ping
All closing costs are negotiable (except taxes). Title insurance is huge and rates vary widely. Appraisals, lock in fees, closing points, fees, surcharges, etc. must all be looked at.
Look at the BIG pictures of all fees and surcharges. Not just the stated interest rate.
And - NO ADJUSTABLE mortgages with fine print. Go for a 15 or 30 year FIXED.
Read everything twice. Sign nothing until you read it and understand it. Walk away if something seems fishy.
Shop around and get bottom line figures. Closing costs, fees etc. Make them compete for your loan.
Wells Fargo was the best for me.
I’m not a professional, just someone who refinanced twice in recent years. I researched rates of various lenders and then checked what rates were being offered by the current lender. As it turned out, they were very competitive, and we simply refinanced with them. It was very easy, and involved no fees or points. We were happier with our lower rates, and they avoided losing a family with known payment history. I’ve looked again recently, but our rate is still lower than their current offerings.
Hint: Don’t go to Nigeria...........
Think free or die is correct.
Tell your current lender what your intentions are. A lot of times thet will refi for nothing or near nothing, if they know they are about to lose your business. Assuming you have a good payment history.
A credit union CAN be a great resource, and they can be tough competition to me, a broker.
However, each credit union is different and they oftentimes only do equity lines/second mortgages, it really depends who it is. Some do traditional mortgages as well. If you have access to one, definitely ask them.
A good broker or bank/credit union loan officer will listen to what you want but will also give his/her educated opinion on what you say you want, show you why something may or may not be better, and give you a couple options (30y, 15y, ARM, whatever) based on what you say your goals are. The key, though, is the loan officer will educate you to allow you to make your own decision.
Rates are important, as are fees and closing costs, but you have to consider both the short-term and long term of the loan - if you don’t think you’ll refinance again for a while, you’re better off to pay more points and take a lower interest rate in the long-term...if you are more likely to sell/refi/whatever in under 3-5 years (depending on your own situation, a good loan officer helps you figure this out) then go with a lower closing costs option with a slightly higher interest rate.
I did ask my credit union about their mortgages. Their rates are about the same as the next guys but the woman I spoke with basically told me that my closing costs would run between 2%-3% of the loan...does that sound about right?
Another question...ok...so I fill out apps first to get the good faith estimate or how do I go about getting this information first?
Have you tried your credit union? They may have an adjustable rate, but IMHO, they are more trustworthy than many lenders.
As previously posted, shop around. I ended up staying with my original mortgage company. They agreed to refi a 30 year (five years in) at 7.125 fixed to 15 year 4.5 fixed--no points paid--rather than lose my business.
I used my original title company for the closing--and it saved a bundle on title costs.
Otherwise, a lot depends on how much time you have left on your original mortage, and how long you intend to stay in your home. There are plenty of calculators and article on the internet to chomp numbers.
Go to your local bank and talk to the lending officer.
If you are getting a lot of variation on GFE's, yet there is one broker you really seem to like and want to do business with, show him/her the competing quotes - most brokers are willing to consider adjusting their fees to get your business.
And, if you are planning on living in the home for more than five years, get a FRM, not an ARM of any kind.
INTEREST RATE 5.250%
POINTS 2.345%
APR 5.536%
CLOSING COSTS 5,919
INTEREST RATE 5.875%
POINTS 0.016%
APR 5.950%
CLOSING COSTS $ 2,193
Am I loony or are those Closing costs kind of high???
Refi to a 15 year.
Shop around.
Mrs. Slim and I started with a 30 fixed, re-fied to a 15 fixed, and the last time things were really low, changed that to a 10 fixed (4.7%) and will finished with it in 3 years.