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Mortgage refinance recommendations?

Discussion in 'BBS Hangout' started by G.O.A.T., Nov 8, 2010.

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  1. G.O.A.T.

    G.O.A.T. Contributing Member

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    If anyone has any personal experience doing a refinance recently and they could recommend a company I would really appreciate it. I'm sure I'm stating the obvious, but I'd like to a good rate with a low closing cost. I've tried to find recommendations on line, but I can't find anything meaningful. Thanks for your help.
     
  2. Deckard

    Deckard Blade Runner
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    Check first about the options your current mortgage holder might have for a refinance. If they offer a good deal, it might be the cheapest way to go. After all, they have a pretty good idea of what you place is worth, or should. Very low rates should be available now, so good luck! :)
     
  3. rrj_gamz

    rrj_gamz Contributing Member

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    I checked in with Chase, my current mtg co. and their closing costs are like $3500 - $7000, depending on the value of the home... :eek: not what I was expecting...I read that you should check bankrate.com or something like that and you pay for the costs either up front or imbedded in your rate, so we're screwed regardless..

    I need to do this soon while rates are still low...I'm checking with PenFed Credit Union next...
     
  4. Deckard

    Deckard Blade Runner
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    Damn, sounds steep to me! I've never dealt with Chase. Heck, my mortgage has been moved around several times. I've got GMAC now, of all things. Sometimes, I have to remember that it's not a car note. ;)
     
  5. G.O.A.T.

    G.O.A.T. Contributing Member

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    Yeah, I'm with Chase too and their closing cost are a bit high.
     
  6. bobrek

    bobrek Politics belong in the D & D

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  7. CrazyDave

    CrazyDave Contributing Member

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    Something to consider...

    if applicable, your escrow will be tied up with your current lender past the point where you will need to set up escrow for a new lender.... one advantage/disadvantage of changing lenders.
     
  8. G.O.A.T.

    G.O.A.T. Contributing Member

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    Thanks for the suggestions and comments. ING Direct looks decent, but I'm looking for 15 or 30 year fixed and it seems they mainly offer variable ratets.
     
  9. icrnk

    icrnk Member

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    I just closed with Bedrock lending. The closing costs were lower than Chase, Bank of America, Amegy, Wells Fargo (my ex mort holder), and Citi. I think under $2100. My loan has already been sold to Bank of America so I still got the option of paying though my current account but didn't pay their higher closing costs. Let me know if you want some contact information.
     
  10. jo mama

    jo mama Contributing Member

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    good timing! i actually spoke to someone this morning about refinancing mine.

    my loan is through bank of america - to refinance would cost me about $3,300 in closing costs, but brings my APR down 2 points. if i calculated that correctly it should pay for itself in 31 months, so thats not too bad.

    they can roll the closing costs into the loan too, but then you have to factor in that your closing costs will technically go up due to interest you will be paying on them.

    what is crazy is that im only 2 years into a 30, but if i refinance at a 20 year loan my mortgage will be the same as it is now.

    thats is what ive got to figure out - if i take the 30 i save more right now month-to-month...but thinking long-term i can pay the same amount i am now and own it 8 years quicker - thats an ass-load of interest i will be saving.
     
  11. v3.0

    v3.0 Contributing Member

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    thread bump

    Considering refinancing with current mortgage company.

    Was quoted a 15, 20, 25, and 30 year fixed loans. Interested most is the 20 year and 30.

    20 year would drop current interest rate at almost 2 full points (down to 4.875), Tried getting the offered rate subtracted at 2 full points but could not without buying points (don't want to buy points). Closing cost is estimated at $2700 with the option of rolling into the new loan. New monthly payment would only be 27 cents more than the current monthly.

    But considering the 30 year fixed to save more liquid money per month, which would save about 5.84% a month from the current monthly. Was quoted a little higher interest rate though (5.00).

    Either way, there is an application fee of $395 that cannot be waived and must be paid up front.

    Any thoughts or advice on this would be great.
     
  12. K mf G

    K mf G Contributing Member

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    any options for people like me who's credit sucks

    just for the record women are the root to all evil
     
  13. CrazyDave

    CrazyDave Contributing Member

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    Yes, if you are considering refinancing to shorten your loan and reduce interest rather than obtain a lower monthly, they see if your loan allows early payoff. If you don't incur a penalty for doing so, you can merely pay more each month on your mortgage, and that amount will generally apply to principle and not interest, I believe. If you make a habit of this, you will enjoy the benefits of paying your house off faster and avoiding thousands in interest, but you also would not have to refinance to do so, and wouldn't be held to the higher payment if things got tough.

    And actually, the love of money is the root of all evil.
     
  14. K mf G

    K mf G Contributing Member

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    i tried that when i first started my mortgage and they ended up sending me a check back for the some i overpaid even though i specifically asked if i could just pay more and have apply to the principle, they said to indicate on the check that it was for the principle, i did that and still didnt work, i guess i should call them and and convince them to take my money

    clarity of rooting evil,
    women is the root to it
    money is the root of it
     
  15. Dream Sequence

    Dream Sequence Contributing Member

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    Check credit unions...I am about to refi and looking online, credit unions offered rates much lower thank banks were..
     
  16. bobrek

    bobrek Politics belong in the D & D

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    Have a look at ING Direct.
     
  17. MIAGI99

    MIAGI99 Member

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    I checked that out online and it says they don't offer refinance in the state of Texas.
     
  18. bobrek

    bobrek Politics belong in the D & D

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    Appears that you need to move then. :)
     
  19. JeopardE

    JeopardE Contributing Member

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    One thing Chase does offer is reduced documentation which is a very nice convenience. Essentially you don't have to declare any assets, submit any documents etc. if you are already a Chase mortgage customer. It's as hassle free as it gets.
     
  20. v3.0

    v3.0 Contributing Member

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    My main concern is if any of these fees below that make up the closing cost can actually waived, since I already went through this before with the same mortgage company. I've actually heard from a family friend that they didn't pay any of their closing costs at all when they refinanced with their same mortgage company, not even the application fee because they played hardball. I'm skeptical but will try this too.

    processing underwriting $595
    flood cert $11
    settlement fee $250
    title insurance $864
    title police endorsement $200
    tax certificate $60
    attorney $150
    survey $375
    recording $114
    3rd part courier $50
    tax serv $45
    credit report $10

    It's almost like being at a car dealership.
     

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