Who would you refinance your mortgage with?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Topic Author
Tenesmus83
Posts: 71
Joined: Thu Nov 22, 2018 2:32 pm

Who would you refinance your mortgage with?

Post by Tenesmus83 » Sat Feb 01, 2020 5:47 pm

mortgage rates really low and looking to refinance. I'm looking at online lenders that at honest, competent, and fair.

Zombies
Posts: 97
Joined: Sat Jul 15, 2017 6:22 pm

Re: Who would you refinance your mortgage with?

Post by Zombies » Sat Feb 01, 2020 5:50 pm

After you get through the process and set up autopay, you’ll never talk to them again.

Find the best rate, check reviews / referrals to make sure they’re not a scam, and pull the trigger. Can’t go wrong with any of the “reputable” companies, and play multiple ones off each other so they compete and lower rates or offer lender credit.

magicman
Posts: 31
Joined: Thu Jan 21, 2016 1:44 am

Re: Who would you refinance your mortgage with?

Post by magicman » Sat Feb 01, 2020 5:59 pm

I refinanced with Aimloan about 6 months ago. It was a good experience and I'd use them again.

elvisimprsntr
Posts: 133
Joined: Wed Jan 08, 2020 7:24 pm

Re: Who would you refinance your mortgage with?

Post by elvisimprsntr » Sat Feb 01, 2020 6:01 pm

Tenesmus83 wrote:
Sat Feb 01, 2020 5:47 pm
mortgage rates really low and looking to refinance. I'm looking at online lenders that at honest, competent, and fair.
My last two mortgages were with Quicken Loans (aka. RocketMortgage).
Application process is all paperless, easy, fast.
When you push the monthly payment to them, any excess automatically goes to principal. No special setup/program required.

sport
Posts: 9313
Joined: Tue Feb 27, 2007 3:26 pm
Location: Cleveland, OH

Re: Who would you refinance your mortgage with?

Post by sport » Sat Feb 01, 2020 6:02 pm

I had good experience with Third Federal Savings in Cleveland OH. Although I walked into the office, I believe they also have on-line services.

zonacat
Posts: 11
Joined: Mon Jul 03, 2017 1:10 pm

Re: Who would you refinance your mortgage with?

Post by zonacat » Sat Feb 01, 2020 6:09 pm

I have been using a mortgage broker. Great rates - they use UWM as the wholesale lender

Just locked into a 30 year conventional refinance at 3.25% with $4,200 credit towards closing costs earlier this week. Have 740+ credit score if that helps

niceguy7376
Posts: 2709
Joined: Wed Jul 10, 2013 2:59 pm
Location: Metro ATL

Re: Who would you refinance your mortgage with?

Post by niceguy7376 » Sat Feb 01, 2020 6:23 pm

zonacat wrote:
Sat Feb 01, 2020 6:09 pm
I have been using a mortgage broker. Great rates - they use UWM as the wholesale lender

Just locked into a 30 year conventional refinance at 3.25% with $4,200 credit towards closing costs earlier this week. Have 740+ credit score if that helps
None of the above helps the OP or others if you dont list the mortgage broker.

Student2
Posts: 75
Joined: Fri Jul 13, 2012 8:26 pm

Re: Who would you refinance your mortgage with?

Post by Student2 » Sat Feb 01, 2020 9:03 pm

I refinanced with Aimloan about 1-1/2 years ago. The process was as simple as such things could be, they beat rates & cost compared to the 3 other banks/lenders I queried (RocketLoan, local CU, and previous lender). Any mortgage I shop for again will include AimLoan as a potential lender. I would definitely use them again.

seawolf21
Posts: 674
Joined: Tue Aug 05, 2014 7:33 am

Re: Who would you refinance your mortgage with?

Post by seawolf21 » Sat Feb 01, 2020 9:07 pm

Get quotes from
Mortgage professor
Lender fi

Then go to Better.com (and use best price guarantee)

snailderby
Posts: 956
Joined: Thu Jul 26, 2018 11:30 am

Re: Who would you refinance your mortgage with?

