Refinance Thread
- Thread starter Convo
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Their rates jump alot as your loan size gets smaller. If you have a 300-400k loan, the rates are good. If you have a 100k loan, not so much.
Convo
Ahn'Qiraj Raider
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http://www.fatwallet.com/forums/finance/788032/?start=0
Don't necessarily go by the first page as some of the information is a bit dated. I've used MMNJ there a few times... just make sure you get multiple quotes from reputable companies when doing a refi. It's amazing how different they can be from day to day. Provident is who most people over there have been using lately.
Don't necessarily go by the first page as some of the information is a bit dated. I've used MMNJ there a few times... just make sure you get multiple quotes from reputable companies when doing a refi. It's amazing how different they can be from day to day. Provident is who most people over there have been using lately.
Asshat Brando
Potato del Grande
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I've been in this business for 13 years now, it used to be that Brokers had more options for you. That is starting to come back with HSBC and some other foreign banks starting to do stated again but for the most part the broker is sending your loans to the main US banks or their affiliates anyway.
For refinancing out of an FHA loan, keep in mind 2 things; 1) it won't be a streamline process like an FHA to FHA refinance is and 2) in most cases your current impound account doesn't get sent to you until after closing so if you were planning on using those funds to pay the closing costs or setup your new impound account if needed then you may have to pay out of pocket until you get those funds back. If your current FHA loan is less than 3 years old you will get your partial UFMIP refund at closing though.
For refinancing out of an FHA loan, keep in mind 2 things; 1) it won't be a streamline process like an FHA to FHA refinance is and 2) in most cases your current impound account doesn't get sent to you until after closing so if you were planning on using those funds to pay the closing costs or setup your new impound account if needed then you may have to pay out of pocket until you get those funds back. If your current FHA loan is less than 3 years old you will get your partial UFMIP refund at closing though.
Asshat Brando
Potato del Grande
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If you have the equity for it then sure. Refinances always come down to the cost to get the new loan vs. the recoupment period of said costs and the likelihood of you staying in the house and having that loan until you reach that period where you actually realize the savings.
Any recommendations for refi in Washington state? I'm looking at Chase and Wells Fargo now, but not extremely happy with either.
opiate82
Bronze Squire
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I know they are big and evil and what not, but I had a pretty good experience with BoA. Out of like 5 banks they gave me the best rate and were the only ones who could look past the fact that my wife didn't have 2 years of history with her current employer. She had just gotten her RN and gotten a job at the hospital effectively doubling her income. Every other bank wouldn't use her new pay rate when deciding how much money to loan us where BoA looked at the rest of her job history and determined is was pretty safe to assume she would stick with her new job.
*edit- This was back in '09 when they may or may not have been handing out home loans like candy still.
Asshat Brando
Potato del Grande
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Because the longer the lock the longer the bank has to hedge against rates moving meaning your locked rate is higher than if you were locking for 30 or 60 days. If you're comfortable using Wells because of someone there then do it, just chances are you'll get worse terms than elsewhere because of their refinance back log dictating the long time period you need to lock for.
For gods sakes don't use B of A, they are doing everything they can right now to not do loans.
Speaking from experience, although I hate BoA with heart and soul, we refi'd through them using the VA streamline process. Took 30 days from start to finish, no appraisal, all forms faxed or scanned, and the closing was at our home using the mobile signatory guy they contract out to. Pretty painless process we found, but they can still go fuck themselves for regular banking needs
Yeah, the locking part with WF is somewhat annoying. I hadn't seriously considered Citi, so I'll dig a bit deeper there.
I am not going with BoA either, because a couple of my friends have had horrible experiences and their rates don't seem to be very competitive.
I am not going with BoA either, because a couple of my friends have had horrible experiences and their rates don't seem to be very competitive.
I'm a registered MLO and work for a commercial bank in WA. The best deals out there are with credit unions. They piss me off. I can't compete with their rates and fees. I mostly cover home equity loans but if you have any questions about a refinance let me know.