mortgage refinance?

My husband and I bought a house in October with a no documents loan and ended up having to split our mortgage and have two smaller loans. Our mortgage servicer recently called and said that they have been unable to sell our mortgage and would refinance our loan at no cost to us. The woman I have been talking to said that they could combine our two loans and get us a better interest rate. sounds great But is this legitimate? Is this something that I should be concerned about or is this something that happens often? We still owe about 94K on the original loan and they are trying to combine both the loans. Overall it looks like it will be good for us because we will have one loan instead of two and our interest rate will be lower. can we just tell them not to refinance? How does that work? Our loans are crap right now so it would not take much to make it better for us We're in Oklahoma City

Responses:

It is true that they may not be able to sell your loan. That is not your problem. The servicer is just servicing for whoever owns it today. You may have an 80% 1st and a 20% 2nd If you did a hundred percent financing It certainly IS possible that a different loan will be easier for them to sell, but you are not going to know if it is better or not. Do they want to refinance both your 1st and 2nd into one loan OR just refi your 2nd ? You need to get some straight advice from an independent consultant. Find out what kind of loan they want to put you in and post the info here. Also post your current type of loans and interest rates and payment amounts, AND what your proposed loan, term rate and payments will be. You can only get the right advice if your provide ALL the info. You are NOT onligated to refi your loan. Many loan originators cannot sell 2nds today. Usually the 1st is not the issue. If you are happy with your loan, do not be pressured. What state are you located in ?
I have worked in the real estate business for over 10 years and have never heard of such a thing happening - but that doesn't surprise me. I would be suspicous because they can not sell your loan. I would wonder what makes it so undesirable to other lenders. They obviously want you to refinance it to make it easier to sell - hence they are probably trying to make your loans more profitable. On the flipside it could be because your loan is less desirable to lenders because it is too large of an amount based on your home value and maybe they are willing to cut you a deal to unload it. In either case it is probably legit - just be really careful about the loan term, rates, payoff penalties and any other possible costs. Ask them what they charge now for escrow services, pmi if you have, and what the fees will be
just get all the information and make a decision based on the total cost of the loan over its full term
Sounds legit, just make sure she put's it in writing before you sign anything. And make sure she is not putting you into an adjustable or interest only loan. You might also check around for rates. Someone might have something better

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