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In my opinion, home mortgages are complicated. There's the process of getting pre-approved, then providing 5-10 different financial documents to finally lock in a rate. But do I want a rate with or without points. Then there's the appraisal process where someone physically comes to your house to take measurements to determine the price of your home.
15 Year Fixed High Balance Mortgage at 2.875% (no points)
I've owned a couple of homes. With each home, I've always ended up refinancing to a lower rate. In the case of my current home, I'm on a Jumbo 7/1 ARM for 30 year loan at 3%. I still have 3 years left on the 7 years before the rate becomes adjustable. But with the coronavirus (COVID-19) pandemic, the rates have dropped to new lows. I can now pay down my principle to qualify for a high balance 15 year fixed loan at 2.875% (no points). I'll be paying more per month, but I'll be paid off in half the time! But I can only find this rate at one place and it's online with Owning.com.
How I Heard about Owning.com
I learned of Owning.com's great mortgage refinance rates from a word-of-mouth referral from coworker. He had started his mortgage with Bank of America. When my coworker discovered Owning.com, and asked his Bank of America mortgage broker if they could match the rate. They were unable and actually suggested my coworker directly work with Owning.com. His process has been moving along, though a bit slow due to the shelter-in-place order in California.
My Experience with Owning.com
Concurrently, I had been working with my longtime mortgage broker (the one I've worked with for the past 4-5 years) on starting my refinance process. When she finally got back with a the same mortgage of a high balance 15 year fixed loan, the rate was targeted at 3.25%. When I asked about Owning.com's rate, she also their rate was great and I should go with them.
Next, I have my experience working with Owning.com. Note that his is my personal experience and your experience my vary.
Day 1 Morning: Monday morning, I filled out the online form with a few pieces of general information. In less than an hour I was contacted by phone by an Owning.com mortgage broker. He collected additional information on the phone, enough to run a credit check with my verbal agreement.
Day 1 Lunch: By lunch the same day, we found we qualified. All we needed was a credit score greater than 740. Soon after, we got an email with a list of documents needed to send to the lender. These documents are uploaded to their secure portal. My wife and I each had to read through the e-document and sign electronically through their easy to use online tool.
Day 1 End of Business: Before 5pm same day, my mortgage broker had my documents sent off. I was verbally given a promise of the 2.875% rate, but still cautiously waiting until I get message that it's locked. At this point, I've been told an appraiser will contact me in the next 72 hours (3 business days) to setup an appointment. This in-person appointment should be interesting, given that there is a shelter in place.
Day 4 Appraiser Sets up Appointment: An appraiser set up by Owning.com calls to setup an appointment.
The timing got messed up due to the coronavirus, but the moment the rules begin to relax in the SF Bay Area, I was able to get the home appraiser to come out and verify my home. After which I was able to quickly wire the money to escrow and close very quickly.
My Final Thoughts on Owning.com
- The website is simple and easy to access from both a desktop computer and mobile phone.
- Their rates at no points with no fees.
- After filling out the form, their site tells you the first six digits of the phone number that will be contacting me. This is great feature, so I know the person calling actually works with Owning.com.
- When I call the main number listed on the site, their phone system is smart enough to automatically direct me to my mortgage broker without having to press numbers or dial an extension.
- Compared to every other time I've refinanced, my Day 1 experience with Owning.com was one of complete efficiency.