Who are you using for mortgage refi right now?

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  • jkfletcher

    Master
    Rating - 100%
    4   0   0
    Jul 12, 2011
    1,542
    48
    A geographical oddity
    Looking to do a cash out refi soon on my house. I'm 15 years into the original loan, so looking for 15 year fixed, and want to pull a little bit extra to do some minor updating to the inside of the house. Also looking to have as close to zero on closing. Current loan is a rip off at 6%, but just paid the loan down to where I feel like we can actually save some money on a refi. Recommendations on who to use?
     

    Dirtebiker

    Grandmaster
    Rating - 100%
    49   0   0
    Feb 13, 2011
    7,091
    63
    Greenwood
    I f you’re paying 6%, you’ve waited way too long. Refinance NOW!
    What do you mean “paid the loan down to where ...we can actually save money”? You could have been saving money for several years with the rates as low as they’ve been.
    The where doesn’t matter so much. Try the company that has your current mortgage. Typically that will be your least expensive option.
    Your best bet is to get a 10 year mortgage. Chances are your payment won’t change much considering the rate drop, plus you’ll be paying more principle, AND be paid off 5 years faster. No brainer!
    And just my opinion, you’re making a HUGE mistake by pulling cash out! Save up the money and do the repairs when you can AFFORD them.
     

    Liberty1916

    Shooter
    Rating - 0%
    0   0   0
    Aug 13, 2017
    269
    18
    Home
    I f you’re paying 6%, you’ve waited way too long. Refinance NOW!
    What do you mean “paid the loan down to where ...we can actually save money”? You could have been saving money for several years with the rates as low as they’ve been.
    The where doesn’t matter so much. Try the company that has your current mortgage. Typically that will be your least expensive option.
    Your best bet is to get a 10 year mortgage. Chances are your payment won’t change much considering the rate drop, plus you’ll be paying more principle, AND be paid off 5 years faster. No brainer!
    And just my opinion, you’re making a HUGE mistake by pulling cash out! Save up the money and do the repairs when you can AFFORD them.


    I have to agree.
     

    Cameramonkey

    www.thechosen.tv
    Staff member
    Moderator
    Site Supporter
    Rating - 100%
    35   0   0
    May 12, 2013
    31,682
    77
    Camby area
    Just dont use First Option Mortgage. Incompetent. TL:DR version: Agent lied repeatedly to us telling us we were locked in as he drug his feet. Weeks later we find we were NOT locked in and our rate rose significantly. He was fired and the manager took over. They refused to make it right and I lost tens of thousands of dollars due to their incompetence. (we were still better off than we were so we proceeded.)
     

    87iroc

    Master
    Rating - 100%
    4   0   0
    Dec 25, 2012
    3,437
    48
    Bartholomew County
    I highly recommend union savings bank. We used them last year and cashed out. It was a dream. We used Jay Morris in Columbus. Refinance closing costs were only 300 plus interest. I think I had to hand over 800 or so in the end.
     

    Denny347

    Grandmaster
    Rating - 100%
    21   0   0
    Mar 18, 2008
    13,415
    149
    Napganistan
    We were 14yrs into our 30yr mortgage at 5.87%. We refi'ed to a 15yr mortgage at 3.6% with the largest home lender in the US, Quicken Home loans. I had no idea they were so large. The process was easy and quick (for a mortgage). I would use them again in a heartbeat.
     

    hoosierdoc

    Freed prisoner
    Rating - 100%
    8   0   0
    Apr 27, 2011
    25,987
    149
    Galt's Gulch
    We are with salin. Got down to 2.75% for a 15-year back in 2012. I think we had a 3.25% when we bought and then refinanced 9 months later to 2.75%. My very first payment had nearly twice as much going to principal than interest.

    As said above, refi when rates drop, not when outstanding balance does. Unless you had PMI maybe?
     
    Last edited:

    K_W

    Grandmaster
    Rating - 100%
    8   0   0
    Aug 14, 2008
    5,385
    63
    Indy / Carmel
    Cash out refi = more debt, more interest, less money for you later.

    I don't know if it's an option for you... we had about $45k left on our home valued at $135k.

    My wife and I had around $60k originally borrowed at 6.25% 30yr fixed and where paying about $310 mo (Tax & Ins removed for simplicity).

    We considered a refi but the cost of redoing the loan, inspection, and mountains of paperwork was ridiculous.

    Instead we got a home equity loan for the remaining $45k @ 3.89% for 15 yr fixed and "paid it off". We pay the about the same $330 but for only half the length of time.

    The new loan will net us ~$25k in savings on interest according to online calculators.

    The only disadvantage is less legal protection if we default and we have to manually pay insurance and taxes ourselves.
     
