Application, submission of all loan documents (w-2s, bank statements, etc.), and signing of most initial loan docs was all done online to speed up the process. Box arranges a notary to come to your place of business of home to sign the final docs.
Shortly after I submitted my initial application online, a Box loan officer called me to confirm the info in the application (loan amount, type of property, loan length, etc.). I chose to lock while on the phone with my officer because rates were rising at the time. A lock fee was charged to my credit card and was refundable in the event Box did not approve the loan.
The fees I was quoted on the website were very close to what the actual fees turned out to be. Total fees were about $1700 which included title, appraisal, notary, etc. However, I only paid approximately $400 in net fees after the lenders credit (negative points). Depending on where rates are and what rate you select, your fees will vary.
My only complaint is that Box will do a refinance only once every 6 months. Rates have dropped 50 basis points since I last refinanced, so I may need to find a comparable lender in order to take advantage of today’s rates. I don’t think rates will stay this low for 5 more months.
What other lenders are you considering and how do the fees/rates compare to Box?
