I started this whole process in July and finally closed in late September.
My initial mortgage was an FHA loan. The original case agent thought a conventional loan would net me more cash out, which I needed to replace my roof.
I went through the process, including an appraisal. The cashout was not even close to what I needed.
Then I had to go through the entire application process again for an FHA loan. I had to go through another appraisal because FHA has stricter guidelines. The second appraisal reported some repairs that I had to take care of and have inspected before I could move forward. Which I did and the inspection confirmed that the repairs were satisfactory.
During all this time, the closing documents never showed a cashout that was even close to what I needed. I kept telling the case agent that I was concerned about it, but he just kept saying it would be ok when I closed. He said the exact amount doesn't show until closing. I find that very confusing and extremely stressful.
I started this whole process in July and closed in late September. I ended up with barely enough cash out to take care of getting my roof replaced.
It took a long time, but I did finally get it accomplished.
Length of Use: 2+ years
Bottom Line: No, I would not recommend this to a friend
Pros and Cons
For the most part, they were fairly good at returning my calls.
The whole process took too long.
Not knowing how much cash out I would get prior to the actual closing.
They should have known which type of loan was best from the beginning.