Mortgage ReFi

[Tactically Fat]

What company have you used to refinance your mortgage?

Good luck? Good service? Recommend them?

Anyone called that guy that advertises all over AM Radio? "Ryan Kelley the Homeloan Expert"?

 

[JettaKnight]

I've only refinanced with local credit unions. I'm interested to know what these brokerage companies bring to the table that I can't get from a few phone calls or emails.



And this leads me to rant about businesses or industries that plaster the principal's photograph everywhere - lawyers, realtors, mortgage companies. The broker by my house has the guy's photo everywhere - use them a you get to drive their moving van with his mug on the side.

Maybe I'm jealous because no one wants a picture of an engineer anywhere in front of a client.

 

[spec4]

My inclination would be to deal locally. The radio ads cost money and his customers pay for it. Plus, as a broker he probably isn't using his money to fund your loan, he has to get it from someone else and charge you enough for it to be profitable for him. Look around and compare costs and rate carefully.

 

[pjcalla]

Union Savings Bank in Castleton. Low closing costs ($350). My family uses them for personal and business mortgages.

 

[Zombie]

Union Savings Bank in Castleton. Low closing costs ($350). My family uses them for personal and business mortgages.

I second this^^^^^talk to Rick Ripma.

 

[Leo]

You may have already figured this angle, but once when I was looking into it, the costs associated with the whole refinance were actually significant enough that they ate most of the savings I would have made on the interest. The bank wanted to act like it was a whole new mortgage, inspections, application fees, title search, etc.

By applying the costs directly against the principle, It reduced the total interest payments enough to be a wash. That may not always work, but it is worth looking at, especially with a short loan term. Good Luck

 

[hoosierdoc]

We used salin.com and have been happy. Rates are pretty good usually

 

[CountryBoy19]

You may have already figured this angle, but once when I was looking into it, the costs associated with the whole refinance were actually significant enough that they ate most of the savings I would have made on the interest. The bank wanted to act like it was a whole new mortgage, inspections, application fees, title search, etc.

By applying the costs directly against the principle, It reduced the total interest payments enough to be a wash. That may not always work, but it is worth looking at, especially with a short loan term. Good Luck

I was in a similar situation; In 2012 I had 14 years left on my mortgage at 5.75%. I checked with numerous banks etc and found that refinancing down to a 10 year fixed ~3% with all the fees factored in it was a wash (saved me a couple hundred over the life of the mortgage). I checked with my local credit union, they didn't require any of the ridiculous fees, still had to do title work and appraisal but they use a contracted person that they have do it for you, in that way it's cheaper because they get a "bulk discount" on appraisals and title work. The refinance fees were $400 IIRC, and my rate ended up coming in at 2.75% when it was all said and done, it was definitely a huge financial gain to refinance in that case. Kept my monthly payments the same but shaved 4 years off the mortgage duration. I'm down to 6 years left and I'm practicing up for my happy dance!!!

I would definitely look into a local credit union...

 

[bigus_D]

+1 for union savings. It's been a few years, but the fees I encountered were very low.

I just set up an loc on my property (having paid it off). Union savings wouldn't do it unless they had the (non-existent) first mortgage, so now I'm with chase. Their fees were even better for a loc.

 

[Tactically Fat]

Thanks so far, everyone. We actually did a ReFi a few years ago through US Savings Bank. It was an OK process...what I can remember of it.

We're ALMOST to 20% equity... Like 24 years left on a 30 year at 4.375%. However, the reassessment from the county will be out in a few weeks time; so that'll be interesting. It also doesn't incorporate an almost $30k kitchen remodel that we did a year ago. Or a wholly new roof (5 years) or a wholly new HVAC (3-4 years).

Looking into a 15 year fixed ... at a much lower interest rate.

I realize that our actual payments may not be any less with the 15 year - but the length of term certainly will be. Like around a $50k savings with a 15 year vs. our current track (Where we're actually paying 1 whole payment extra per year because we pay 1/2 payment every two weeks).

