Mortgage Refi Advice - seeking lenders

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arsenalfan
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Mortgage Refi Advice - seeking lenders

Post by arsenalfan » Tue Jun 30, 2020 6:05 pm

Do I refinance, and with whom?

Suburban DC, 2MM home, 730k left on mortgage. In year 7 of 30 year fixed 3.35% loan. PITI is about $6k per month, which is 3k to principle.

The FHA and GSE conforming limit in my VHOCL county is $765k, so I think this is not a Jumbo loan?

Thanks in advance.

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ResearchMed
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Re: Mortgage Refi Advice - seeking lenders

Post by ResearchMed » Tue Jun 30, 2020 6:29 pm

arsenalfan wrote:
Tue Jun 30, 2020 6:05 pm
Do I refinance, and with whom?

Suburban DC, 2MM home, 730k left on mortgage. In year 7 of 30 year fixed 3.35% loan. PITI is about $6k per month, which is 3k to principle.

The FHA and GSE conforming limit in my VHOCL county is $765k, so I think this is not a Jumbo loan?

Thanks in advance.
I'd suggest giving your current lender the first call and see what they can offer in terms of interest rate and any fees (preferably not).

Then you can call another few lenders to see if they can do "better" for you.

Which ones?
If you already use a bank or credit union, do check with them. If not, if you are eligible to join a credit union (there are usually ways if one isn't automatically qualified, e.g., through work), then ask at one.

Others here seem to use online lenders, so some other BH members will probably chime in with suggestions.

Main thing is to use one lender's terms to see if you can get another lender to match/better that offer.
Rinse and repeat a time or two.

RM
This signature is a placebo. You are in the control group.

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BrandonBogle
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Re: Mortgage Refi Advice - seeking lenders

Post by BrandonBogle » Tue Jun 30, 2020 6:42 pm

Take a look at the Refinance Mega Thread and include a number of the recent lenders listed there.

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arsenalfan
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Re: Mortgage Refi Advice - seeking lenders

Post by arsenalfan » Tue Jun 30, 2020 7:56 pm

SunTrust "Truist" is my current carrier. No reply from my guy.

Yeah didn't want to hijack the Refinance Mega Thread. Not sure if I'm conforming at 730k in my VHCOL metro DC area, and if I'm comparing apples to apples. LenderFI seemed to be the winner.

drk
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Re: Mortgage Refi Advice - seeking lenders

Post by drk » Tue Jun 30, 2020 8:29 pm

arsenalfan wrote:
Tue Jun 30, 2020 7:56 pm
Not sure if I'm conforming at 730k in my VHCOL metro DC area, and if I'm comparing apples to apples.
You can look up your county's conforming loan limit on the FHFA's Conforming Loan Limits tables (PDF).

Edit: Oh, you've already seen this. If your loan is below the limit for your county, your mortgage is conforming, not Jumbo.
Last edited by drk on Tue Jun 30, 2020 8:30 pm, edited 1 time in total.

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BrandonBogle
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Re: Mortgage Refi Advice - seeking lenders

Post by BrandonBogle » Tue Jun 30, 2020 8:30 pm

arsenalfan wrote:
Tue Jun 30, 2020 7:56 pm
Not sure if I'm conforming at 730k in my VHCOL metro DC area, and if I'm comparing apples to apples.
Punch it in here and see
https://themortgagereports.com/loan-limits

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arsenalfan
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Re: Mortgage Refi Advice - seeking lenders

Post by arsenalfan » Thu Jul 02, 2020 4:21 pm

Thanks all.
Based on this info, it is conforming.
Went back to SunTrust/Truist.
They have 2.875% 15-year fixed for the 725k remaining.
Inclined to do it, since I am at 3.35% 23-year fixed (started 30 year).
For $500 more per monthly payment, pay about half the interest.

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BrandonBogle
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Re: Mortgage Refi Advice - seeking lenders

Post by BrandonBogle » Thu Jul 02, 2020 4:25 pm

What are the closings costs from Truist? Particularly Sections A, B, C, and E of the Loan Estimate.

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