Anyone have an opinion on the best companies to do business with as far as refinancing in way of best offered rates, lowest closing costs, etc. ? I got a pre-locked offer from my mortgage company at 4.25% for either a 21 year or 30 year refinance with no closing costs. But, to me, that is still a major ripoff considering rates are well under 4% on the national average for 30 year fixed. I'm looking at a 15 or 20 year with AIM Loan to pay off my remaining mortage balance for terms with no points: 15 year: Rate: 2.875 APR: 3.053 Closing Costs: $3386.03 Payment: $807.12 Rate: 3.00 APR: 3.179 Closing Costs: $2941.55 Payment: $814.19 Other option is 20 year: Rate: 3.5 APR: 3.641 Closing Costs: $2979.28 Payment: $683.77 Rate 3.375 APR: 3.515 Closing Costs: $3386.03 Payment: $676.22 I'm thinking that is pretty good and among the lowest out there. I'm also considering USAA as well but I went through their mortage calculator and it said $9000+ to close/settle . That can't be right or I'm misinterpreting what it is telling me. Surely, they wouldn't be sticking it to all their veterans and military who do business with them. I still think their rates are going to be high compared to some of these internet loan companies. Anyway, it's a maze out there and looking for Clutch BBS input. Anyone have any input who recently went through the process? At these rates, it's hard to not find a good deal from what I'm seeing.
Keep in mind some of the closing coat might be factoring in taxes, insurance etc that you already have sitting in escrow and that why they are highEr. Even if you get a 20 or 30 year but with great terms just pay more to make it more like a 15 yr. one extra payment a year can do wonders Shop around but you will probably not have as many closing costs going with the existing guy. 4.25 is really high though. Give them another shot to improv We are in the process of selling and It seems like some of your rates are high judging from what I've seen. If you want to email me I can give the contact info of the guy I use
why not just pay more each month with your current 30 year mortgage? it effectively reduces the amount of years on the mortgage. plus, if you were to lose your income you can revert back to your original payment. personally, i would prefer the smaller mortgage payment to the smaller interest rate for that very reason.
I have a lot of connections in mortgage. I used to work for a branch of a particular company, and I know that we were able to get rates under 4.00% with no origination, processing or underwriting fees. Any closing costs were usually structured as a tax-deductible discount fee to buy the rate down below 4.00%. Send me a PM if you'd like me to give some referrals. I have connections with both mortgage banks and all-in-one banks. The best structure for your loan would really depend on how long you plan on staying in this home and why you're refinancing in the first place.
I was recently looking into this due to the low rates: PROVIDENT.com, sign up with perkspot and get code for .25 rebate which is $250.00 for each 100K in loan value. https://friends.perkspot.com/Logi...urnUrl=/ https://www.provident.com/ Mortgages: Refinance or Purchase at 3.75% with $0 closing costs or even a credit towards closing with Box Home Loans Box Home Loans [boxhomeloans.com/slickdeals/] is offering an extra credit of 1/8th of a point on top of their already low rates and fees to Slickdeals users. This allows some well qualified individuals to refinance or purchase a home at 3.75%* for no cost or even get a credit (they pay you!) towards closing. I used this place last year and the closing costs were pretty low. http://www.bedrocklending.com
I just looked there, but it sounds like their rates are only guaranteed for a maximum of 10 years. And you also need 20% to refinance???
I think what I'm going to do is just take up the offer on the 4.25% for 21 years from my current mortgage company. And, I'll do what I'm doing now...which is basically pay it off earlier by paying on top of the monthly payment. Then, if I feel like going through all the bullcrap process to refinance even lower, then maybe I'll do that. I'm just not feeling the process right now. My goal right now is to save some and keep it simple. I may not get the best rate/deal but just wading through all this crap is starting to aggravate me and give me a headache. I get to skip out on all this crap just going through my mortgage company and offering proof of employment. So, screw it. I can always do this full refinance process later on but I can start saving now just doing this straight away now with this no hassle offer. To my knowledge, there is nothing stopping me from refinancing just because I accept their offer now.
