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Refinance---Any suggestions?
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Refinance---Any suggestions? - April 27, 2015, 04:18 PM

So I am looking to refinance and looking at my options.

Have looked at rates from few lenders and trying to find someone with lowest closing cost.

Was wondering if anyone has any personal experience with any lender with lower closing cost/rate and positive feedback.

Any help or advice would be greatly appreciated.

Thanks in advance.


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April 27, 2015, 04:54 PM

Man I just refinanced with Quicken Loans and it was LITERALLY the best experience ever!!

I just submitted on their page, was called in like 15 secs. I got with a Financial guy named John (I have his contact as well as I think I get referred stuff) and he ran through like everything in a matter of minutes.

From there, told me what the estimated value was given his sources, and set up my appraisal. Just had to give $500 towards the appraisal and if less, you get that money back unless you roll it into closing.

My main purpose was to drop off the PMI and lower my payments given when I first purchased in VA I went under the first time buyers deal. And under them you are always to have PMI even after you match the 80/20.

Anyways...within 3 days I had the appraiser come through. **He was a motorcycle guy** basically gave me the number I needed to get which would make sure I was 80% which honestly he gave a true number.

From there we just started going through the online quicken stuff. Uploaded files needed (paystub, etc)


Within 3 weeks, I closed. Guy came out...they give a DOPE book with all the photos taken by appraiser, all paperwork bound in this nice flip book. Me and the guy finished paperwork in 10 minutes and it was done. They actually come to your place to close to make it easy on ya.


I HIGHLY recommend Quicken. Walked away with a 3.97% 30 yr.


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April 28, 2015, 01:26 PM

just go to zillow.com, punch in your numbers, and it'll spit out a bunch of loan options including fees. from there you can search and sort to figure out your best options. if you suck at math, it may be hard to figure out but you should also try to figure out how long it takes to "pay off" any closing costs versus keeping your current loan. a lower interest rate sounds great, but you end up with a fresh 30 year mortgage from day zero and you may not save any money at all even with a lower rate.

if all you want to get rid of is PMI, then get a BPO or appraisal for a couple hundred bucks. if your loan company allows it, it may be much cheaper than a refi even if a refi has a lower rate.


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April 28, 2015, 01:37 PM

Quote:
Originally Posted by novasquid View Post
just go to zillow.com, punch in your numbers, and it'll spit out a bunch of loan options including fees. from there you can search and sort to figure out your best options. if you suck at math, it may be hard to figure out but you should also try to figure out how long it takes to "pay off" any closing costs versus keeping your current loan. a lower interest rate sounds great, but you end up with a fresh 30 year mortgage from day zero and you may not save any money at all even with a lower rate.

if all you want to get rid of is PMI, then get a BPO or appraisal for a couple hundred bucks. if your loan company allows it, it may be much cheaper than a refi even if a refi has a lower rate.
Thanks for your great input and comment. I actually did a comparison on zillow and bakrate yesterday, found a few online/small lenders but not sure about their credibility and all?

That's why posted here to see if someone has a recent experience or good feedback about some local/online lender.


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April 28, 2015, 01:42 PM

a lot of the small shops are just resellers, so after you close on your mortgage, they'll just sell it to another larger company to service it, e.g. chase bank. every mortgage and refi i've gotten through zillow has always been resold. as long as the small shop has good reviews, i wouldn't sweat it.


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April 28, 2015, 01:51 PM

Credit Unions and Smaller Regional Banks by and large seem to provide the best rates and tend not to sell off their loans.



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April 28, 2015, 02:01 PM

Quote:
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Credit Unions and Smaller Regional Banks by and large seem to provide the best rates and tend not to sell off their loans.
Thanks Heist, I am with a Credit union at the moment and for a refinance, there interest rate is exactly same as other online/small lenders, but only difference is in closing cost. Existing credit union is higher by almost $1000-$1200 in closing cost, while all the variables are same.

Has anyone heard about Sebonic Financial(local) and eRates mortgage?


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