Review: Box Home Loans, Refinance

I recently had the pleasure of refinancing my mortgage with Box Home Loans. I first ran across the name of the company at the Mr Money Mustache Community Forums; after a bit of research and review of their stellar reputation online Box quickly moved to the #1 contender spot on my list of possible lenders. The straightforward rate quote tool on their website was awesome and allowed me to see a variety of quotes (30 year, 20 year, & 15 year fixed as well as 5/1 ARM & 3/1 ARM) with exact costs and fees included, without giving up any of my personal information. Their rates and lender credits blew everyone else out of the water, which made my decision to move forward with them easy.

The one huge advantage that Box has over any of their competitors is they make the mortgage process smooth and easy in every way possible; they obviously make this their #1 priority and it directly reflects in the customer service they provide. They also provide a number of modern tools on their website’s customer portal to make the paperwork submission easy and the loan process more visible and accessible to the customer. Here are a few highlights from my refinance process:

  • I completed the mortgage application process online through their website in a few minutes
  • They were straightforward and honest about all costs and fees that I would be responsible for and when they would be due
  • I received frequent phone calls and emails from the staff assigned to my account to keep me up to date on the status of my loan
  • I often received responses to my emails outside of normal business hours, even over the weekend
  • I was able to upload all of my required documents through the Box website using the very cool customer portal
  • Once the loan was sent to underwriting, the underwriter approved it in less than 24 hours, and I closed the loan the next day
  • I was able to choose the time and place of the closing, allowing me to close quickly and fit it into my schedule
  • It took only 22 business days from application through closing to finish my loan

Despite being in a different state (they are in Utah, I am in Colorado) Box very adeptly orchestrated my loan – everything from the appraisal to the the closing was professional and fast.  My only gripe with them is that I had to provide the same explanation regarding an issue with my documents to a number of different staff members on a number of occasions, but truthfully this was barely a nuisance and was a forgettable issue when compared to how quickly and professionally the rest of the process went.

My total cash requirement was very reasonable, which also helped make the decision to refinance easier:

  • $30 application fee
  • $450 appraisal fee
  • $335 closing costs after lender credit

I allowed a few of the fees to be rolled into the new loan, but because the new loan allows me to skip January’s payment and my new monthly payment is lower by $230, I will break even very quickly.

I will forever be impressed with how quickly they were able to move my loan through the refinance process in today’s market and with the high volume of loans they handle regularly.  They helped me transform my refinance apprehension into action, and the new loan did not cost me a huge amount of money. I now have an awesomely low interest rate, a mortgage payment that is drastically lower than my previous payment, no mortgage insurance requirement, and a company I know I can return to and refer to others with gusto.

Have you refinanced recently? Do you have anything to add about Box Home Loans? Do you have any specific questions about my refinance?

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