Home Owner's- step inside

[BAD LS1]

Looking for people's opinions that have experience with this...

My house i have currently financed through Chase Home Loan... Im looking at possibly re-financing and im trying to decide if i should go through a tradtional bank like i did with Chase or go through a mortgage group...

What are the pro's and cons you home owners may have experienced with each?

Im very very very nutso when it comes to this sorta shit involving my money/credit and esp such a big deal as this to get a better intrest rate etc... im having a hard time trusting banks and mortage groups just because they always seem to be high pressure and anxious to get the deed to the house.

Thanks

[jbiscuit]

whats your current rate? Do you have a 30-fixed or ARM? If you have a decent rate 30-fixed, it might not be worth it to refi unless you are dropping a point or more at least. Make sure to find out any fees etc that are associated with the refi also. Cuz if they are going to hose you on those, why bother then....some banks will charge $2000 to refi or something outrageous like that.

[Karps TA]

I've gone thru both banks and a credit union. Last year I tried to refi thru Landmark and it was a nightmare. It ended up costing me my $400 deposit when I decided after nearly 2 months of jagging around that it wasn't worth the hassle.

I've got nothing but good things to say about Associated Bank. They got me taken care of very quickly, and without issues. Plus they have some hot chics working their mortgages.

[Breecher_7]

Tom I told you I could get you taken care of. You have my number if your interested.

[BAD LS1]

whats your current rate? Do you have a 30-fixed or ARM? If you have a decent rate 30-fixed, it might not be worth it to refi unless you are dropping a point or more at least. Make sure to find out any fees etc that are associated with the refi also. Cuz if they are going to hose you on those, why bother then....some banks will charge $2000 to refi or something outrageous like that.

Right now i have a 30yr fixed with a 6.875% rate.

Im talking to a loan officer tonight from a mortgage group and im trying to compile my list of questiosn to go to combat with it. This dude is gonna hate me as i will be a major prick as soon as any pressure is applied to me.

The rates are all over the place and its pretty much i want to get everyhting set so when its at its lowest i can snatch that shit up in a bear trap. So far the highest intrest rate i was quoted was 6.25% and in the low 5's for the lowest.

[BAD LS1]

Tom I told you I could get you taken care of. You have my number if your interested.

i will get in contact with the guy to see what he can offer, but its not gauranteed for him as im just shopping now.

[jbiscuit]

oh for sure, I would think you can better that 6.875%....good luck Tom!

[CannotPost]

I just did a refinace and got a 5.25% rate. AccuNet (http://www.accunet.com/)t is who I am using this time around.

[HRSEPLA]

Brokers Make nothing but money on you and hide it well, As I Worked for a bank in the dept where we worked with the brokers (brokers are slime) Go to a traditional bank and shop around ALL of them. rates should be In the 5's now.
Tina

[wrath]

Wisconsin is kind of screwy when it comes to rates.

The last time I did a mortgage when you applied you were "locked in" at the rate when you applied. You were allowed to change your lock 1 time before closing. Beyond that you had to re-apply (another $400). Is this true here as well?

Landmark's closing costs are $1090 and you don't have to have escrow for taxes and insurance. Guardian is the same price but requires escrow for taxes and insurance unless you pay a fee of like $200.

DON'T DO ESCROW UNLESS THEY'RE PAYING AT LEAST MONEY MARKET RATES.

Wells-Fargo wants $1300 for closing costs and requires escrow.

All of this is current as of the last two weeks.

[PureSound15]

Rates are in the 5's - 5.75 at the moment at the credit union I work for. I would hold off a bit - our projections are in the 4's in the near future (we hit that here a couple weeks ago for a couple hours as well).

I would not go through a broker. Go through a credit union if you can, stronger banks are doing alright with rates right now as well.

Save yourself some money and setup bi-weekly payments too.

