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Started By
Message
Shopping for mortgage/refinance loan?
Posted on 10/16/17 at 10:02 am
Posted on 10/16/17 at 10:02 am
What’s the best way to go about it? Local or online?
Scenario: new construction home built for 330k with 150k down. 180k loan with local bank paid down to about 153k. Looking to refinance for lower interest rate. Current rate 6.25% 20 yr amortization.
TIA!
Scenario: new construction home built for 330k with 150k down. 180k loan with local bank paid down to about 153k. Looking to refinance for lower interest rate. Current rate 6.25% 20 yr amortization.
TIA!
2
Posted on 10/16/17 at 10:07 am to silstang23
quote:
Current rate 6.25% 20 yr amortization.
How long have you been paying 6.25%? That is almost double what you could get for a 15 year term right now.
ETA: To your question, there are several good banks around NWLA, if you are in Bossier. I use Bancorp for my real estate but I would call a few around the area.
This post was edited on 10/16/17 at 10:09 am
Posted on 10/16/17 at 10:16 am to stevengtiger
I know that is absurdly high. At the time, it was my first loan besides a car loan and I was self employed with a decent credit score (around 710-720). I am no longer self employed. Been with my company 2.5 years now and 800+ credit score. With almost 50% LTV ratio I figure I should get a loan easily but new job length may hinder that. Have read 2 years employed with same company is the minimum.
This post was edited on 10/16/17 at 10:19 am
Posted on 10/16/17 at 10:17 am to stevengtiger
quote:
How long have you been paying 6.25%? That is almost double what you could get for a 15 year term right now.
No joke, geez. Op, just look at some advertised rates online.
With that much equity and that loan, if you have 700 plus credit score you should easily get a loan in the 3% for a 15 year and maybe able to get a high 3s 30 year. That's the prime amount for a loan to get the lowest possible rates. I got a 15 year 3.5% recent on a refinance I probably could have found lower but there was some extenuating circumstances on why I went with that bank.
Posted on 10/16/17 at 10:25 am to stevengtiger
Stevengtiger, are you in the Shreveport/Bossier area? I had someone recommend Bancorp South as well.
Posted on 10/16/17 at 10:31 am to silstang23
Correct. I don't use them for my primary residence but I have all my RE investment properties with them. Very nice people and easy to work with.
Posted on 10/16/17 at 10:40 am to silstang23
quote:
self employed
Ah ok, makes more sense now.
Yeah you should have no issues getting a solid loan. Call around to at least 3 people would be my recommendation, see if someone is willing to work a good deal for you.
Posted on 10/16/17 at 11:29 am to silstang23
We just refinanced with Quicken - 20yr from a 30yr - 3.875% - minimal closing costs and closing documents were signed at the house through a notary - very easy process I would do it again with Quicken if the rates are good.
Posted on 10/18/17 at 11:19 am to swanny297
I know it sounds odd, but even if there is not a Costco near you, refinancing through them is very low cost and extremely competitive rates. I have refi'd primary and rental properties through their service, and they (The 3rd parties who you are referred to) are efficient and highly competitive
Posted on 10/18/17 at 12:21 pm to swanny297
I did the same thing last year. I had just gotten the mortgage too. I had 28 years left and refinanced from a 30 to a 20 and went from 4.5 to 3.25. I did it though sebonic/cardinal and by looking at Zillow. I still pay like 5% more per month, but it cost next to nothing to refinance (maybe $200), and I’m shaving 8 years off.
Posted on 10/30/17 at 4:38 pm to AndyJ
So “shopping”. Has does that work and affect my credit score? I filled out an app with Bancorp South today and an hour later got email notifications from a couple credit monitoring companies that they have checked/requested my credit. Is it ok to shop and fill out apps with other lenders? Think I have read in situations like this it is ok to have several inquiries when shopping for a mortgage or refinance.
FYI Bancorp South numbers he gave me:
15yr fixed 3.5%
20yr fixed 4.0
30yr fixed 4.125
FYI Bancorp South numbers he gave me:
15yr fixed 3.5%
20yr fixed 4.0
30yr fixed 4.125
This post was edited on 10/30/17 at 4:57 pm
Posted on 10/31/17 at 8:11 am to silstang23
quote:
Is it ok to shop and fill out apps with other lenders?
No reason for them to do this. Look online and call about 3- 5 different lenders with your home value, what you owe, and your credit score. Give all those verbally, and ask for a rate. If they won't give it to you without running a credit pull then move on to someone else. Tell them you are shopping rates and looking for the best ones, you'll find 2-3 that want your business.
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