Home Refinance: recommend any lenders?

chris

chris

cltdba
Moderator
Joined
Sep 28, 2009
Location
Concord, NC
In 2007, when all of this ARM nonsense started ramping up, I did the responsible thing and refinanced my home to get out of my adjustable rate mortgage. Well, the rates were pretty high at the time and my credit was a little low. Either way, I refinanced my home and avoided becoming homeless. I did not have to pay for an appraisal, there were no points or any closing costs. There was an origination fee that was rolled into the loan. It was around $1000.

It's 2011 and my credit is back in great shape. I want to refinance again to get down to a 5% rate or lower. I want my new loan to be similar to the previous where I don't have any closing costs and minimal fees.

Term: I'm thinking about a 30 year fixed, but considering a 15 year. I can afford the 15 year, but I always like to plan for the worst. What if I lose my job? A 30 year payment is easier to swallow. However, I'd love to pay my house off in 15 years.

Current rate is 7.34%.

There are tons of companies out there that would love to have my business, but I'm turning the 4x4 community for some advice on the better lending companies. So anyone got any recommendations? Any other advice?
 
try to get into a credit union of some kind. Way better than the big banks and all their crap and outsourcing
 
I can't speak on home financing, but outside of small local banks, I've had my best luck with Fifth Third Bank and Sun Trust when it comes to financing. My gf is part of a credit union, and they seem to be a point or two lower across the board. I've never been a part of one, so I can't recommend any.
 
Faruk Okcetin at Guaranteed Rate.

He's done our last two refinances, great guy to deal with and he'll get you a killer rate and make it all pretty easy for you. I can't say enough good stuff about him.

P: (919) 256-6382
C: 336-215-4919
faruk at guaranteedrate d0t c0m

Tell him Bryan Schoch sent ya.
 
I bought my house in summer of 2005. I used Bank of America, and they offered a 20 year loan. That may be something to consider if the 15yr payment is a bit much, but the 30yr is too long to wait. I got 5% back then.
 
Blaze said:
Faruk Okcetin at Guaranteed Rate.

He's done our last two refinances, great guy to deal with and he'll get you a killer rate and make it all pretty easy for you. I can't say enough good stuff about him.

P: (919) 256-6382
C: 336-215-4919
faruk at guaranteedrate d0t c0m

Tell him Bryan Schoch sent ya.
Click to expand...

Thanks, I sent him an email.


pikapp691 said:
I used Wells Fargo, in laws had good luck with BB&T.
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Currently with Wells Fargo; transferred to WF from Wachovia. I've been trying to get them to contact me about a refinance off and on for over a year now. I spoke with a rep on the phone a month ago and they said about 3k in closing.

I'll check with BB&T. I'm also considering Ally as I work for them. (GMAC Mortgage)


drkelly said:
I bought my house in summer of 2005. I used Bank of America, and they offered a 20 year loan. That may be something to consider if the 15yr payment is a bit much, but the 30yr is too long to wait. I got 5% back then.
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Hmm, yeah a 20 year would be ideal. I technically could afford to pay off my house in about 10 years, but I don't want to be locked into that type of payment. 30 years is too long, 15 may be risky, 20 does sound about right. Thanks!
 
I refinanced last September with Corning Credit Union. I, like you, considered the 15 year, but instead went with a 30 year fixed for the same reason you described. On my 30 year fixed, I got an interest rate of 4.625%. None of the banks could come close, even the one that I was leaving (BofA) couldn't come close to that.
 
What type of criteria do they have for being a member? Have to work for Corning? What type of fees or closing cost did you have?
 
cltdba said:
What type of criteria do they have for being a member? Have to work for Corning? What type of fees or closing cost did you have?
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I worked for Corning years ago, and so I've kept an account open just for loans. I think I paid a total of just over $2K at closing. Seems like there is a credit union in Charlotte that to be a member you just have to live, work, or worship in Mecklenburg.
 
Ours is through Allegacy FCU. I'm not real happy with how they (or the company they sold it to) has handled the loan. It's all working, but they've been a pain in the ass. Still, it wa easy to get the original mortgage, then refinance a year later. Bought in '02, refi in '03. Bought on a 30 year at 7.125%, refi'ed on a 15 year at 4.5%. Payment went up less than $100, and we'll essentially saving a minimum of $140k over the life of the loan. Yes, $140,000 in interest. Wasted money. Saving more if we make extra payments. Point: if you can do a 15, do it. Especially if you plan on being there a while.
 
you say you work for GMAC would that not give you a leg up?
my house mortgage was sold to them from First Citizens. Whats your job with them now out of curiosity, my local gmac branch no longer exist. I've been as happy as a man could be with them considering the payment each month.
 
Credit rates are way down right now, it also vary's on what you are purchasing and your credit score. The CS has a lot to do with it. We just locked in a loan at 3.9 fixed rate three weeks ago.
 
Great timing... Blaze Thanks for the contact.

Rates are very low. I'm 10 in on my current 30 and with the lower rates on the 15s I can drop to that and still end up with a lower payment.


Need to stop by my credit union to see whats they can do for me.
 
About 6 months ago we refi'd at 4.25% fixed, 30-year term through BB&T. They were the most competitive at the time, by far. Also, they won't sell your loan to someone else. You will deal with BB&T throughout the loan.

Closing costs in NC are among the lowest of any state. It's still a great time to refi if you can pull it off.
 
Man O man !!! I got like 50 emails now from filling out one online form.. Lower APR rates are in the 4s. I'd like to see it where Terry is at but even low 4s is a good step for me...

Thanks for posting this thread... Got me back on track with this...
 
GSW said:
About 6 months ago we refi'd at 4.25% fixed, 30-year term through BB&T. They were the most competitive at the time, by far. Also, they won't sell your loan to someone else. You will deal with BB&T throughout the loan.
Closing costs in NC are among the lowest of any state. It's still a great time to refi if you can pull it off.
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X10000

I've used BB&T and currently do all of my banking there and have our mortgage there. Their rate was outstanding! Wells Fargo couldn't even come close and no way would I work with a Walkallovya company

Correction to the quote above, BB&T usually doesn't sell the loan, but the may (a small percentage). But, if it is sold, they still SERVICE 100% of the loans. So, at all times, you will always be working with a BB&T rep.

I never checked on credit union rates since the BBT rate was so good and the service is outstanding...
 
Your Hot Dog Guy! said:
Credit rates are way down right now, it also vary's on what you are purchasing and your credit score. The CS has a lot to do with it. We just locked in a loan at 3.9 fixed rate three weeks ago.
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Tell me how you did that! The balance on my existing mortgage is $76k and my beacon according to myfico.com is a 757. In 2007 my home appraised at $98k. The city thinks it's worth $113k and tax me accordingly each year. bastards..
 
Just talked with my local Fifth Third Bank. They have 15 yr at 4.000% with no points or origination. You'd end up paying about $2000 is fees, appraisals, etc. If you are a current customer for at least 3 months, then you qualify for a 3.85% rate.

Spoke with State Employees Credit Union. They can't get below a 5%.

Spoke with Southern Select Credit Union and their guy isn't in the office. Loan officer I spoke with didn't know their rates.
 
If you need another BBT contact, I can get a couple for you but they are in Hickory. Shouldn't be an issue, I did my refi through the Hickory office and I live 4 hrs away :)
 
Just spoke with BB&T. They offer the same 4%. Fees would be around $2500.

These 4% rates are for FHA loans, not conventional.
 
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