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Started By
Message
Recommended lenders for mortgage refinance
Posted on 2/14/15 at 9:17 am
Posted on 2/14/15 at 9:17 am
I'm looking into refinancing my home and moving in a 15 year fixed. It seems like the options are endless for banks to use.
Should I stick with big banks? Or something online like Quicken? Is there really any difference?
Should I stick with big banks? Or something online like Quicken? Is there really any difference?
8
Posted on 2/14/15 at 9:24 am to HurricaneDunc
Find a local lender you trust . I made the mistake of going with an online lender last year for a construction to perm. That experience was the worst I have ever had dealing with a lender . They were in California so they couldn't care less about me in SW Miss. Do NOT USE Aimloan.com if you value your sanity.
Posted on 2/14/15 at 9:38 am to HurricaneDunc
Churchill mortgage dot com
Posted on 2/14/15 at 12:12 pm to HurricaneDunc
We refinanced about 4 years ago and used a mortgage broker to find us the best rate. We ended up with Flagstar Bank (had never heard of them before) with a 2.75% rate. Here is there website: LINK
It shows 2.947% for a 15 year loan. Might be worth looking into.
It shows 2.947% for a 15 year loan. Might be worth looking into.
Posted on 2/14/15 at 12:18 pm to TigerAlum1982
I used Paul Plaisance at NOLA Lending. Got a great rate and they handled everything via fax/email. Even came to the house at my convenience to handle the closing.
Posted on 2/14/15 at 12:32 pm to HurricaneDunc
I'd stick at least with a trusted company or broker.
In LA, GMFS has done me very well. Switched to them from BoA, and no real complaints. Good rates, easy to speak to and local. Just check over everything thoroughly.
In LA, GMFS has done me very well. Switched to them from BoA, and no real complaints. Good rates, easy to speak to and local. Just check over everything thoroughly.
Posted on 2/14/15 at 12:44 pm to HurricaneDunc
Use a big bank. If you use a mortgage company they will likely sell your mortgage to a bank, if your lucky.
If your not lucky they will keep it and screw you if anything happens. My parents are with a mortgage company and they had a house fire. Their insurance, allstate, paid out within just a couple of days. But they write the check to the lender and my parents. Their lender is holding the check and won't endorse it until after all the work is done. They have excellent credit and have never missed a payment. They also have about 100k in equity. It's bullshite and my parents are having to pay everything out of pocket to get it fixed before they can get the money that the insurance already wrote them a check for 3 months ago. We're talking $40,000 worth of damage here. They are immediately changing their mortgage to a big name bank after everything is done because of the headache
If your not lucky they will keep it and screw you if anything happens. My parents are with a mortgage company and they had a house fire. Their insurance, allstate, paid out within just a couple of days. But they write the check to the lender and my parents. Their lender is holding the check and won't endorse it until after all the work is done. They have excellent credit and have never missed a payment. They also have about 100k in equity. It's bullshite and my parents are having to pay everything out of pocket to get it fixed before they can get the money that the insurance already wrote them a check for 3 months ago. We're talking $40,000 worth of damage here. They are immediately changing their mortgage to a big name bank after everything is done because of the headache
This post was edited on 2/14/15 at 12:48 pm
Posted on 2/14/15 at 2:34 pm to LSU6262
quote:
Use a big bank. If you use a mortgage company they will likely sell your mortgage to a bank, if your lucky.
If your not lucky they will keep it and screw you if anything happens. My parents are with a mortgage company and they had a house fire. Their insurance, allstate, paid out within just a couple of days. But they write the check to the lender and my parents. Their lender is holding the check and won't endorse it until after all the work is done. They have excellent credit and have never missed a payment. They also have about 100k in equity. It's bullshite and my parents are having to pay everything out of pocket to get it fixed before they can get the money that the insurance already wrote them a check for 3 months ago. We're talking $40,000 worth of damage here. They are immediately changing their mortgage to a big name bank after everything is done because of the headache
This is not being handled right by either party involved. My house caught fire and had about $20k worth of damage and I didn't have to pay a cent (except deductible).
The insurance is going to make a check out to a ton of people. It can be endorsed and placed in an escrow account by your mortgage company and paid out to the contractor in installments (like building a house), or they can release the funds after verification of completion (no escrow necessary). It's not unusual for the lender to hold the check until completion.
It's a pain to mail a $40k check back and forth for signatures and verification, but should not result in any out of pocket expenses.
Posted on 2/14/15 at 3:31 pm to FredSecunda
quote:
Churchill mortgage dot com
Only if you want to overpay because some goofball endorses them. I dare you to get quotes from 5 lenders and find one more expensive than Church Hill Mtg. Maybe Regions is the only worse option.
Cheapest will be Quicken, but the process is garbage. If this seems like it's not your thing find a local mortgage broker and loan officer at a bank who knows your market and tell them best money wins.
Edit. Just refi'ed with quicken and got 2.5 on 5/1
This post was edited on 2/14/15 at 3:33 pm
Posted on 2/14/15 at 4:00 pm to FredSecunda
They are not your friend, they sure abuse the endorsment from Dave Ramsey.
Posted on 2/14/15 at 4:42 pm to HurricaneDunc
Penfed
/thread
/thread
Posted on 2/14/15 at 7:29 pm to HurricaneDunc
Used quicken 2 years ago
Couldn't be happier. Everything was done online except the signatures. They sent a notary to my house with the paperwork to finalize everything. Quicken was very easy to work with
Couldn't be happier. Everything was done online except the signatures. They sent a notary to my house with the paperwork to finalize everything. Quicken was very easy to work with
Posted on 2/14/15 at 10:04 pm to Croacka
I would recommend nola or Iberia bank if you are in baton Rouge area.
Posted on 2/15/15 at 7:31 am to LSU1018
I second Penfed. First saw recommendation here and looked into it. Refi'd two years ago with 2.5% 15 year. No problems.
Posted on 2/15/15 at 7:53 am to fatboydave
Any issues with rolling closing costs into the loan? Would prefer not to come out of pocket
Posted on 2/15/15 at 9:21 am to HurricaneDunc
New Penn Financial. Paid $995.00 to re-if my loan with them. 2.875 % just over two years ago.
You can find them on Zillow.
Another option, as others have said is PenFed.
You can find them on Zillow.
Another option, as others have said is PenFed.
Posted on 2/15/15 at 10:37 am to Will Cover
The rate game gets interesting with points and fees. I've seen anywhere between 3.5% no points and 2.85% but with $1,000 higher origination fee.
Posted on 2/15/15 at 10:43 am to Croacka
Quicken is Terrible. Borderline thievery. I got them to give me a quote and they were high, so I decided to go with another bank. After I told them I wasn't using them, they were still trying to send out home inspectors and charge me for them. It took some very aggressive arguing to get them off of my back.
I'm usually a proponent of big banks, but they aren't the right answer either. I would find a regional bank (not local) to deal with. They have the best balance of good rates and good service.
I'm usually a proponent of big banks, but they aren't the right answer either. I would find a regional bank (not local) to deal with. They have the best balance of good rates and good service.
Posted on 2/15/15 at 12:40 pm to HurricaneDunc
quote:
he rate game gets interesting with points and fees. I've seen anywhere between 3.5% no points and 2.85% but with $1,000 higher origination fee.
I should have clarified earlier. I paid no points.
$995.00, cut and dry. 95 % e-mail communication.
Simple and I would do it again.
Posted on 2/16/15 at 1:41 pm to LSUtigerME
quote:
GMFS
Changin' Lives.
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