NEED TO RE-FINANCE HOME ASAP!!

SRT-IZ

SRT-IZ

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Well I really need to re-finance. I had re-financed my house 2 years ago and had a pre-payment penalty of 2 years. This is up Feb 1st. So i really need to do this before my Interest rate gets a tubo installed and gets into the 9's. Yes it will go to 9%...I really need to do this very soon!

Anyone know of a good Morgage Co. that wont try to screw me over?

TIA!
 
SRT-IZ said:
Well I really need to re-finance. I had re-financed my house 2 years ago and had a pre-payment penalty of 2 years. This is up Feb 1st. So i really need to do this before my Interest rate gets a tubo installed and gets into the 9's. Yes it will go to 9%...I really need to do this very soon!

Anyone know of a good Morgage Co. that wont try to screw me over?

TIA!
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Hate to say this, but I don't think one exists.

All you can do is search around and do your best.
 
newmexicoviper said:
Country Wide has done me a very good job, i got a great rate also 5 1/4%.
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They sound good..That is one Co. that im looking into. I had them when i first purchased my house.
 
The federal reserve is going to drop rates again. Don't lock in yet. Find a local mortgage broker that you can deal with in person.
 
sleeper said:
The federal reserve is going to drop rates again. Don't lock in yet. Find a local mortgage broker that you can deal with in person.
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Correct...maybe even 50 basis points.

And get a 30 year mortgage, not one of those balloons...

Don't take a dime when you refinance. Put every dime into paying down the principle. Be sure to have the mortgage company run the numbers for a 15 year term too...for just a couple of hundred more a month you can cut your terms in half, and save hundreds of thousands on interest...

Were you ever in the military? Go with USAA if you can...they will never sell your paper...
 
sleeper said:
The federal reserve is going to drop rates again. Don't lock in yet. Find a local mortgage broker that you can deal with in person.
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Well i agree that a local company is easier to deal with but on the other hand they will more than likely sell your loan anyway. I would just call around and ask that question, can you offer competitve rates with larger morgage companys, if so would my loan be sold to achieve that rate.
 
I thought one of our members was in the mortgage business there in AZ... ?Maybe he can help you out :dontknow:
 
newmexicoviper said:
Well i agree that a local company is easier to deal with but on the other hand they will more than likely sell your loan anyway. I would just call around and ask that question, can you offer competitve rates with larger morgage companys, if so would my loan be sold to achieve that rate.
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Almost all loans are sold in the secondary market. Whats the problem with that?:dontknow: Your rate and term will stay the same. Go to a portfolio lender (bank like Washington Mutual). They keep and service there own paper. Remember a loan broker can shop the market for the lowest rates.
 
Izzy, your son looks like he's growing a moustache already ;) :D
 
sleeper said:
Almost all loans are sold in the secondary market. Whats the problem with that?:dontknow: Your rate and term will stay the same. Go to a portfolio lender (bank like Washington Mutual). They keep and service there own paper. Remember a loan broker can shop the market for the lowest rates.
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Sure he can shop, but he charges you for that shopping, why not do the research yourself. Save that money and put it toward your down payment or whatever.
 
I hate to say this, buy you could try Ditech funding. There loan officers are paid a salary. No commissions. Might get a little better rate from them. (Oh no lost another loan to Ditech). They were doing loans at my cost.
 
sleeper said:
I hate to say this, buy you could try Ditech funding. There loan officers are paid a salary. No commissions. Might get a little better rate from them. (Oh no lost another loan to Ditech). They were doing loans at my cost.
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We got our last loans with Ditech and it was very simple, straight forward and we got an excellent interest rate ... 5.125% fixed for 360 months :rock:
 
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newmexicoviper said:
Country Wide has done me a very good job, i got a great rate also 5 1/4%.
Click to expand...

As of today Bank Of America bought countrywide. Maybe a good commercial bank like B of a should help:dontknow:
 
newmexicoviper said:
Sure he can shop, but he charges you for that shopping, why not do the research yourself. Save that money and put it toward your down payment or whatever.
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Its called charging points. A point is 1% of the loan amount. If you go for a 0 point loan the lender pays the broker a rebate for his commission, and the rate is usually 1/8 to 1/4 more. You can also the your closing costs paid by the lender on a 0 cost loan, but the rate will be higher to pay the CC's.
Confusing isn't it. I started selling loans in '91.
 
sleeper said:
Its called charging points. A point is 1% of the loan amount. If you go for a 0 point loan the lender pays the broker a rebate for his commission, and the rate is usually 1/8 to 1/4 more. You can also the your closing costs paid by the lender on a 0 cost loan, but the rate will be higher to pay the CC's.
Confusing isn't it. I started selling loans in '91.
Click to expand...
Well ok smarty pants you win hahahahah. Good info i didnt know that thanks.
 
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