Home Refinance

[o3jeff]

Looks like now is as good of a time as any to go from a 30 year to a 15. Is it best to just go to a bank, mortgage broker or one of the mortgage only places?

Any opinions?

 

[dmc]

Looks like now is as good of a time as any to go from a 30 year to a 15. Is it best to just go to a bank, mortgage broker or one of the mortgage only places?

Any opinions?

We're going for it...

 

[EOS]

Rates are perfect for refinancing!

I always like going to a bank. They are heavily regulated and shouldn't be doing anything shady. But that's just my opinion.

 

[RootDKJ]

Just refinanced. Try Quicken loans. Whole process was great and we completed the refinance in 27 days. My dad just refinanced with them, also took about a month to close.

 

[tjf67]

If you have a relationship with your bank I would start there. If you have any friends that write mortages I would check with them as well.

Most likely you will be going out to the secondary market which all mortage lenders have access to. They are all going to have access to the same rates.

Its the points and interest rate adjustment and you need to pay attention to.

 

[campgottagopee]

My wife is a mortgage broker---right now she can't keep up with all the re-fi's---now is the time. Pretty sure she's going to re-do ours too, that should tell ya something.

 

[deadheadskier]

go with anyone you have a good relationship with. I'm sure there are good mortgage brokers out there. We went with a bad one moving to a new area and not knowing anyone.

Promised one rate throughout the whole process, when it came to sign (at which point there was no turning back as we were moving) he jacked the rate by .5 %. This despite the average rates actually being lower in the area than when we first started the process.

Blue Water Mortgage is the name of the company here in NH. go right ahead and call them dmc

I've got no problem saying they suck on the internet.

 

[gorgonzola]

Just refinanced. Try Quicken loans. Whole process was great and we completed the refinance in 27 days. My dad just refinanced with them, also took about a month to close.

+1

 

[ctenidae]

We're doing it, going with the broker who did our original mortgage and a refi.
With the low interest rates and the new definition of a Jumbo Loan, we're saving almost $500/month with $1500 closing costs.

 

[HD333]

Did it last year with our existing lender to get into the 4's, no hassle at all as they had all of our info. Maybe give whomever holds your existing note a call first. We didn't go to 15 years just a refi. We saved over 300 a month.

 

[SKIQUATTRO]

i just refi'd thru bank of america who had/has my original mtg....they covered all the closing costs..took about 30 days

 

[o3jeff]

Called Wells Fargo who currently has my loan now and they have what they call a "3 step refinance" where there's no closing costs or fees since they hold the loan already. On a 15 year they can do 4 1/8%(while not the best I see out there, but without any costs and hassels it probably isn't bad). Everything is done over the phone and mail.

I can't figure what the catch is or if there is one other than if they don't offer you something, they loose the loan to someone else. Guess I will have to do some research on it tonight.

 

[ctenidae]

I can't figure what the catch is or if there is one other than if they don't offer you something, they loose the loan to someone else. Guess I will have to do some research on it tonight.

I think that's the driving force right now. They also then get to report the loan as a "not-2006-2008 loan," any late payments or other issues with the original loan go away, and it over all looks cleaner and neater for reporting.

 

[mlctvt]

Called Wells Fargo who currently has my loan now and they have what they call a "3 step refinance" where there's no closing costs or fees since they hold the loan already. On a 15 year they can do 4 1/8%(while not the best I see out there, but without any costs and hassels it probably isn't bad). Everything is done over the phone and mail.

I can't figure what the catch is or if there is one other than if they don't offer you something, they loose the loan to someone else. Guess I will have to do some research on it tonight.

If you're in CT check out Liberty Bank their 15 year fixed right now is 3.75% with no points. We just refinanced with them a couple of months ago but we paid 4.0%. Shoulda waited I guess.
This bank has been very easy to deal with and if they sell your loan you'll never know it because they will keep managing it for it's entire life.

 

[tjf67]

Called Wells Fargo who currently has my loan now and they have what they call a "3 step refinance" where there's no closing costs or fees since they hold the loan already. On a 15 year they can do 4 1/8%(while not the best I see out there, but without any costs and hassels it probably isn't bad). Everything is done over the phone and mail.

I can't figure what the catch is or if there is one other than if they don't offer you something, they loose the loan to someone else. Guess I will have to do some research on it tonight.

The catch is you are not getting the lowest rate out there. Does not make it a bad deal but they are certainly not a non for profit. Interest rate adj.

 

[hammer]

How does one compare loan offers?

Was thinking of a refi to reduce the loan period but keep payments the same...and with the different combinations of rates, points, and closing costs it's confusing...

 

[tjf67]

How does one compare loan offers?

Was thinking of a refi to reduce the loan period but keep payments the same...and with the different combinations of rates, points, and closing costs it's confusing...

Get out a pencil and paper and start doing the math. It is only confusing till you start breaking it out then you will see it is pretty clear.

If you get the lowest rate on the market and want to roll your closing costs into the new loan they are going to charge a % for that depending on the equity you have.

You can go online and get Good Faith Estimates from different places and that will give you some direction.

I always like doing the math myself cause I dont trust many people.

 

[EOS]

+1 On the Good Faith Estimate from each bank you're lookin to refi with.