Post by snailderby » Sun Feb 02, 2020 12:13 pm

A few options to consider:

AimLoan
Better
LenderFi
BOKF/Home Direct
Sebonic/Cardinal

Make sure to compare all closing costs (not just the origination fee) for an apples to apples comparison.

aerosurfer
Posts: 208
Joined: Fri Feb 02, 2018 6:10 am

Re: Who would you refinance your mortgage with?

Post by aerosurfer » Sun Feb 02, 2020 12:16 pm

Another vote for Aimloan.com

They hold my current mortgage and am in process with a a Refi with them

Best rates I could find

snailderby
Posts: 956
Joined: Thu Jul 26, 2018 11:30 am

Re: Who would you refinance your mortgage with?

Post by snailderby » Sun Feb 02, 2020 1:34 pm

zonacat wrote:
Sat Feb 01, 2020 6:09 pm
I have been using a mortgage broker. Great rates - they use UWM as the wholesale lender

Just locked into a 30 year conventional refinance at 3.25% with $4,200 credit towards closing costs earlier this week. Have 740+ credit score if that helps
That rate sounds incredible. I assume you have to have a mortgage broker to borrow from UWM?

User avatar
RootSki
Posts: 472
Joined: Mon Feb 20, 2017 11:52 am

Re: Who would you refinance your mortgage with?

Post by RootSki » Sun Feb 02, 2020 1:37 pm

I have had 4 mortgages with Quicken Loans. Painless and fast. I’m debt free now, but I’d use them again just if I was buying another home.

User avatar
abuss368
Posts: 20128
Joined: Mon Aug 03, 2009 2:33 pm
Location: Where the water is warm, the drinks are cold, and I don't know the names of the players!
Contact:

Re: Who would you refinance your mortgage with?

Post by abuss368 » Sun Feb 02, 2020 1:39 pm

I used a broker who actually placed the mortgage with our bank. Much lower rate than working with the bank directly.
John C. Bogle: Two Fund Portfolio - Total Stock & Total Bond - “Simplicity is the master key to financial success."

User avatar
abuss368
Posts: 20128
Joined: Mon Aug 03, 2009 2:33 pm
Location: Where the water is warm, the drinks are cold, and I don't know the names of the players!
Contact:

Re: Who would you refinance your mortgage with?

Post by abuss368 » Sun Feb 02, 2020 1:44 pm

RootSki wrote:
Sun Feb 02, 2020 1:37 pm
I have had 4 mortgages with Quicken Loans. Painless and fast. I’m debt free now, but I’d use them again just if I was buying another home.
Does Quicken Loans sell the mortgages to another servicer?
John C. Bogle: Two Fund Portfolio - Total Stock & Total Bond - “Simplicity is the master key to financial success."

User avatar
simplesimon
Posts: 3777
Joined: Mon Feb 25, 2008 8:53 pm
Location: Boston, MA

Re: Who would you refinance your mortgage with?

Post by simplesimon » Sun Feb 02, 2020 3:04 pm

Purchased a home in June 2019 and used US Bank to get a 3.375% 10/1 ARM. Currently in the process of refinancing with the same guy into a 3.125% 10/1 ARM, no cost.

RobLyons
Posts: 748
Joined: Tue Oct 31, 2017 12:55 pm

Re: Who would you refinance your mortgage with?

Post by RobLyons » Sun Feb 02, 2020 3:08 pm

One of my favorites to compare rates has been Amerisave. Although I don't like how they changed their site so you cannot get rates online anymore.

One question for the group. Are rates really that low? We originally purchased in Oct 2012 and haven't seen rates dramatically lower than the 30 year 3.50%. Just doesn't make sense to me to refi to a 15 if I'm not saving over a point, point and a half.
"Great parenting sets the foundation for a better world"

zonacat
Posts: 11
Joined: Mon Jul 03, 2017 1:10 pm

Re: Who would you refinance your mortgage with?

Post by zonacat » Sun Feb 02, 2020 3:59 pm

snailderby wrote:
Sun Feb 02, 2020 1:34 pm
zonacat wrote:
Sat Feb 01, 2020 6:09 pm
I have been using a mortgage broker. Great rates - they use UWM as the wholesale lender

Just locked into a 30 year conventional refinance at 3.25% with $4,200 credit towards closing costs earlier this week. Have 740+ credit score if that helps
That rate sounds incredible. I assume you have to have a mortgage broker to borrow from UWM?
Yes have to use an independent broker. They don’t do any direct financing.

zonacat
Posts: 11
Joined: Mon Jul 03, 2017 1:10 pm

Re: Who would you refinance your mortgage with?

