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Refinancing a home loan - Where to go?
Posted on 4/25/16 at 3:37 pm
Posted on 4/25/16 at 3:37 pm
Last time I refinanced I did it through USAA, but I am thinking of not using them again. Reviews have been pretty bad lately for them on the mortgage side.
What is the best way to get that great deal?
What is the best way to get that great deal?
6
Posted on 4/25/16 at 5:43 pm to DarthRebel
quote:
What is the best way to get that great deal?
I went with Sebonic Financial. They were online and I had all my paperwork done. Want to say I closed my loan in about 22 days?
Rate wise, they easily beat everyone else I got quoted by
Posted on 4/25/16 at 7:39 pm to DarthRebel
quote:
Last time I refinanced I did it through USAA, but I am thinking of not using them again. Reviews have been pretty bad lately for them on the mortgage side.
worst mortgage lender on the planet. Have never had one close on time. Great outside of the lending world, brutal for mortgage purposes.
Posted on 4/25/16 at 9:09 pm to DarthRebel
Quicken? PrimeLending? Both are relatively quick and offer favirable terms to qualified borrowers.
Posted on 4/26/16 at 9:53 am to DarthRebel
Where is the house your refinancing located?
Posted on 4/26/16 at 9:57 am to HYDRebs
Use the search function on this board and you will find a plethora of information.
Posted on 4/26/16 at 10:19 am to DarthRebel
Find someone that does not charge closing costs and will not include PMI. Your rate might be a little higher, but it will be insignificant since rates are so low.
Posted on 4/26/16 at 10:56 am to seawolf06
quote:
seawolf06
quote:
Find someone that does not charge closing costs
Whether you know it or not, you're going to pay for the loan somewhere. Don't be fooled into restricting your business to someone who "advertises," this. They're not running a pro bono business. You pay for it. Somewhere.
quote:
will not include PMI
Are you aware of how PMI works? You realize this isn't something you snap your fingers and make go away?
Posted on 4/26/16 at 11:33 am to GFunk
quote:
Whether you know it or not, you're going to pay for the loan somewhere. Don't be fooled into restricting your business to someone who "advertises," this. They're not running a pro bono business. You pay for it. Somewhere.
If you are looking for the best financial deal, high volume dealers that are positioning as low cost lenders. They profit on volume not profit margin and the operational savings are partially passed to you to ensure they stay low cost
Basically if you've heard of the lender by advertisement or brick and mortar location, they aren't the best deal.
Also, keep in mind these volume lenders arent there to babysit you/hold your hand. You need to be on top of your financial paperwork and scheduling.
Posted on 4/26/16 at 2:07 pm to GenesChin
quote:
GenesChin
quote:
Also, keep in mind these volume lenders arent there to babysit you/hold your hand. You need to be on top of your financial paperwork and scheduling.
I love this suggestion. Hey low-information folks who don't really know anything about this process. Why not use the Wal-Mart of mortgage providers since cost is the ultimate arbiter of quality and efficiency!
Look. We get it. You saved money. You've got every right to extoll the virtues of the process you used. But this process is unique and seriously complex. Suggesting to people that they go with folks who really don't GAS about their process or the quality of work they do is setting people up for the potential to make huge financial mistakes.
Again, we know...we get it. You saved money. It was great for you. Can you accept that-just maybe-this process isn't for everyone?
Posted on 4/27/16 at 8:38 am to GFunk
quote:
You pay for it. Somewhere.
Yes, in a higher rate. I mentioned that.
quote:
Are you aware of how PMI works? You realize this isn't something you snap your fingers and make go away?
I did just last year with less than 20% equity. Don't be fooled into thinking it is non-negotiable.
Posted on 4/27/16 at 9:18 am to DarthRebel
Thanks for all the information here.
I think I found the one and it is going to drop my rate 1.75%.
I think I found the one and it is going to drop my rate 1.75%.
Posted on 4/27/16 at 8:30 pm to seawolf06
quote:
seawolf06
quote:
I did just last year with less than 20% equity. Don't be fooled into thinking it is non-negotiable.
Thanks for the edumucation, Bud. Just as a word of advice...You might not always realize who you're talking on message boards.
Signed,
Former Licensed Mortgage Loan Originator
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