Mortgage Refinancing & Mortgage Brokers

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
muhtar1938
Posts: 32
Joined: Sat Sep 25, 2010 12:53 pm

Mortgage Refinancing & Mortgage Brokers

Post by muhtar1938 » Thu Jun 30, 2011 9:15 am

Dear Group:

I just called Wells Fargo with a payment question and heard their message about my being eligible for mortgage refinancing. I think I recall reading a recent post saying that a Bogglehead HAD refinanced with a mortgage company and did so quite cheaply. Has anyone had any experience with Wells Fargo?

Also, we're trying to sell our home and buy another, so hopefully soon we'll have to get another mortgage. Common sense tells me that any mortgage company the Real Estate company would choose would, most likely, be more to their benefit than the buyer's. i've read about mortgage brokers being able to do better. What has been your experience, if any, with them? Also, how does one choose and effective broker from the many out there?

Thanks again, for the help I've received over the years,
Muhtar

User avatar
Ted Valentine
Posts: 1559
Joined: Tue Jul 10, 2007 10:28 am
Location: Music City USA

Post by Ted Valentine » Thu Jun 30, 2011 10:21 am

I am confused because your title references refinancing. If your house is for sale it make zero sense to refinance.

If you're wondering about the thread about someone else refinancing, that person was already a Well Fargo mortgage customer and they did a streamlined refi for no cost. That is totally different than a purchase.

When you're shopping for a mortgage your best bet is to contact several local and national mortgage lenders. People here like National Mortgage Alliance (I've had one good, one bad experience), First IB, and Penfed. This is totally a surprise but I got with a local mortgage broker through BofA that I'm very happy with right now. Call them and see if they set you up with someone local. I would start with those, plus your local bank/credit union, and Wells Fargo. Call them and ask for GFEs. NMA and FirstIB will give you a cost/rate quote online that is solid as long as your inputs and credit hold up.
Although our intellect always longs for clarity and certainty, our nature often finds uncertainty fascinating.

muhtar1938
Posts: 32
Joined: Sat Sep 25, 2010 12:53 pm

Mortgage Refinancing & Mortgage Brokers`

Post by muhtar1938 » Thu Jun 30, 2011 10:53 am

Dear Ted:

You're right about refinancing making zero sense. We just thought that the way homes are selling in our area, we might be waiting for a year or more.

Thanks of the information on mortgage lenders,
Muhtar

User avatar
hand
Posts: 1208
Joined: Sun May 17, 2009 8:42 pm

Post by hand » Thu Jun 30, 2011 11:53 am

Common sense tells me that any mortgage company the Real Estate company would choose would, most likely, be more to their benefit than the buyer's.
You are absolutely correct which is why it is prudent to shop around. Specifically, watch out for realtors who own stakes in the mortgage brokers they "recommend." This is a way for them skirt regulations prohibiting kickbacks from brokers to referring realtors and IMHO should be illegal.

Geoffb912
Posts: 3
Joined: Thu Jun 30, 2011 6:33 pm

Refi

Post by Geoffb912 » Thu Jun 30, 2011 6:43 pm

You can't refi a property that is currently on the market. No mortgage lender will do it.

Some are lax about refi'ing loans on properties that were just taken off the market.

The appraiser checks the MLS to see if the property is on the market, so there is no way of slipping this through.

Post Reply