Is it worth paying more for a bank that actually communicates...
Cash-out refinance on my investment property out of state...
Bank 1 - $150,000 30 Year 4.85% (4.97% APR) $4,000 Closing Costs $46,000 Cash in my pocket after refinance
"Big Bank"
- Horrible communication
- Closing set for end of December, have not heard back from them in 2-3 weeks
- No response to my emails or calls
- Good rates and my current bank so convenient to use
Bank 2 - $153,000 30 Year 5.5% Closing Costs Rolled into Loan $50,000 Cash in my pocket after refinance
Loan Depot
- Communication is much better
- Process is streamlined (They have all underwriters, etc. working for them)
- Less Closing Costs
- Rates are higher
Is it worth going with Loan Depot over the "Big Bank"....aka pay more for the convenience and less of a headache?