"I was a loan officer in the Wild West mortgage days of the early 2000's so I've seen good loan officers and I've seen some not so good ones. I shopped my refinance with three other lenders, including...I was a loan officer in the Wild West mortgage days of the early 2000's so I've seen good loan officers and I've seen some not so good ones. I shopped my refinance with three other lenders, including my current lender that wasn't Rocket Mortgage (Rocket Mortgage). After speaking with Chris, he was detail-oriented, professional, and very knowledgeable about the entire mortgage process with Rocket Mortgage. So much so, he put the other loan officers to shame!
So we decided to refi w/Rocket Mortgage and I'm very happy that we did!
When doing a mortgage loan, the process is usually pretty easy, unless something unforeseen pops up. This is where the good mortgage companies separate themselves from the average ones, by coming up with a workable solution, and this situation happened to me.
Our home appraised for 15% less than even Rocket Mortgage had projected! This was due to the appraiser using year old comps and ignoring newer model-match comps. I put together a property profile of all the recent sales in my area and despite showing 5 model-matches that sold within 6 months, the appraiser wouldn't adjust his valuation!
I thought the loan was killed because the value put me under 20% equity in my house, meaning I'd still have PMI.
But Rocket Mortgage contacted me saying they had a solution. I didn't return their calls for a couple weeks thinking whatever their solution was, it involved PMI so it makes no sense to move forward.
Luckily they called me one day and I picked up the phone! While their solution did involve PMI, the PMI payment itself was less than 1/3rd my current PMI payment because I had over 10% equity in the house. In addition, the PMI automatically falls off after 30 months. After doing the math, I'd pay the same amount in PMI w/my current mortgage in one year!
So we decided to refi into a 15 year loan and we've been happy since!
Thanks Chris for all you've done for us and I'll definitely be referring my friends and family to you.
Dave"