Post by zonacat » Sun Feb 02, 2020 4:01 pm

niceguy7376 wrote:
Sat Feb 01, 2020 6:23 pm
zonacat wrote:
Sat Feb 01, 2020 6:09 pm
I have been using a mortgage broker. Great rates - they use UWM as the wholesale lender

Just locked into a 30 year conventional refinance at 3.25% with $4,200 credit towards closing costs earlier this week. Have 740+ credit score if that helps
None of the above helps the OP or others if you dont list the mortgage broker.
Mortgage broker I used was - https://modernhomelending.com/

Small shop in Scottsdale, AZ

Got to them from my realtor 2 years ago

Ron Ronnerson
Posts: 1638
Joined: Sat Oct 26, 2013 6:53 pm
Location: Bay Area

Re: Who would you refinance your mortgage with?

Post by Ron Ronnerson » Sun Feb 02, 2020 4:17 pm

RobLyons wrote:
Sun Feb 02, 2020 3:08 pm
One question for the group. Are rates really that low? We originally purchased in Oct 2012 and haven't seen rates dramatically lower than the 30 year 3.50%. Just doesn't make sense to me to refi to a 15 if I'm not saving over a point, point and a half.
I did a no cost/no points/no escrow account refinance toward the end of 2012 through a broker. My rate is 3.25%, 30-year fixed. I haven’t seen rates drop below what they were at that time. Personally, I'd refinance again if I could find a 20-year loan at 2.875% or lower for no cost.

sport
Posts: 9313
Joined: Tue Feb 27, 2007 3:26 pm
Location: Cleveland, OH

Re: Who would you refinance your mortgage with?

Post by sport » Sun Feb 02, 2020 4:38 pm

sport wrote:
Sat Feb 01, 2020 6:02 pm
I had good experience with Third Federal Savings in Cleveland OH. Although I walked into the office, I believe they also have on-line services.
Here are their rates:
https://www.thirdfederal.com/borrowing/ ... -refinance

User avatar
RootSki
Posts: 472
Joined: Mon Feb 20, 2017 11:52 am

Re: Who would you refinance your mortgage with?

Post by RootSki » Sun Feb 02, 2020 6:52 pm

abuss368 wrote:
Sun Feb 02, 2020 1:44 pm
RootSki wrote:
Sun Feb 02, 2020 1:37 pm
I have had 4 mortgages with Quicken Loans. Painless and fast. I’m debt free now, but I’d use them again just if I was buying another home.
Does Quicken Loans sell the mortgages to another servicer?
Yes. The second was sold to Bank of America. The other 3 stayed with Quicken.

need403bhelp
Posts: 980
Joined: Thu May 28, 2015 6:25 pm

Re: Who would you refinance your mortgage with?

Post by need403bhelp » Sun Feb 02, 2020 7:50 pm

zonacat wrote:
Sun Feb 02, 2020 4:01 pm
niceguy7376 wrote:
Sat Feb 01, 2020 6:23 pm
zonacat wrote:
Sat Feb 01, 2020 6:09 pm
I have been using a mortgage broker. Great rates - they use UWM as the wholesale lender

Just locked into a 30 year conventional refinance at 3.25% with $4,200 credit towards closing costs earlier this week. Have 740+ credit score if that helps
None of the above helps the OP or others if you dont list the mortgage broker.
Mortgage broker I used was - https://modernhomelending.com/

Small shop in Scottsdale, AZ

Got to them from my realtor 2 years ago
Any recommendations among Evan, Troy, Bruce, Cynthia, or Steve? Feel free to PM or disregard if too personal. Thanks!

manatee2005
Posts: 726
Joined: Wed Dec 18, 2019 9:17 pm

Re: Who would you refinance your mortgage with?

Post by manatee2005 » Sun Feb 02, 2020 7:59 pm

zonacat wrote:
Sat Feb 01, 2020 6:09 pm
I have been using a mortgage broker. Great rates - they use UWM as the wholesale lender

Just locked into a 30 year conventional refinance at 3.25% with $4,200 credit towards closing costs earlier this week. Have 740+ credit score if that helps
You could have gotten a lower rate with less credit towards closing. I always ask to get the rate with 0 credit toward closing and then the rate with credit towards closing to see if it's worth it.

