Profile picture for donell1201

What is best way to search for rates on a $158K refi (maybe with 25K cash out-NOT SURE)?

Our mortgage is 7 years old and current.  Equity is approx. $107K, conservative.  We just want to take advantage of lower rates/payments.

  • April 24 2009 - Memphis
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Answers (6)

is your rate really that bad? compare your rate and terms against what you could get now and how long it would take to break even. You could double the amount you paid towards principle every month and be done with that loan in less than 15 years instead of starting over for 30.
  • September 13 2009
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I agree. I would look at major lenders. It is important to look around a bit for the best rate. If the rate and fees are roughly the same, go with the person that you feel more comfortable with and is knowledgeable. Ask tons of questions!
  • September 13 2009
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Donell1201,

The best way is to call a trusted advisor... when your ill do you shop around for a new doctor every time?  I doubt it... Your finances are as important as your health. If you had great service from the loan officer you worked with to get your current mortgage call them back.  If you did not have great service then ask your neighbors your family and friends who they would recommend.  If those options do not work I would be happy to discuss your options with you. 

Titan10  is correct about one thing... DO NOT GIVE MONEY UP FRONT. 
Get a good faith estimate up front, one that shows the APR, annual percentage rate,  that number allows you to compare one loan to another and see what the true costs of the loan is. The lower the APR the lower the costs of the loan.   APR is different from the NOTE RATE.  Note rates can be low and the APR can be high... Key is to find a experienced loan officer , one that has been in this business for more than a couple years and that will put the offer in writting.   Goodluck !

  • May 05 2009
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Profile picture for Jon Petersen
AND DONT GIVE MONEY UP FRONT!!!!!!!!!
  • April 24 2009
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Profile picture for Jon Petersen
be careful on zillow. While there are many good lenders, some quotes will be rediculously low, and they will try to bait and switch. If they give you a good quote, and you want to look into it, ask them the fees first, and then ask them if they can lock today at that rate, and offer a float down if rates improve. This should be no problem. If they say no, or wait till tommorow, get skeptical.
  • April 24 2009
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Profile picture for Jon Petersen
I have heard of friends walking into banks, and getting rates much cheaper than anywhere else. Specifically, B of A, Wells Fargo, and Provident are currently the cheapest from what I have heard. I would walk into all of them and get their rates and costs. Take a gfe to the next lender, and see how they compare. Then, go to a broker with the best gfe, and see if he can beat it.

This might take some time, but it could be worth it, as a friend of mine just got a loan at 4.375 with no costs, when most others were around 4.5 with paying 1 point. There will be no negatives on your credit for doing this, as all the checks will show up as one within a 1 month period.

If you dont want to take the time, go to a broker, and he can shop rates for you, and his cost should be around 1-2 points that he charges you.
  • April 24 2009
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