As most know, I recently got the news that Provident Funding was “unable” to offer me a refi since they were being ridiculous about the appriasal. I recently read and article on Bloomberg.com that made me realize I am not alone. There are a number of people that are running in to the same problem. Banks have now swung in the complete opposite direction…instead of lending to everyone, now they are lending to pretty much nobody.
One hopeful thing I did see in the article was that the person in the same situation as me was finally able to obain a mortgage refinance. According to the article “The customer who was rejected by three banks got her mortgage approved by a fourth, which focused on her high income and credit score, not the appraisal rule, he said, adding weeks to the process”
I contacted the mortgage broker that was written about in this artcle and they told me the bank that finally approved this loan was Wells Fargo. As soon as rates come down a bit more (hopefuly they will), I plan on starting the process all over again with them hoping they will help me refinance my mortgage!
If you live in FL, IL, MN or WI you might want to check with Brian Wickert at Accunet Mortgage as he was the broker that handled this persons refinance and was able to finally get her approved. If you live in one of the other 46 states like I do, try contacing a local Wells Fargo lender and compare their rates to local banks.