[wrath]

Brokers Make nothing but money on you and hide it well, As I Worked for a bank in the dept where we worked with the brokers (brokers are slime) Go to a traditional bank and shop around ALL of them. rates should be In the 5's now.
Tina

What's the difference between a broker and a bank? They'll both rake you over the coals if they can. Don't let them.

I have this bookmarked. (http://www.guardiancu.org/Resources/PDFs/Mortgage_rates_internet1.pdf) It's updated daily and is a good indicator of what the locals are charging for loans. For some reason the rate is up .375% on a 30 year fixed over the last two weeks... not a hint of reason for it.

[Rocket Power]

We used a mortgage broker and had a great experience, found us a lower rate with no hassels. My mother in law also used Associated Bank and was very happy. We chose them as our bank when we left St. Francis/Mid America/National City/whatevername they are this week:rolf, because of her saying how good she was treated. We did ours like 2 years ago so I don't know how things may have changed since then

[BAD LS1]

awesome input everyone! This is great because im trying to look at this from all the angles and find all the possible catches.

[Car Guy]

Have you tried modifying your exsisiting loan through Chase....???

[Breecher_7]

He just did joshes re-fi at 5 flat..... I cant imagine why he cant do the same for you as long as your house assesses where it needs to.

[Nix]

Nothing but good things to say about Wells Fargo coming from my end.

[BAD LS1]

Have you tried modifying your exsisiting loan through Chase....???

That is in the works currently. just looking at all options.

[HRSEPLA]

I have seen Mortgage Brokers make $100,000 on 1 deal!
Tina

[0TransAm0]

I have seen Mortgage Brokers make $100,000 on 1 deal!
Tina

i need to get a new job...

[wrath]

i need to get a new job...

You can probably buy their house at the county courthouse...

[PureSound15]

You can probably buy their house at the county courthouse...

During a refinance craze? Most of our mortgage lenders are making great money right now.

[wrath]

During a refinance craze? Most of our mortgage lenders are making great money right now.

If that's the case then why do they scoff at me when I ask them why they can't do a little better on the closing costs?

[PureSound15]

If that's the case then why do they scoff at me when I ask them why they can't do a little better on the closing costs?

Because you have no idea how closing costs are allocated, created or used. Depending on the institution, a lender has no power at all to do anything with the closing costs.

If they're selling your mortgage, the closing is going to be even higher.

[jbiscuit]

Wrath, just decide right now if you are buying a house or not. If you think our housing market sucks, then fine....you are done. Give it up already. I read housing-related posts etc from you every day!

[wrath]

Wrath, just decide right now if you are buying a house or not. If you think our housing market sucks, then fine....you are done. Give it up already. I read housing-related posts etc from you every day!

Hah, why do you think I changed my user title to "housing whiner" a while back?

The housing market here doesn't suck, it's just overpriced. It's what I'm interested in most, what can I say. I can't do anything fun until I get a house.

I'm down to 8 possible houses. One is probably going to sell, one isn't listed anymore but is still vacant/not sold, another one has like offer #15 on it and it'll probably be rejected also, and I have 3 more to go see.

The housing-related stuff is of the greatest importance to me. A coworker of mine just refinanced, another one is looking at buying a house, and another one is looking to refinance. And I'm looking for a place to infest with my hillbillyness.

[PureSound15]

Rates are high this week because of China and Russia not purchasing securities - they don't want anything to do with so the money that would be made on that sale now has to be made up on a higher rate.

I just sat in a meeting today for rate projections - even our CFO thinks we will see 4's again just like we did a few weeks ago.

Closing costs are true costs - a credit union isn't going to cut out a closing cost when there is no margin in it, they'd just lose money. You, as a member of the credit union, are already (usually) getting a better deal than a client that might go to a bank or a broker. Closing costs for a new home should be anywhere between 800-1000, and a refi a couple hundred more than that.

You're either going to see a higher rate and low closing cost or no closing cost but they'll have to recoop that on the rate.