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Old 02-13-2020, 10:37 PM   #1
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2020 refi suggestions

Since interest rates down, we’ve considered a re-fi of boat loan ( vs pay down)
Any banks or other loan entities to suggest based on positive experience?

Thanks in advance.
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Old 03-15-2020, 06:34 PM   #2
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Sandy,

We had very good experience with Boat Loans, RV Loans, Marine Lending, Marine Insurance

They work with anyone regardless of location. Call me if you need more info.

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Old 03-16-2020, 06:32 PM   #3
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Backlog means they have hundreds of thousands of applications to handle right now. Not saying you cant but good luck.

I was interested for my mortgage and was told to pound sand because of the backlog.
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Old 03-17-2020, 03:47 PM   #4
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Quote:
Originally Posted by Mrwesson View Post
Backlog means they have hundreds of thousands of applications to handle right now. Not saying you cant but good luck.

I was interested for my mortgage and was told to pound sand because of the backlog.
I've been hearing that a lot of banks are currently at or reaching capacity to process loan applications. Meaning that based on staffing numbers, there is up to a 1 year backlog to process refinance applications. Of course, I'm sure they're prioritizing new loan applications.

This is leading the banks to be a bit more choosy in the qualification requirements as well. They have little incentive to go on a hiring spree to increase the overhead in human capital in a effort to drive DOWN revenue.
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Old 03-17-2020, 04:07 PM   #5
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Banks may be concerned about balance sheet and liquidity. Don't expect BAU.
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Old 03-17-2020, 04:49 PM   #6
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We are doing a home mortgage re-fi right now with Rocket Mortgage. Easy Peasy.
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"Everything on your boat is broken. You just don't know it yet."
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Old 03-27-2020, 10:23 AM   #7
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Thanks to all.
My original bank is willing to re-if, including fees waiver.
Requires an In water survey .

(see new post)
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Old 03-27-2020, 10:56 AM   #8
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We had really good luck (believe it or not) with Key Bank. We did a $0 down, 15 year loan. They actually beat all the credit unions and even USAA on rates and down payment requirements...
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