Refinance

rcalexander105 said:
We were just talking about this the other night and wondering what rates were at these days.
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I'm sure there are better rates out there. We went through State Employees Credit Union. They almost never have the best rates, but they are damn easy to deal with. I went into the branch (I'm old school and like to talk to someone face to face if given the chance) and started the process August 18th, it was summited to underwriting September 1st, and it was complete September 17th. A grand total of 3 emails. Easy peasy and the also don't sale mortgages. I know that doesn't mean much, but it makes me feel better knowing that 8 years from now I can walk into the branch and deal with any questions or problems.

The only reason we're closing on the 4th of October because of the attorneys schedule....
 
Our experience at SECU has not been as stellar, getting them on the phone or to return a call has been 90% impossible. We are in Raleigh, buying a home in Henderson and the mortgage is being processed in Dunn....WTF?
I went with them for the same reason, I wanted to walk in and talk to someone....next time I will go with an online bank. The fees at SECU are crazy, the rates are not competitive, and I justified all of these short comings for the "brick and mortar" benefits, and so far they are non-existent.
 
I’m in the process of refinancing again. Got a 2.625% 15 yr. Downside is I have to close my heloc to avoid the apparently lengthy subordination process, which means I will have to pay the closing costs on it since it’s been open less than a year. In the long run, $195 isn’t the end of the world, it’s just the PITA factor.
 
shelby27604 said:
Our experience at SECU has not been as stellar, getting them on the phone or to return a call has been 90% impossible. We are in Raleigh, buying a home in Henderson and the mortgage is being processed in Dunn....WTF?
I went with them for the same reason, I wanted to walk in and talk to someone....next time I will go with an online bank. The fees at SECU are crazy, the rates are not competitive, and I justified all of these short comings for the "brick and mortar" benefits, and so far they are non-existent.
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It must depend on the branch. Ours has been nothing short of amazing. This is our second mortgage with them and I have nothing but good things to say about them. The first mortgage was closed in 28 days and it was a HUD foreclosure home!
 
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rcalexander105 said:
wondering what rates were at these days.

Anybody else going through the process now?
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December I refi’d to 2.875%, nothing out of pocket. The one I closed last week, I did $30k cash out and dropped to 2.79% and cost me $136.
 
Got a Welcomed surprise today. I applied for a refinance back Last September, I believe, when the Market was Hot. Got my appraisal, & All the requested paperwork & records, turned in more than Once. This past February, I cancelled the application, Due to them Not getting it done, & offering a High interest rate. I Thought I had lost my application fee! And at that time, didn't give a crap! Over a Year later, I have a Refund! Fifth Third is Really on top of their game! [NOT!]
 

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UTfball68 said:
December I refi’d to 2.875%, nothing out of pocket. The one I closed last week, I did $30k cash out and dropped to 2.79% and cost me $136.
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Who'd you use? I wouldn't mind pulling some out myself (or at least look at opening a revolving equity line)
 
rcalexander105 said:
Who'd you use? I wouldn't mind pulling some out myself (or at least look at opening a revolving equity line)
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Think this one was a 40 day process start to finish…was a little longer than the first one. Mainly because they cold called from someone selling my info while searching, and I wanted to be sure I wasn’t going to be murdered or sign over the rights to my house…so took a little longer to get the ball rolling on the front end.

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Ok my parents just asked me about refinancing, any good contacts or banks i could pass along?

Last one got all screwed up, when they could find a close enough comp to compare with the land and house. Appraiser the bank used never would put a value on the property.
 
I had a good experience with Rocket Mortgage a couple months ago. My rate wasn’t the lowest on the market (2.625% no points 15yr) but I also closed with no hassle in about 40 days. Better seemed to be about an 1/8th percent lower, but it would take a week or more to get a response to a simple question.
 
83oldyoda4x4 said:
Ok my parents just asked me about refinancing, any good contacts or banks i could pass along?

Last one got all screwed up, when they could find a close enough comp to compare with the land and house. Appraiser the bank used never would put a value on the property.
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Better.com worked well for me. Closed in just over a month.
the thing I like most about it is they provide you a table of exactly what you payment and total out of pocket will be based on X percentage rate, so you can easily decide if the value for getting points vs not, or having low down payment or whatever is there.
Very straightforward process you provide all the paperwork yourself.

Just be prepared for a lot of automated txt messages from them.
 
RatLabGuy said:
Better.com worked well for me. Closed in just over a month.
the thing I like most about it is they provide you a table of exactly what you payment and total out of pocket will be based on X percentage rate, so you can easily decide if the value for getting points vs not, or having low down payment or whatever is there.
Very straightforward process you provide all the paperwork yourself.

Just be prepared for a lot of automated txt messages from them.
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Also noteworthy: Better.com just laid off 900 people.
 
I used better when I did mine and I thought overall it was a good experience. It was definitely better than having to make multiple trips to a bank, and they were pretty quick wrapping it all up.
 
We sued Better this time last year and they were great
 
I'll say the amount of extraneous txts from Better was really annoying. But they were completely up front that they'd immediately sell the mortgage - which you can expect from pretty much anybody - and after the deal was done, it stopped. Haven't had even an email since then. I get way more spam now from the company they sold me to. I do it again.
 
ooops used.
sorry
 
Hey, just in case any of you guys are considering refinancing, it's probably not a good time. ;)
 
sawdoff said:
Doesn't stop them from calling. Keep telling them if they can't beat 2.5 quit wasting my time
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For shizzingiggles I looked on bankrate, and the best rate I could find was 5.75% (6.026% APR) with $15k in closing costs. That would increase my mortgage by 50%!
 
sawdoff said:
Doesn't stop them from calling. Keep telling them if they can't beat 2.5 quit wasting my time
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I've had that conversation 3 times in the last month.
 
They keep saying they can lower my payment. Lol. Sure go from 2.5 to 5% but double the loan term. Sounds great to me
 
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