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o/t mortgage refinance-any experts here?

Discussion in 'Off Topic Threads' started by new loader, Aug 18, 2010.

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  1. new loader

    new loader Member

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    Jan 29, 1998
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    I would like to refinance current mortgage balance $64000, but lenders I have talked to say they won't do less than $75000. Are the online outfits trustworthy? Many have a make-believe calculator that eventually ends with a "representative will contact you" message. What is happening in the refinance world? Anybody involved on a daily basis? Inquiring minds want to know.
     
  2. james25889

    james25889 Member

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    I went to lendingtree.com punched in my info got a few offers. I only needed 40,000 went with the best offer some bank i never herd of. They kept the mortage for about a month then sold it to chase. No problems
     
  3. halfmile

    halfmile Well-Known Member

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    Not a problem. Make sure you have no prepayment penalty and after the deal is cut put the extra money back in.

    They want you to go out and spend it to boost the economy. Buy lots of foreign made goods, and generally piss it away.

    Don't do it.

    If you can gain a half point with no penalty you should come out. But do your homework. Watch out for points, fees, and a lot of other garbage.

    HM
     
  4. Murphy

    Murphy Member

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    I am a stock broker with a Regional firm and we are now doing mgt. refinancing and the rates are really low. I did my own refinance on my home Jan. of 2009 @ 5% 30 yr. and now the rate is 4.25% for 30yr and 4.125% 20yr and 3.75% 15yr. no points. I have arranged 12 in last year and most are probably able to do it again at these low rates. My company will sell the refinace after doing the deal, mine went to US Bank. The amount you mention is small but probably do able.
     
  5. Steve W

    Steve W Well-Known Member

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    Jan 29, 1998
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    5,110
    Location:
    Los Angeles
    Watch for the fees, point is what you can see, fees are difficult to figure.

    Two years ago, I took a $1,250,000.00 mortgage on one of the rentals, there're $11,000.00 in fees (including title, escrow & insurance).
     
  6. buster45

    buster45 Active Member

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    I am a Real Estate Broker with over 30 years experince.Stay away from internet lenders.You will have a local lender who can service you better and will probably have a lot less in lending fees.

    If you don't know one call one of the major Realtor's in you area and have them suggest some,they know who is reputable they use them everyday.Yes most loans are sold,many within just a few days after closing.

    Rates have never been better,good luck.

    Buster
     
  7. short shucker

    short shucker TS Member

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    Go to one of the local credit unions and discuss with them what you're wanting to do. I've found them to be very helpful and very competitive on their rates and fee's.

    ss
     
  8. midalake

    midalake Well-Known Member

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    Jan 29, 1998
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    3,667
    To re-fi is always good. I HIGHLY suggest whatever free cash you have $2000, $5000, $10000 you put toward the loan at the time of re-fi. With the decrease of principle and decrease of interest it is like giving yourself a monthly pay raise......and you will NOT miss the cash lying around. You will also be surprised if done like this over the length of the loan how much faster you can pay down the note.....DEBT is a DIRTY WORD>>>>.


    GS
     
  9. Big Jack

    Big Jack Well-Known Member

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    1,735
    Location:
    Erie, Pa
    Check your local credit unions or local owned banks...Most are very competative but watch the closing cost and avoid pre-payment penalties.
    Don't be afraid of their selling the loan..they usually continue to service it and collect the payments even though someone else owns it..the conditions of the loan cannot change. Internet lenders seem to come up with all kinds of fees and make changes in conditions right up to time of close.

    Big Jack
     
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