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Mortgage Quotes for REFI does not work.


I can't get a good quote from any lender using the Zillow tool at:
http://www.zillow.com/mortgage-rates?request=ZR-ZRGXPJL#request=ZR-KHTPQPR&sort=apr&page=1&programs=[10%2F1+ARM|30+year+fixed|7%2F1+ARM]

The input box to collect the requested loan information is complete.  When I request a
REFI loan for existing mortgage of $256K with $25K cashout, the quotes that are returned
are for a new first loan of $256K.  THIS IS NOT WHAT I REQUESTED.  I am requesting a refi
loan of $256K(exosting loan) +25K cashout = $281K new loan.

Zillow never gets it right.

Am I doing something wrong here?  How do I get proper refi quotes from Zillow?

Please help.
  • July 10 2012 - San Diego
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Answers (3)

Hi Joe,

My recommendation is you contact any of the lenders as soon as possible and start giving them your situation. With the mortgage reform most everyone who is competitive will be within $500 of each other.

Get a consensus for the norm, and if anyone is higher, they have too much margin and are simply out of the game. If anyone is lower than the pack, buyer beware, we all get the rates from the same end users. Sorry every attempt to try and state your rates are better is smoke and mirrors. It comes down to margin... and how much the lenders are building in.

However if hypothetically 5 people are offering 4 and one is offering 3.5% that should be a warning to be cautious, it would be highly unlikely if not impossible for someone to be that far ahead of the pack.
  • July 31 2012
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Joe - if you haven't done so already, I'd be happy to help give you a detailed estimate. You can contact me virtually anytime with any questions or concerns. 
  • July 31 2012
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Call some lenders; Zillow isn't a lender.

Regards,

Cory La Scala, REALTOR
Independence Realty
  • July 10 2012
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