Tiger85
Posts: 37
Joined: Sun Jul 07, 2013 6:35 pm

Re: Who would you refinance your mortgage with?

Post by Tiger85 » Sun Feb 02, 2020 8:53 pm

Recommend calling 4-5 local banks/credit unions and checking there too. They are often better than online. In 2018 we bought a house with a 30 year for 3.875% and this past fall the lender I worked with reached out to me as they had Refis on the 30 year for 2.875%.

It worked for me to use a local bank, so recommend trying that route as well as looking online.

seawolf21
Posts: 674
Joined: Tue Aug 05, 2014 7:33 am

Re: Who would you refinance your mortgage with?

Post by seawolf21 » Sun Feb 02, 2020 9:24 pm

Tiger85 wrote:
Sun Feb 02, 2020 8:53 pm
Recommend calling 4-5 local banks/credit unions and checking there too. They are often better than online. In 2018 we bought a house with a 30 year for 3.875% and this past fall the lender I worked with reached out to me as they had Refis on the 30 year for 2.875%.

It worked for me to use a local bank, so recommend trying that route as well as looking online.
Is 30 year at 2.875% with points or credits?

Tiger85
Posts: 37
Joined: Sun Jul 07, 2013 6:35 pm

Re: Who would you refinance your mortgage with?

Post by Tiger85 » Sun Feb 02, 2020 9:47 pm

seawolf21 wrote:
Sun Feb 02, 2020 9:24 pm
Tiger85 wrote:
Sun Feb 02, 2020 8:53 pm
Recommend calling 4-5 local banks/credit unions and checking there too. They are often better than online. In 2018 we bought a house with a 30 year for 3.875% and this past fall the lender I worked with reached out to me as they had Refis on the 30 year for 2.875%.

It worked for me to use a local bank, so recommend trying that route as well as looking online.
Is 30 year at 2.875% with points or credits?
Zero points, but I think there was a couple hundred dollar lender credit thrown in too. It is a VA loan and they had a really low rate for the refi last fall, with no appraisal. Break even point for me is 18 months on the refi, so I feel really lucky to have been able to do this.

I'm aware not everyone may have access to VA loans, but it was using a local bank which I thought was a benefit as the same lender who originated my initial loan called me for the refi offer. Not sure if this is common/likely with larger online companies.

Northern Flicker
Posts: 5866
Joined: Fri Apr 10, 2015 12:29 am

Re: Who would you refinance your mortgage with?

Post by Northern Flicker » Sun Feb 02, 2020 10:14 pm

Be sure you compare APR’s and not loan interest rates. Just like a bond price (principal) moves inversely with interest rates, mortgage rates and closing costs can be traded off in a similar inverse relationship, so the rate alone is not the whole story.
Last edited by Northern Flicker on Mon Feb 03, 2020 5:48 pm, edited 1 time in total.
Risk is not a guarantor of return.

RobLyons
Posts: 748
Joined: Tue Oct 31, 2017 12:55 pm

Re: Who would you refinance your mortgage with?

Post by RobLyons » Sun Feb 02, 2020 10:32 pm

Ron Ronnerson wrote:
Sun Feb 02, 2020 4:17 pm
RobLyons wrote:
Sun Feb 02, 2020 3:08 pm
One question for the group. Are rates really that low? We originally purchased in Oct 2012 and haven't seen rates dramatically lower than the 30 year 3.50%. Just doesn't make sense to me to refi to a 15 if I'm not saving over a point, point and a half.
I did a no cost/no points/no escrow account refinance toward the end of 2012 through a broker. My rate is 3.25%, 30-year fixed. I haven’t seen rates drop below what they were at that time. Personally, I'd refinance again if I could find a 20-year loan at 2.875% or lower for no cost.
Mind me asking how you found the no cost refi? Online searches?
"Great parenting sets the foundation for a better world"

zonacat
Posts: 11
Joined: Mon Jul 03, 2017 1:10 pm

Re: Who would you refinance your mortgage with?