And Leo: Definitely understood. With the closing costs + a home assessment... Probably in the 'hood of $2500 just to get a loan done. However - we do plan on staying here for the long term.

Just soooooooo much information out there it's extremely easy to get overloaded.

I hate being a responsible adult and doing this crap.

 

[jasowol]

I used the service of Northwood Mortgage for refinancing and also for getting the mortgage in time. I’ve always felt their service is up to the mark and they have always provided me with the best mortgage rates available out there. So I would definitely recommend them anyone who would ask for a mortgage and related services.

 

[Tanfodude]

https://www.caliberhomeloans.com/loan-consultant/Indiana/IndianapolisNorth-IN/mwickham

 

[CHCRandy]

The most I ever made in a day was when I re-financed my little house. I went from 24 years left to 12 years and saved about $100,000 in interest. I was already financed with Bank of America......and I re-financed with them. No costs, no appraisal and my payment stayed the same because of cheaper %.

It may be worth checking with the people you are financed through as of now. If they can offer you a streamline process....may be worth checking out.

 

[JettaKnight]

I used the service of Northwood Mortgage for refinancing and also for getting the mortgage in time. I’ve always felt their service is up to the mark and they have always provided me with the best mortgage rates available out there. So I would definitely recommend them anyone who would ask for a mortgage and related services.

A Canadian mortgage co. probably won't help us out much, eh.


to

 

[hoosierdaddy1976]

We did ours with quicken loans. Knocked off 7 years, 3+%, and juiced enough cash to eliminate all debt except student loans and wife's car payment.

 

[Cameramonkey]

I'll throw this out there. Avoid First Option Mortgage. They screwed us due to ineptitude. We lost a couple percentage points and I forget how much it cost us over the life of the loan. ($15,000-sh I think)

Loan officer took too long dragging his feet and the rates went up. We were calling him for updates and we were told we were locked in at the original rate when we werent. Agent got fired I believe and the manager had to finish the deal.

To even get close to our original rate we had to buy it down a bit, and they did nothing to fix their screw-up. And we were far enough along in the process it would have cost us even more to go elsewhere.

I hate them so much I'll turn the dial when I hear their commercials just so I dont have to listen to them.

And it was hilarious a month later when a young lady called to survey us as to our experience.

"Were you Satisfied with us?"
"NO!" (surprised tone from her) And then I proceeded to tell her the story and detailed our experience.
"So I guess you probably wouldnt recommend us?" (in a sheepish tone) "Would you like a manager to reach out to discuss it?"
"Its pointless. The original officer was fired and the Manager had to take over our account. He is VERY much aware of our feelings toward your organization. "

 

[BigBoxaJunk]

I got an offer from Quicken Loans that looked pretty good. Then, I called my existing bank and told them about the offer and said I thought I'd give them a chance before I went with Quicken.

Long story short, my bank ended up giving me a better deal. No appraisal, not much paperwork, and the lady came to our house for the closing.

 

[87bluejay]

I second this^^^^^talk to Rick Ripma.

Agreed.... Sent a lot of business to Rick Ripma. If memory serves, he handled the refi for my mom..

 

[zippy23]

be very careful about Refi-ing your mortgage. Getting a lower rate is fine and all......BUT think about what you are really doing. If you have a 30 year mortage and have paid for 5 years, then you can lower your rate a half percent......you get a whole brand new........30 year mortgage. You keep paying the minimum and you are screwed. Then you will have the bank calling you every year to refi, and so many people get caught up in the refi game because they can lower their payment a hundred bucks yet stretch out their mortgage back to 30 years. Shortening the term pays so much less interest. The interest rate isnt everything. No idea of your situation of course, just saying dont get caught up in the lower my rate ever year or two. makes no sense to keep stretching out the term and paying the minimum if you plan on staying a while.

 

[natdscott]

I do this for a living, but I will not discuss it openly on the forum. Shoot me a PM and we'll set up a phone call.