Profile picture for lindamermaid

Where can I find an honest loan company?

I own a house in Concord with a 5% fixed 30 year FHA mortgage.  I've owned it for 2 years.  I am on a job in Hawaii and my daughter is taking care of this house.  It's not a rental. I want to refinance to have a lower payment - no cash out. I've looked into a LOT of offers of 3.99%! only to find they were ARM's with high closing/refi costs and they wanted my credit card numbers so they could charge me for appraisals etc.  Where can I get a straighforward 4.25% 30 year fixed mortgage with costs under $2500? No gimmicks, nothing hidden.  I've been financially skewered by the real estate industry so many times I'm thinking most realtors and lenders are nothing but crooks.
  • January 17 2011 - Concord
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Answers (5)

Profile picture for the_country_hick
The 30 year 4 1/4% died about a month ago. It may or may not come back. Rates are closer to 5% now.
  • January 17 2011
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Profile picture for Loan Manager
Looks at the top lenders rating on zillow, call and ask for a GFE to be sent to you .
Ask for their references to call and ask them if they ethical and trustworthy.

Best,
  • January 17 2011
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Go with a direct lender (i.e. Bank of America, Wells Fargo, Chase, Citibank etc) within your neighborhood.  Talk to your bank (where you do your checking/savings) directly. 
  • January 17 2011
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Profile picture for SoCal Engr
If you're at 5% on a 30yr fixed, it's not likely to be able to improve enough to warrant a refi. I refi'd at 4.375 (30yr fixed) with no out-of-pocket costs, but that was back in Oct-Nov. Right now, rates have bumped up.

If you're serious, and especially since you're in Hawaii, find a LO you trust and have them monitor the market for a target rate/term. Likely, you will need to have a loan app ready to go so the LO can act for you when your target rate/term pops.

As for "legit" loan companies, my general rule is that if it shows up unsolicited in my mailbox, it's probably junk. If it's on the radio, or late night TV, ditto. There's just no substitute for a little bit of legwork to find someone you feel you can trust.
  • January 17 2011
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Zillow has several top loan officers in CA that I would use myself but even if you were to get 4.25% the savings would be too small because the monthly MI payments on FHA are much higher than what you currently have.  
  • January 17 2011
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