Post by zonacat » Sun Feb 02, 2020 11:01 pm

manatee2005 wrote:
Sun Feb 02, 2020 7:59 pm
zonacat wrote:
Sat Feb 01, 2020 6:09 pm
I have been using a mortgage broker. Great rates - they use UWM as the wholesale lender

Just locked into a 30 year conventional refinance at 3.25% with $4,200 credit towards closing costs earlier this week. Have 740+ credit score if that helps
You could have gotten a lower rate with less credit towards closing. I always ask to get the rate with 0 credit toward closing and then the rate with credit towards closing to see if it's worth it.
With potential for lower rates, preferred to take the no cost refi as I didn’t want the sunk cost of paying down rate if rates go lower again. Can just get a lower rate then - was worth the risk for me

Ron Ronnerson
Posts: 1638
Joined: Sat Oct 26, 2013 6:53 pm
Location: Bay Area

Re: Who would you refinance your mortgage with?

Post by Ron Ronnerson » Sun Feb 02, 2020 11:09 pm

RobLyons wrote:
Sun Feb 02, 2020 10:32 pm
Ron Ronnerson wrote:
Sun Feb 02, 2020 4:17 pm
RobLyons wrote:
Sun Feb 02, 2020 3:08 pm
One question for the group. Are rates really that low? We originally purchased in Oct 2012 and haven't seen rates dramatically lower than the 30 year 3.50%. Just doesn't make sense to me to refi to a 15 if I'm not saving over a point, point and a half.
I did a no cost/no points/no escrow account refinance toward the end of 2012 through a broker. My rate is 3.25%, 30-year fixed. I haven’t seen rates drop below what they were at that time. Personally, I'd refinance again if I could find a 20-year loan at 2.875% or lower for no cost.
Mind me asking how you found the no cost refi? Online searches?
A neighbor referred a local broker he had used for his refinance.

zonacat
Posts: 11
Joined: Mon Jul 03, 2017 1:10 pm

Re: Who would you refinance your mortgage with?

Post by zonacat » Sun Feb 02, 2020 11:09 pm

Northern Flicker wrote:
Sun Feb 02, 2020 10:14 pm
Be sure you compare APR’s and not loan interest rates. Just like a bond price (principal) move’s inversely with interest rates, mortgage rates and closing costs can be traded off in a similar inverse relationship, so the rate alone is not the whole story.
Agreed! Almost need a mortgage template capturing all info to compare apples to apples

If it helps APR on the loan I’m refinancing is 3.292%

Appraisal waived, origination/title comes to $4,200 which matches the credit I’m getting making it a no fee refi - just need to pay prepaid interest on the new loan

mtwhmemn
Posts: 204
Joined: Tue Jul 03, 2018 12:07 pm

Re: Who would you refinance your mortgage with?

Post by mtwhmemn » Mon Feb 03, 2020 5:53 am

Costco has a great service. I used it and it was an easy & very reasonably priced. When I say reasonable it was far cheaper than any other option.

seawolf21
Posts: 674
Joined: Tue Aug 05, 2014 7:33 am

Re: Who would you refinance your mortgage with?

Post by seawolf21 » Mon Feb 03, 2020 8:29 am

mtwhmemn wrote:
Mon Feb 03, 2020 5:53 am
Costco has a great service. I used it and it was an easy & very reasonably priced. When I say reasonable it was far cheaper than any other option.
IME. They are reasonable indeed but not cheaper. The lowest cost I've found:

Lowest Cost
lenderfi
keystone (via mortgage professor)
better (via price match to lowest offer found)
Garden State Home Loans (via price match)
Other lenders on mortgage professor

Reasonable
Costco
Other lenders on mortgage professor

Ready to fleece borrower
Quicken/Rocket/Schwab
Major banks

csmath
Posts: 272
Joined: Sat Oct 13, 2018 11:32 am

Re: Who would you refinance your mortgage with?

Post by csmath » Mon Feb 03, 2020 9:23 am

seawolf21 wrote:
Sat Feb 01, 2020 9:07 pm
Get quotes from
Mortgage professor
Lender fi

Then go to Better.com (and use best price guarantee)
From my understanding, Better.com doesn't actually guarantee they will "beat" other lender's offers. They guarantee they can beat the cost of doing the loan only, not the interest rate. If I'm wrong, please someone correct me and provide a link to the relevant info as it would help me!

