Suggestions for home mortgage refi lender
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Suggestions for home mortgage refi lender
A California family member is planning to refinance their $350,000 mortgage with good credit and loan to value ratio less than 80 percent.
I would appreciate any suggestions from the group for a lender for this refi. Important criteria would be best rates with lowest fees and good customer service.
Thank you!
I would appreciate any suggestions from the group for a lender for this refi. Important criteria would be best rates with lowest fees and good customer service.
Thank you!
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Thank you for suggesting I search the threads for the answer to my question.
Prior to posting my inquiry I looked through the first 20, or so, threads I could find on refinancing. They included topics such as convexity, should I refinance, should I get a 15-year or 30-year mortgage, should I pay off my mortgage or refinance and invest the cash, can I afford to quit my job or do I need to refinance, refinance appraisals, refinance PMI, should I put more cash into my refinance, etc.
If my question has already been answered I would appreciate a referral to the thread that offers the names of lenders the board members suggest I complete my own due diligence on.
Prior to posting my inquiry I looked through the first 20, or so, threads I could find on refinancing. They included topics such as convexity, should I refinance, should I get a 15-year or 30-year mortgage, should I pay off my mortgage or refinance and invest the cash, can I afford to quit my job or do I need to refinance, refinance appraisals, refinance PMI, should I put more cash into my refinance, etc.
If my question has already been answered I would appreciate a referral to the thread that offers the names of lenders the board members suggest I complete my own due diligence on.
Try the Mortgage Professor's list of upfront mortgage lenders and this Boglehead thread.
EDIT: And might I add that there is an excellent poster here that has a site of their own, which has written quite a bit of useful info on the mortgage process. The Site is called thefinancebuff.
EDIT: And might I add that there is an excellent poster here that has a site of their own, which has written quite a bit of useful info on the mortgage process. The Site is called thefinancebuff.
Last edited by vesalius on Wed Oct 13, 2010 11:51 am, edited 2 times in total.
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They might want to call their current lender. Our bank offers an easy refi to current customers that requires little new paperwork; since there's little cost to them they can offer competitive rates.
I scored a 30 year fixed at 4.0% on Friday with no fees whatsoever, not even title or filing fees. We are in CA and our LTV is around 50% (depending on "V", which varies). We had planned to refi to either a 15 or 20. But the rate on the 30 was the same as the 20 and we highly prize flexibility, so this was just too good to pass up.
I scored a 30 year fixed at 4.0% on Friday with no fees whatsoever, not even title or filing fees. We are in CA and our LTV is around 50% (depending on "V", which varies). We had planned to refi to either a 15 or 20. But the rate on the 30 was the same as the 20 and we highly prize flexibility, so this was just too good to pass up.
I am about to send refinance docs to the lending co based in phoenix. They hooked me up by only charging credit report and title fee. Even my bank was going to charge me extra stuff that would have increased my cost.
"Not everything that can be counted...counts; And not everything that counts can be counted."
I phoned my lender (Wells Fargo) and they offered a real no-cost interest rate reduction from 5.25% to 3.75%. This saves me about 12k over the next 7 years at which time we will have a mortgage burning party. Since I decided to just continue paying the same amount it will actually be paid off about 5 months earlier.
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What were the terms of your mortgage? You have a fixed rate mortgage?sergeant wrote:I phoned my lender (Wells Fargo) and they offered a real no-cost interest rate reduction from 5.25% to 3.75%. This saves me about 12k over the next 7 years at which time we will have a mortgage burning party. Since I decided to just continue paying the same amount it will actually be paid off about 5 months earlier.
that is a good rate. i went with 4.125 down from 5 and will save 143 dollars a month. just bought my house in 09.Polar_Ice wrote:I have heard good things about this place:
https://www.provident.com/
They are in CA too.
"Not everything that can be counted...counts; And not everything that counts can be counted."
They are a good lender from what I have heard but have not used them myself yet. They require great credit.J-e-L-L-o wrote:that is a good rate. i went with 4.125 down from 5 and will save 143 dollars a month. just bought my house in 09.Polar_Ice wrote:I have heard good things about this place:
https://www.provident.com/
They are in CA too.
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This is an update to my October 13th post asking for lender suggestions for a 30-year fixed rate mortgage refinance.
Based on the input from this forum my daughter applied to First Internet Bank of Indiana (FIB). Initially the customer service was not as good as hoped- probably due to the large number of refi's in the works. After expressing concern to management they got a new loan officer and things went very smoothly after that.
From loan application to closing took about six weeks. Their final terms were 30-year fixed conventional loan @ 4.125%, no points and FIB contributed about $1,500 towards closing costs!
Thank you "The Finance Buff" (tfb) and the other forum members who offered suggestions.
Based on the input from this forum my daughter applied to First Internet Bank of Indiana (FIB). Initially the customer service was not as good as hoped- probably due to the large number of refi's in the works. After expressing concern to management they got a new loan officer and things went very smoothly after that.
From loan application to closing took about six weeks. Their final terms were 30-year fixed conventional loan @ 4.125%, no points and FIB contributed about $1,500 towards closing costs!
Thank you "The Finance Buff" (tfb) and the other forum members who offered suggestions.
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Speaking of penfed, if you can handle the higher payments this seems like a pretty good deal.
https://www.penfed.org/productsAndRates ... Equity.asp
Basically a 10 year fixed rate at 3.99% with zero fees except appraisal.
https://www.penfed.org/productsAndRates ... Equity.asp
Basically a 10 year fixed rate at 3.99% with zero fees except appraisal.
You are welcome. I'm glad it worked well for your daughter. 4.125% on a 30-year fixed with $1,500 credit for closing cost is fantastic! The rate has gone close to 1% higher since she locked.Allocationist wrote:From loan application to closing took about six weeks. Their final terms were 30-year fixed conventional loan @ 4.125%, no points and FIB contributed about $1,500 towards closing costs!
Thank you "The Finance Buff" (tfb) and the other forum members who offered suggestions.
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