower than my current rate, keep the same term remaining on my existing mortgage (approx. 23 years), with almost no up-front cost and no fees or points rolled into the loan. My monthly payments would drop around $125.

I searched online and it appears that they have a good rating with the Better Business Bureau.

Has anyone used them or considered refinancing through them?

[Aceman]

We get refinance crap every day. An entire state worth of trees must be going down to print this stuff.

I say talk to your bank, your current lender, or a reputable mortgage dealer in your community.

we are about to refin down to 3.85% - but it is through our current lender. There must me hundreds of fly-by-night AND potential scammers out there.

[That90'sGuy]

I'm looking at the same thing; I'm intending on re-financing a percent down, but there's so many different places and I'm trying to discern the good ones from the bad.

[Lazarus1140]

We get refinance crap every day. An entire state worth of trees must be going down to print this stuff.

I say talk to your bank, your current lender, or a reputable mortgage dealer in your community.

we are about to refin down to 3.85% - but it is through our current lender. There must me hundreds of fly-by-night AND potential scammers out there.

I spoke to the broker who helped me with the original loan. Their loan origination and other fees are so high that I can't afford to refinance with their program, and with that garbage rolled into the new deal it would have taken almost five years for me to get back to my current equity position. By the way, the whole process of trying to refinance through them reminded me of trying to buy a used car at a dishonest dealership .... too much smoke and mirrors. It was as if they were targeting my old monthly payment. The monthly payment would have been slightly less than my current one, I would have saved substantially over the long term due to the lower interest rate, but they would have milked it big time on the front end. It actually pissed me off when she gave me the numbers.

I also get a variety of refinance offers weekly, but this one is the only one I've seriously considered.

[LesStrat]

Sorry, can't help with that.

After BofA bought out Countrywide, they started sending us offers. After a few months I decided to call them. They wouldn't consider it because we didn't have enough time left on the loan. "So why do you keep sending me offers?"

Fact is we had refinanced about 10 years ago at 4.85%. It took over ten years off the note.

Now I'm chipping away at what's left. I long to be debt free. Sadly, we've had unexpected expenses that slowed down the process, and we will need another vehicle soon.

[Lazarus1140]

It appears that if I add the > $100 lower monthly payment amount resulting from the 2% interest rate reduction to the principal amount I am currently prepaying monthly a new 25 year loan will be paid off in just over 13 years.

[Aceman]

I would stay away from the big evil guys - BOFA, WF, CITI, etc...at all costs. Emphasis on "cost"

There are people out there though. Look into it.

[Lazarus1140]

Who is BOFA ... Bank of Flippin' America?

[lpmarshall]

Who is BOFA ... Bank of Flippin' America?

Bunch of flippin a-holes would be another acronym for Bank of America.

[LesStrat]

Staying away is easier said than done, Ace.

They own more than we realize, and they buy out others from under us.

I still don't understand how they were able to buy out Countrywide in the middle of needing to be bailed out.

[Lazarus1140]

I'm having Freedom Mortgage send me their 70 page document. Give me a couple of months and I'll let you know how it turns out. I am getting older and I have to be very proactive in getting my financial house in order so that I can live on less in my semi-retirement years.

Now then .... isn't it tax free weekend? Shouldn't I get one of those Hardwire reverbs while they're still made in America?

[Lazarus1140]

Staying away is easier said than done, Ace.

They own more than we realize, and they buy out others from under us.

I still don't understand how they were able to buy out Countrywide in the middle of needing to be bailed out.

My current loan is seviced by GMAC. This is not to be construed as a political statement.

[dominus]

Staying away is easier said than done, Ace.

They own more than we realize, and they buy out others from under us.

I still don't understand how they were able to buy out Countrywide in the middle of needing to be bailed out.

1999 - Gramm-Leach-Bliley

http://en.wikipedia.org/wiki/Gramm%E...0%93Bliley_Act

[Lazarus1140]

1999 - Gramm-Leach-Bliley

http://en.wikipedia.org/wiki/Gramm%E...0%93Bliley_Act

Hmmm .... now it's just a matter of following the money trail to see who reaped the undisclosed benefit of the new legislation.

[dominus]

Hmmm .... now it's just a matter of following the money trail to see who reaped the undisclosed benefit of the new legislation.

It caused the financial services meltdown, and probably a good portion of the recession. It passed with large margins on both sides because it was called "Financial Services Modernization Act of 1999", and who would vote against that?

Here's my old rep, John Dingell, telling the house to vote it down:

http://www.c-spanvideo.org/clip/41620


Clip: House Session
Clipped from:House Session
Nov 4, 1999

I JUST WANT TO REMIND MY COLLEAGUES ABOUT WHAT HAPPENED THE LAST TIME THE BANKING COMMITTEE BROUGHT A BILL ON THE FLOOR WHICH DEREGULATED THE SAVINGS AND LOANS.
IT WOUND UP IMPOSING UPON THE TAXPAYERS OF THIS NATION ABOUT A $500 BILLION LIABILITY.
THAT'S WHAT IT COST TO CLEAN UP THAT MESS.
AND AT THE SAME TIME, THE BANKS , BY ENGAGING IN QUESTIONABLE PRACTICES, WOUND UP IN A SITUATION WHERE THE FED AND THE TREASURY DEPARTMENT HAD TO BAIL THEM OUT.
ALSO AT THE TAXPAYERS' EXPENSE.
BUT IT DIDN'T SHOW.
HAVING SAID THAT, WHAT WE ARE CREATING NOW IS A GROUP OF INSTITUTIONS WHICH ARE TOO BIG TO FAIL.
NOT ONLY ARE THEY GOING TO BE BIG BANKS, BUT THEY'RE GOING TO BE BIG EVERYTHING BECAUSE THEY'RE GOING TO BE IN SECURITIES AND INSURANCE, IN ISSUANCE OF STOCKS AND BONDS AND UNDERWRITING.
AND THEY ARE ALSO GOING TO BE IN BANKS.
AND UNDER THIS LEGISLATION, THE WHOLE OF THE REGULATORY STRUCTURE IS SO OBFUSCATED AND SO CONFUSED THAT LIABILITY IN ONE AREA IS GOING TO FALL OVER IN LIABILITY IN THE NEXT.
TAXPAYERS ARE GOING TO BE CALLED UPON TO CURE THE FAILURES THAT WE'RE CREATING TONIGHT.
AND IT'S GOING TO COST A LOT OF MONEY.
AND IT'S COMING.
JUST BE PREPARED FOR THOSE EVENTS.