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Hello FW community. I am in the process of refinancing my home loan and I am trying to get the best rate with no closing cost. If there are any closing cost, low enough so it offsets with a lower rate.

I tried the site http://www.catholichomeloan.com which I saw from another FW thread, but thought I should start its own thread for any user insight on the site itself.

I received a quote for a 130,000 loan at 6.23% 30 yr fixed, NO CLOSING COST at all, not even title insurance or appraisal fee, etc...

If I pay off the loan before 3 years I would have to pay 500-700 in fees.

What do you think about this and has anyone heard of this lender before? I tried to google the company and I was able to find them under lendingtree.com, not sure how much that helps.

I also have the BBB information for this company
Better Business Bureau Link

Any imput would be great

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mshen11 said: <blockquote><hr>germanpope said:<br><<and they so disclose "The company is not approved, sponsored or endo... (more)

ProfitAfterRebates (Apr. 12, 2007 @ 2:51p) |

If this company is just a middleman for Citi, why not just apply directly through citi.com?<br><br>That way, there's one... (more)

ifyouhavetoask (Apr. 12, 2007 @ 2:57p) |

ifyouhavetoask said: <blockquote><hr>If this company is just a middleman for Citi, why not just apply directly through c... (more)

AnimEva (Apr. 12, 2007 @ 3:07p) |

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penfed fixed rates

No point 30 year fix rate is 6.00. closing costs Penfed doens't pay title insurance.


Penfed wont refinance because this is a 2nd home/vacation home for me. Penfed only does primary home refinancing.

why dont they show the current rates on their website? or am I blind ...

1) Any business that uses religion to sell, is sleazy, in my opinion.

2) The CEO of Catholic Home Loans is Mark Nieberlein, who used to run Homecomings Financial.

Homecomings Fiancial has a questionable track record.

http://www.mnd.bbb.org/commonreport.html?bid=96001037


Mark seems to be hiding behind the Bible to sell mortgages.

Let us pray.

ifyouhavetoask said: [Q]1) Any business that uses religion to sell, is sleazy, in my opinion.

2) The CEO of Catholic Home Loans is Mark Nieberlein, who used to run Homecomings Financial.

Homecomings Fiancial has a questionable track record.

http://www.mnd.bbb.org/commonreport.html?bid=96001037


Mark seems to be hiding behind the Bible to sell mortgages.

Let us pray.

Amen

I have not heard of this company

so without a Vatican endorsement --- I question the use of the term Catholic

and they so disclose "The company is not approved, sponsored or endorsed by the Roman Catholic Church."

they should have contacted me first

well i submitted the application. I will let you know what happens. Hopefully things are smooth

does anyone have any updates on this company? They have asked me for the following information:



We need the following items sent as soon as possible in order to quickly process your loan:

-a copy of the NOTE on your existing first mortgage (see sample attached)
-a copy of your Drivers License
-a copy of your flood insurance policy (ONLY if you’re in a flood zone. If you are not in a flood zone this does NOT apply to you)
-a copy of a recent statement for any account(s) to be paid off at closing
-a letter from your employer on company letterhead stating you are employed and for how long; this must be signed with a phone number for the representative.
-copies of your W-2 forms from 2005 and 2006
-copies of your two most recent pay stubs (pay stubs must include your name, your employer’s name and a breakdown of your income, including year-to-date earnings, and CANNOT be handwritten)
-your signed General Authorization form, complete with your insurance agent’s information filled out (see attachments)
-a copy of your Social Security card MAY BE REQUIRED before closing. If you do not have your card or can not locate it, you should apply for a replacement card NOW (the process to get a replacement SS card can take 10 days to two weeks so you should locate your card now or apply for a replacement right away to avoid delaying your loan). It is entirely possible that your loan will be approved to close without the SS card, however if the underwriter conditions for it there is absolutely no way at all to waive this requirement.

germanpope said:
<<and they so disclose "The company is not approved, sponsored or endorsed by the Roman Catholic Church."

they should have contacted me first >>

but the catholic pope isnt german

mshen11 said: [Q]but the catholic pope isnt german

Sure he is, he just doesn't do mortgages.

who offers the best no cost refi for a jumbo loan in the bay area?

i am jewish, do i have to pay extra points?

Certainly! You'll have to pay extra points. But not as much as a Baptist would.

cajundavid said: [Q]Certainly! You'll have to pay extra points. But not as much as a Baptist would.

I thought that Jewish guys got their points shaved?

I am going to tell the HARE club for Men about this. Surely the bunny will not be happy at the vatican.

has anyone dealt with this company yet?

Why would anyone even think of using this biz. Oh wait it has the name Catholic in it, don't be surprised if you have to say several rosarys to get the application and go to reconsilitaion before they will fund your loan. A big ruise.

hilarious!

Pardon the interrpution of the religious jokes, but as I have used this company in the past, I thought I'd comment.

I did a refi of my HELOC with them a few years ago and they were a pleasure to deal with. They had the best rates for my situation at the time so I gave it a shot. Everything went smoothly and the loan ended up being from Citibank. No fuss, no muss, and I have no complaints.


Disclaimer: I'm not Catholic.

Thank you Meltz. I have started the process of faxing them my documents in. They also told me that they are working with Citibank when I was on the phone with them. I have credit monitoring and it showed up as Citibank checking an inquiry on my credit. So it seems everything is good. According to Catholic Home Loan, this is suppose to be a totally FREE NO closing cost, no nothing cost loan. The interest rate is 6.23% which is higher than penfed by about .75% but Penfed would have charged about 2-2.5K in closing cost. Whereas Catholic charges absolutely nothing. My loan amount is also suppose to be exactly the same amount as it was in my old loan. I will have to see how things turn out. I will update as the process goes on.

You'll likely get better rates going through AHM (Atheist Home Mortgage), since they don't have to pay "The Man" commission.

But the atheists will never forgive your loan if you get in trouble.

mshen11 said: [Q]germanpope said:
<<and they so disclose "The company is not approved, sponsored or endorsed by the Roman Catholic Church."

they should have contacted me first >>

but the catholic pope isnt german

He isn't?!?

Where do you locate Bavaria on a map then?

If this company is just a middleman for Citi, why not just apply directly through citi.com?

That way, there's one less office full of people who see your personal information.

ifyouhavetoask said: [Q]If this company is just a middleman for Citi, why not just apply directly through citi.com?

That way, there's one less office full of people who see your personal information.

The rate I am getting through Catholic is better than the one I am getting from Citibank. Also I am supposedly not paying any closing fee whatsoever, whereas Citibank is charging about 3000-4000 in closing fees



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