    Last edited:

    jkfletcher

    Master
    Rating - 100%
    4   0   0
    Jul 12, 2011
    1,542
    48
    A geographical oddity
    PMI was part of it, and about the time that came off, I was going through a divorce and couldn't afford to do it. Other part was that I had some smallish financial issues and wanted to work on that stuff and get my credit score back up to a happy place. I've got it back up to about 740 with fairly minimal debt now(outside of the mortgage), so it seems like a good time to do refi. I talked a guy from Royal United Mortgage that I found on Lending Tree today. He talked a good game, but when he started sending me info, it seemed fishy and he didn't seem to want to give me a straight answer on anything. Kind of set off my B.S. detector, so they're out. Current mortgage is with PNC and when I talked to them all they would do was knock me down to 5% IF(and I'm guessing they thought I was stupid at this point) I would re-up for 30 years.

    I'm also not dead set on getting cash out on the refi, but I understand the cash out=more debt, and knew at least a couple people here would yell at me for it haha. Getting an approval on the loan, and home valuation vs what I owe on the house isn't an issue, just don't have a huge deal of cash for closing, and don't want to get screwed. Thanks for the replies so far
     

    Bennettjh

    Grandmaster
    Site Supporter
    Rating - 100%
    5   0   0
    Jul 8, 2012
    10,434
    113
    Columbus
    We're looking at buying our first house so I can't help with refi info. When we pre-approved and discussed payments, our rate was 3.70% IIRC. That's at Mainsource. :twocents:
     

    CountryBoy19

    Grandmaster
    Rating - 91.7%
    11   1   0
    Nov 10, 2008
    8,412
    63
    Bedford, IN
    I f you’re paying 6%, you’ve waited way too long. Refinance NOW!
    What do you mean “paid the loan down to where ...we can actually save money”? You could have been saving money for several years with the rates as low as they’ve been.
    The where doesn’t matter so much. Try the company that has your current mortgage. Typically that will be your least expensive option.
    Your best bet is to get a 10 year mortgage. Chances are your payment won’t change much considering the rate drop, plus you’ll be paying more principle, AND be paid off 5 years faster. No brainer!
    And just my opinion, you’re making a HUGE mistake by pulling cash out! Save up the money and do the repairs when you can AFFORD them.

    This ^^^ You missed the boat; could've nearly had the joint paid for by now just in interest savings. I would also consider a 10 yr fixed; payment should stay roughly the same.

    My first mortgage was 30 yr @ 5.75%; I paid it down to 14 yrs remaining by about 3 yrs into it. I refi'd (2012) that 14 yrs of remaining payments down to a 10 yr fixed (didn't borrow any extra), at 2.75% and my payment dropped. The house is almost entirely paid for now. I've since moved and it's on the market but it's relieving to know that nearly all of the sale price will come back to me when it sells.
     

    GreyState

    Plinker
    Rating - 100%
    2   0   0
    Jun 22, 2017
    76
    8
    Ft Wayne
    We've had two houses mortgaged. One with a traditional bank (Chase), and for our current home we went with a dedicated mortgage banker (Ruoff). From our perspective, going with a mortgage broker was much more painless, and made us both more attractive as purchasers, and got us a better rate. We just got a 3.2% rate a couple months ago...that was with more than 50% down though. I don't know how this would work for a refi, but I imagine that rates should be lower like that.
     

    SSGSAD

    Grandmaster
    Rating - 100%
    14   0   0
    Dec 22, 2009
    12,404
    48
    Town of 900 miles
    Looking to do a cash out refi soon on my house. I'm 15 years into the original loan, so looking for 15 year fixed, and want to pull a little bit extra to do some minor updating to the inside of the house. Also looking to have as close to zero on closing. Current loan is a rip off at 6%, but just paid the loan down to where I feel like we can actually save some money on a refi. Recommendations on who to use?

    MAKE SURE it is FIXED !!!!!

    I lost my house, because the "lender" lied to my face .....

    READ EVERY page, BEFORE you SIGN ANYTHING !!!!!
     

    hoosierdoc

    Freed prisoner
    Rating - 100%
    8   0   0
    Apr 27, 2011
    25,987
    149
    Galt's Gulch
    We had a lender lie to our faces too on a construction loan. Went from 5% down to 10% down. That was a lot of money. He told us that the day before they were going to start digging. And they raised our rate 0.5%. I was livid. He was also a friend of my wife's family.
     

    natdscott

    User Unknown
    Trainer Supporter
    Rating - 100%
    5   0   0
    Jul 20, 2015
    2,797
    113
    .
    SSGDAD speaks truth.

    I do this for a living, and I still agree: you are the only person that will watch out for your wallet.

    The only exception is the Banker you have known since gradeschool, whose integrity and knowledge is without reproach, and who values morality more highly than dividends.

    For the record, that sort of Banker and Bank are hard to find.

    -Nate
     

    SSGSAD

    Grandmaster
    Rating - 100%
    14   0   0
    Dec 22, 2009
    12,404
    48
    Town of 900 miles
    SSGDAD speaks truth.

    I do this for a living, and I still agree: you are the only person that will watch out for your wallet.

    The only exception is the Banker you have known since gradeschool, whose integrity and knowledge is without reproach, and who values morality more highly than dividends.

    For the record, that sort of Banker and Bank are hard to find.

    -Nate

    THANK YOU, and I agree .....
     
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