mortgage refinancing

fishlessman

who really does have the best deal. im seeing rates right around 4 percent online at elk finance, any one have any experience with them or have some other low point choices. i want to drop my payments as low as possible and dont care if its a local place or online. i dont want to do one of those marketing searches were 50 places call me three times a day each :laugh:

Large Marge

I work for a major financial institution and right now these "TARP banks" tend to be more competitive in the jumbo market (especially if the borrower is otherwise a good credit, has assets with the bank or brokerage, etc.) But I'm seeing more and more your local neighborhood small banks can be more flexible and cost competitive if you're in the conforming market (i.e., borrowing $417k or less). Still others swear by using a local, referred mortgage broker as they can hunt around for you and typically not charge you for the service-- and play each of these groups against each other to find you the best deal. Hope that helps.

tach18k

I see Chase at 4.375 and Wells Fargo at 4.5. I'm at 5.375, and that was a steal 5 years ago, I'm rethinking things and I could save 1k month if I extend it 10 more years. But plans to sell in less than 10, so it can go either way. As long as I get my money I want out of it by then.

walrusegger

I'm refi'ing right now and got 4.375% 30y fixed, 0 pts, $2,000 back at closing. Just someone I found online doing some Yahoo searches. Just find the cheapest money out there and watch the fees...don't be afraid to ask if they can do any better than what they quote...often the can, they're salesmen just like everyone else, especially if they know you're shopping them.

Just set up a free email address like hotmail and have the quotes sent there. They often ask you how you prefer to be contacted and honor that, just leave your email address and put a fake number if you don't want to be called.

fishlessman

im at the 5.375 as well, would like to see that monthly commitment as low as possible, looks like i can drop it near 25 percent with the lower rates and extending the loan out 7 years. when i bought the house i took advice from two people that had nothing, buy the camp first, and buy something i could afford if i was working in a gas station, im almost there :laugh: no house and two camps :laugh: :laugh:

fishlessman

ive done the local mortgage broker thing before, wasnt a good experience. would prefer either a local bank or the cheapest place i can find online. figure whoever gets it will sell it anyways. is there a consumer report for banks and mortgage companies

RRP

as a retired banker I was nodding yes to all you were saying until the last line of providing a bad phone number. That creates suspicions like if you lied about that what else did you lie about in the application?

fishlessman

email me their name and ill check them out. there seems to be more games out there than i remember. points, no points, fees, closing costs, assessments not being part of the fees etc. its a big shell game, and some seem unwilling to email you the info, they want to discuss it with you so you lose out in the translation :ermm:

RedBag

Have you been to bankrate.com? The last mortgage I did which was 5 years ago was done all through e-mail. Took the best offer and blacked out the company info and then scanned and sent to the others to see if they wanted to match or beat it. Same thing for round 2 of the process. My worst bidder in round 1 ended up being the winner. Worked great.

civil eggineer

I did a refi on my home with my local bank a month ago. Only a 10 yr term but at 4.125% and zero closing costs. Culd have gotton 3.75% with closing costs but didn't pencil out as well.