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Author Topic: Home Refinance  (Read 745 times)
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Knightshade Dragon
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« on: September 02, 2007, 12:27:23 PM »

I'm looking to refinance my home to lower my interest rate and put cash in my hand for some house upgrades.  What companies have you all had experience with?  Who is good?  Who is bad?  I'm open to suggestions...
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Ron Burke
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« Reply #1 on: September 02, 2007, 02:49:13 PM »

Quote from: Knightshade Dragon on September 02, 2007, 12:27:23 PM

I'm looking to refinance my home to lower my interest rate and put cash in my hand for some house upgrades.  What companies have you all had experience with?  Who is good?  Who is bad?  I'm open to suggestions...

Harris Bank is really good.  I've had good experience with Wells Fargo, but I don't know if they do mortgages.

When you refinance, just make sure you aren't getting clobbered by a bunch of processing fees.
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namatoki
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« Reply #2 on: September 02, 2007, 02:54:57 PM »

I work for Countrywide, so I have to plug my company here. slywink

You can come down to Chandler and check out the corporate office down here, KD. Chandler and the 101.

But I hear that Bank of America is actually really good for home loans including refinance. Pretty low closing costs and good rates.
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noun
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« Reply #3 on: September 02, 2007, 03:54:37 PM »

Let me know if you find a lender willing to do a refi for less than a $2K-$3K processing fee. That's always the point I laugh and walk out the door.

How much are you looking to save? If it's less than a point of interest, it can't be worth the extra fee since it's going to take you several years to get back to where you started.

Please tell me you're not looking to get an ARM or an interest-only loan.
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Knightshade Dragon
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« Reply #4 on: September 02, 2007, 04:08:41 PM »

Quote
Let me know if you find a lender willing to do a refi for less than a $2K-$3K processing fee. That's always the point I laugh and walk out the door.
Yep, that's the pain I'm finding.  I can get refinanced, but the buy-down point and processing nonsense and the like comes out to adding a few grand to my loan.

Quote
How much are you looking to save? If it's less than a point of interest, it can't be worth the extra fee since it's going to take you several years to get back to where you started.

Please tell me you're not looking to get an ARM or an interest-only loan.
Couple of things - I'm looking to get OUT of an ARM (thankfully no pre-pay penalty) that the took during some particularly hard times a few years back.  When the interest rates were good it wasn't a problem and we were paying the P&I payment anyway once we got back on our feet.  Now I want out and I want a locked interest rate.  Additionally, I'd like to pull 10k in equity and do a bunch of work.  (paint the house, rebuild the kitchen cabinets, flooring in the house, etc.)    We purchased the house for 112k and its now worth 250k and rising.  I'm not too worried about adding a few fees to the loan, but I don't want to get screwed over either, ya know?
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« Reply #5 on: September 02, 2007, 06:14:30 PM »

Sounds like a good plan to me. I just don't know where you're going to find a reasonable lender that won't rape you in fees, especially given how many bad lenders are going under.
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Knightshade Dragon
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« Reply #6 on: September 02, 2007, 06:29:47 PM »

Quote from: noun on September 02, 2007, 06:14:30 PM

Sounds like a good plan to me. I just don't know where you're going to find a reasonable lender that won't rape you in fees, especially given how many bad lenders are going under.

That is the problem.  Many lenders don't do VA loans anymore either (No closing costs) as they are having trouble reselling them. (They are better for the veteran than the bank) 
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« Reply #7 on: September 02, 2007, 07:50:16 PM »

I'm remembering that you were in the military.  Have you checked USAA?  They have good rates and their fees weren't bad when we were looking.  They did seem to have more paper work, but I guess they figure the military is used to it.
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« Reply #8 on: September 02, 2007, 10:25:56 PM »

kd check with your local institutions first.  also keep in mind that the mortgage sector has had some rather large problems lately so if youre a person with solid credit history and a low risk individual (credit wise - im pretty sure they dont care if you jump cliffs on a dirtbike smile) you really should have banks fighting over you for your interest payments.  bottom line, dont settle if youre a nice catch for banks in risky times
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« Reply #9 on: September 02, 2007, 11:06:44 PM »

Okay Ron, here's the scoop.  When I got stupidly canned from you-know-where, I went to work at a mortgage company.  Last week, we just laid off 2/3 of our staff.  The reason fees are so heavy right now is because lenders resell their loans to investors; and since the housing bubble burst, people can't afford the ARMs that are expiring.  People are defaulting on loans, so the investors that have their own investments backed by these mortgages are losing their investments.  So, nobody wants to use mortgages (mostly subprime; loans over $417,000 or to people with iffy credit/work histories) to back their investments.  Because there are no investors buying loans from lenders, lenders are forced to tighten their guidelines and make it harder for people to qualify.  Even then, nobody wuill buy the loans from the lenders.  So, companies go out of business (New Century, Accredited) or lay off a bunch of people (Us, Countrywide in their Alt-A section) to cut costs.  The ones who are left have parent companies with big balance sheets capable of servicing and holding a certain amount of loans over time.  We were bought by Barclay's back in February, and they are backing us with a several billion dollar balance sheet.  We're only a wholesale lender, so you'd have to go through a mortgage broker, which is going to rape you with extra points and fees in order to keep their buisiness.  Less lenders means less business for brokers, so they are charging more fees.

In short (or not), I would look for any refinancing you can get through any government-backed loan program.  I would research Fannie Mae, Freddie Mac, and loans directly from the FHA.  Beyond that, people in the business I talk to say Lending Tree is still decent.  You'll at least find those lenders more willing to work with lower fees or extra points.  The downside to the market in general is you will most likely still end up with a larger monthly payment.  I wish you luck, my friend.  The resources are out there, they're just a bit more scarce than usual.
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« Reply #10 on: September 02, 2007, 11:25:02 PM »

Wells Fargo did our mortgage and I've been happy with them so far.
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