I've done a recent search and can say that Aimloan and ThirdFederal seem to have some of the best offers. I just initiated a refi with ThirdFederal and understand that they are a bit slow to close but have read great things about them. So far everything has going smoothly. They don't make their money selling the mortgages and keep them.

User avatar
dm200
Posts: 23148
Joined: Mon Feb 26, 2007 2:21 pm
Location: Washington DC area

Re: Who would you refinance your mortgage with?

Post by dm200 » Mon Feb 03, 2020 9:45 am

Tenesmus83 wrote:
Sat Feb 01, 2020 5:47 pm
mortgage rates really low and looking to refinance. I'm looking at online lenders that at honest, competent, and fair.
I would only get a mortgage from a lender that does not sell the servicing of the mortgage.

wolf359
Posts: 2155
Joined: Sun Mar 15, 2015 8:47 am

Re: Who would you refinance your mortgage with?

Post by wolf359 » Mon Feb 03, 2020 10:02 am

dm200 wrote:
Mon Feb 03, 2020 9:45 am
Tenesmus83 wrote:
Sat Feb 01, 2020 5:47 pm
mortgage rates really low and looking to refinance. I'm looking at online lenders that at honest, competent, and fair.
I would only get a mortgage from a lender that does not sell the servicing of the mortgage.
+1
If this is important to you, check with a credit union or local community bank that does their own underwriting. They may give you rates that match or beat the online banks, but for their own mortgage portfolio.

Your mileage will vary, but if the bank uses non-standard underwriting to give you a special rate, it's a non-conforming loan, and they can't sell it.

User avatar
dm200
Posts: 23148
Joined: Mon Feb 26, 2007 2:21 pm
Location: Washington DC area

Re: Who would you refinance your mortgage with?

Post by dm200 » Mon Feb 03, 2020 10:42 am

wolf359 wrote:
Mon Feb 03, 2020 10:02 am
dm200 wrote:
Mon Feb 03, 2020 9:45 am
Tenesmus83 wrote:
Sat Feb 01, 2020 5:47 pm
mortgage rates really low and looking to refinance. I'm looking at online lenders that at honest, competent, and fair.
I would only get a mortgage from a lender that does not sell the servicing of the mortgage.
+1
If this is important to you, check with a credit union or local community bank that does their own underwriting. They may give you rates that match or beat the online banks, but for their own mortgage portfolio.
Your mileage will vary, but if the bank uses non-standard underwriting to give you a special rate, it's a non-conforming loan, and they can't sell it.
The issue is servicing, not holding the mortgage in its portfolio. We use Navy Federal Credit Union.

seawolf21
Posts: 674
Joined: Tue Aug 05, 2014 7:33 am

Re: Who would you refinance your mortgage with?

Post by seawolf21 » Mon Feb 03, 2020 11:42 am

csmath wrote:
Mon Feb 03, 2020 9:23 am
seawolf21 wrote:
Sat Feb 01, 2020 9:07 pm
Get quotes from
Mortgage professor
Lender fi

Then go to Better.com (and use best price guarantee)
From my understanding, Better.com doesn't actually guarantee they will "beat" other lender's offers. They guarantee they can beat the cost of doing the loan only, not the interest rate. If I'm wrong, please someone correct me and provide a link to the relevant info as it would help me!

I've done a recent search and can say that Aimloan and ThirdFederal seem to have some of the best offers. I just initiated a refi with ThirdFederal and understand that they are a bit slow to close but have read great things about them. So far everything has going smoothly. They don't make their money selling the mortgages and keep them.
Their policy is to beat apples to apples (rate/duration). if you provide a Loan Estimate from AimLoan for 3.25% 30 year, they will beat the cost associated with same rate/duration by $1K. The cost being "beat" is total of Section D minus Lender Credit (assuming it is not already in Section D). So if AimLoan Section D - Lender Credit is $3616, then better will adjust their lender credit so that their total is $2616.

https://better.com/faq/better-guarantee ... fine-print
"At least $1,000 better for the same rate and terms" refers to the Better Loan Estimate being at least $1,000 less in closing costs at the same rate and for the same loan terms, excluding property taxes and insurance (the fees listed in Sections E through H on your Loan Estimate), as the closing costs on the Loan Estimate from the other Lender. For purchase transactions using the seller’s title company, comparisons will also exclude title fees.
If one is planning to make use of this policy and planning to use their own title company (presumably because it is cheaper then what lenders are quoting), then DON'T mention you are using your own title until you get the match.

jharkin
Posts: 2572
Joined: Mon Mar 28, 2016 7:14 am
Location: Boston suburbs

Re: Who would you refinance your mortgage with?

