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Replies (9)
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3427
Your quote from B of A seems a bit high, even at the 97-105 bracket. I'm assuming you are SFR and not a condo.
For 6,000 in closing costs, you should be able to get rate more like 4.99% on that profile. Or, at 5.375 you could get a zero point loan and also a credit towards a portion of 3rd party expenses.
Large bank retail origination is typically expensive compared to other channels. Your offer isn't bad, but it also isn't good.
You can try the ZMM if you want to get other informal quotes.
For 6,000 in closing costs, you should be able to get rate more like 4.99% on that profile. Or, at 5.375 you could get a zero point loan and also a credit towards a portion of 3rd party expenses.
Large bank retail origination is typically expensive compared to other channels. Your offer isn't bad, but it also isn't good.
You can try the ZMM if you want to get other informal quotes.
- Harold Sharpe, "Harold Sharpe"
- Contributions:24
Hi Jesh,
As a Real Estate Broker of So Cal Homes Realty, I usually tell people to shop around and I also point them in the direction of Quicken Home Loans. Here on Zillow there is a Mortgage tab you can compare some of the people who advertise as well. Be careful and do read the reviews.
Use your judgement and you should do well. You may want to lock in the rate if you feel the rate you are quoted is a great one.
Good Luck
Harold Sharpe
So Cal Homes Realty
[Content edited by Moderator]
As a Real Estate Broker of So Cal Homes Realty, I usually tell people to shop around and I also point them in the direction of Quicken Home Loans. Here on Zillow there is a Mortgage tab you can compare some of the people who advertise as well. Be careful and do read the reviews.
Use your judgement and you should do well. You may want to lock in the rate if you feel the rate you are quoted is a great one.
Good Luck
Harold Sharpe
So Cal Homes Realty
[Content edited by Moderator]
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Quicken? Seriously? Why not just send them to Aurora Loan Services to get a nice screwing?
Stick to real estate please......
Stick to real estate please......
- Provident Lending
- Contributions:3
ZMM is a good place to start your lender selection. Once you find a lender that offers you an acceptable rate, closing costs and someone you're personally comfortable with, you can start the application process and have that lender pull your credit. It's never good to have your credit pulled by many lenders at the same time.
It's also good to read the reviews when selecting a lender.
Good Luck!
It's also good to read the reviews when selecting a lender.
Good Luck!
- Robin Armstrong, "Robin Armstrong"
- Contributions:152
You will most likely get a better rate and lower closing costs. Shop Zillow.
- Christine Hynes, "LoanModSpecialist"
- Contributions:543
- Rich30N90W
- Contributions:4
I was in a similar situation with Citi - 2.5 years into a 5.875% 30-year... had friends and family say "hey call them and they can do a refi for less since you are an existing customer". As with your situation, I got the same run around - I was given a "great offer" in October of 5.25% 30-year with over $3500 in fees.
Laughed on the phone and said that was their online quote for any Joe off the street, and I could get 50 basis points less from several places out there. Got the 'hard sell' in return, that it was a great deal and I would save $60/mo (but go from 27.5 years back to 30 years for payoff, lol).
So, after that waste of 27 cell phone minutes, went back to my broker who I worked with when I got the house in '07 ... got quotes of 4.875% 30-yr or 4.375% 15-year ... worked the numbers and went with the 15-year with just under $3k in closing costs, closed in late October 09. Citi got the payoff and lost a customer for life, and I will save 6-figures of interest from the refi.
Unfortunately they blow you off as an existing customer, but they lose in the end. Go out and find your deal and get the old loan paid off, setting yourself up for a better result down the road
Laughed on the phone and said that was their online quote for any Joe off the street, and I could get 50 basis points less from several places out there. Got the 'hard sell' in return, that it was a great deal and I would save $60/mo (but go from 27.5 years back to 30 years for payoff, lol).
So, after that waste of 27 cell phone minutes, went back to my broker who I worked with when I got the house in '07 ... got quotes of 4.875% 30-yr or 4.375% 15-year ... worked the numbers and went with the 15-year with just under $3k in closing costs, closed in late October 09. Citi got the payoff and lost a customer for life, and I will save 6-figures of interest from the refi.
Unfortunately they blow you off as an existing customer, but they lose in the end. Go out and find your deal and get the old loan paid off, setting yourself up for a better result down the road
- Jesh80
- Contributions:2
Thanks for the replies everyone! I thought I had set my preferences to be emailed when someone replied, guess not. I will be looking around!
- Chuck Stinchcomb, "upsideonly"
- Contributions:19
Sound like a good deal to me. I would take it.
Refi with current lender or shop around? B of A - HARP
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