boxhomeloans.com

[EVSDCA]

Has anyone dealt with this mortgage company boxhomeloans.com? Their rates appear to be good, but I don’t want to jump on it without knowing too much about its business dealing. Thanks!

[skerzz]

I refinanced with boxhomeloans about a month ago and had an excellent experience with them. Box had the lowest rates and costs I could find and they were able to close and fund my refi in less than 18 days from when my initial application was filed. Highly recommended if you don’t need your hand held throughout the process. My immediate family has had similar positive experiences with them.

[EVSDCA]

Did you fill out the application online? Did you call them up to confirm the quoted rate from the website? How do you get your rate? What is the process? I am quoted for $0 closing cost, so did you have to pay for appraisal fee…etc? Thank you

[skerzz]

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?

[EVSDCA]

Thank you for the info. I am glad that you had a positive experience. I think I will try to find out if it works for me. I am with BoA, and I keep on receiving the “invitation letter” with my mortgage payment asking me to call to see if I can refi. I called a couple of time, but BoA has never had any good rate. I refinanced with one of the local broker 3 times in the past 3 years, and he always did really good for us. But this time, I think BHL has a better rate. I hope it’ll work out

[skerzz]

Good luck on your refi, let me know how it goes. The big banks can’t compete with Box due to their higher overhead and the fact that Box only works with 700+ FICO score borrowers. I shopped Box against Bank of America and Quicken Loans. Both BofA and Quicken wanted $3K more in closing costs and their rates were .25-.5% higher than Box. I even had one of those “guaranteed beat or match” refi offers from Quicken. Turns out Quicken advertising is a bunch of lies and would never recommend them to anyone.

I’m lobbying the Box Home Loans management to make an exception to the 6 month refi window so I can do a cash-out refi. My last appraisal came in much higher than anticipated and I’m looking to pull cash out while the money is practically free. 🙂

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