Post by jharkin » Mon Feb 03, 2020 11:46 am

Another option is the Costco mortgage program. I use one of their banks - NBKC - and the rates have always been pretty much exacly the same as Aimloan and TF and with the Costco membership the lender fee is capped at $275.

Closing one this week, but in retrospect I wish I had waited a little longer to lock. Rates this week are over 1/4 point lower than they where 2 weeks ago and look to decline further!!

LiterallyIronic
Posts: 1449
Joined: Sat Dec 05, 2015 10:36 am

Re: Who would you refinance your mortgage with?

Post by LiterallyIronic » Mon Feb 03, 2020 12:28 pm

Holy smokes these figures are insane! I just talked to my lender and they can refinance me from 3.875% to 3.5% at a cost of $4,000. So it would take ~100 months to break even.

GT99
Posts: 348
Joined: Wed Jun 20, 2018 5:26 pm

Re: Who would you refinance your mortgage with?

Post by GT99 » Mon Feb 03, 2020 12:36 pm

RootSki wrote:
Sun Feb 02, 2020 1:37 pm
I have had 4 mortgages with Quicken Loans. Painless and fast. I’m debt free now, but I’d use them again just if I was buying another home.
Just beware with Quick Loans that they will call you multiple times a day until you pull the trigger. I personally blacklisted them. They left me a message saying they could offer a rate lower than they'd previously quoted me. I called back, and they couldn't even match the quote they'd given me a couple days before, which was already significantly worse than what I was getting at a local credit union.

seawolf21
Posts: 674
Joined: Tue Aug 05, 2014 7:33 am

Re: Who would you refinance your mortgage with?

Post by seawolf21 » Mon Feb 03, 2020 1:57 pm

GT99 wrote:
Mon Feb 03, 2020 12:36 pm
RootSki wrote:
Sun Feb 02, 2020 1:37 pm
I have had 4 mortgages with Quicken Loans. Painless and fast. I’m debt free now, but I’d use them again just if I was buying another home.
Just beware with Quick Loans that they will call you multiple times a day until you pull the trigger. I personally blacklisted them. They left me a message saying they could offer a rate lower than they'd previously quoted me. I called back, and they couldn't even match the quote they'd given me a couple days before, which was already significantly worse than what I was getting at a local credit union.
Agreed. They were not competitive at all; downright gouging. They kept on calling.

User avatar
abuss368
Posts: 20128
Joined: Mon Aug 03, 2009 2:33 pm
Location: Where the water is warm, the drinks are cold, and I don't know the names of the players!
Contact:

Re: Who would you refinance your mortgage with?

Post by abuss368 » Mon Feb 03, 2020 8:08 pm

I would contact our mortgage broker. They were able to obtain a much better rate than directly with a bank.
John C. Bogle: Two Fund Portfolio - Total Stock & Total Bond - “Simplicity is the master key to financial success."

User avatar
simplesimon
Posts: 3777
Joined: Mon Feb 25, 2008 8:53 pm
Location: Boston, MA

Re: Who would you refinance your mortgage with?

Post by simplesimon » Tue Feb 04, 2020 6:18 am

simplesimon wrote:
Sun Feb 02, 2020 3:04 pm
Purchased a home in June 2019 and used US Bank to get a 3.375% 10/1 ARM. Currently in the process of refinancing with the same guy into a 3.125% 10/1 ARM, no cost.
My loan officer got back to me yesterday saying he was able to lock at 3.00% rather than the 3.125% he quoted me over the weekend. Same no-cost 10/1 ARM.

lkar
Posts: 278
Joined: Sat May 04, 2019 4:02 pm

Re: Who would you refinance your mortgage with?

Post by lkar » Tue Feb 04, 2020 9:11 am

I used Guaranteed Rate. It was pretty easy.

Post Reply