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Which Refinance Company to choose?

How is the best way to pick a company and trust to do your refinance? The reviews are what I'm leaning towards right now.

I'm curious why some of the mortgage guys have no fee's, or they rebate them back and charge you a $1 where others charge you fee's? I know those types of companies are selling the mortgages immediately and are looking for profits on the flip, but why would someone want to go to a company that will probably do the same AND charge fee's?  I don't mean standard fee's, I mean extra fee's.


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May 15 2012 - US
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Your closing can be structured in such a way that you will receive a credit from the lender to cover the closing costs. (higher rate = higher $ credit, lower rate = lower $ credit/more front end cost, is the loose rule of thumb) This is legit. If you however receive funds after close in brown bag fashion, it is not.
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May 15 2012
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Another question in addition to my last message, what is up with the lenders that offer Borrowers rebates bringing closing costs down to a $1 vs others? Is that a legit rebate that brings lender fee's down to nearly nothing without hidden costs?
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May 15 2012
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Thanks for the insight Patrick. Seems that you are right on the lender funding or selling your loan. I saw a few people post horror stories about the companies their mortgage was sold to, but as a consumer I couldn't control that so its luck of the draw I guess.

Good tip on the zillow reviews. I haven't made any decisions yet, but have 3 companies so far that all seem to have great reviews. One of them has a few negative ones, but the rest are all top notch and the loan officer is mentioned in multiple.  Another company has nearly all 4 and 5 star reviews (No 1 start), but the loan officer is not listed in any reviews.

So I guess i'll have to research a bit more, and then go with my gut. I also have my local bankers hounding me saying that they might be able to match something I find online and waive fee's, but I think i'm going to go the Zillow route and will live and learn based on the online experience.
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May 15 2012
As a borrower you don't much care whether the lender funding your loan will keep the servicing or sell it post closing, so whoever is offering you the better deal at closing is the way to go. 
Everyone of us operates under different pricing structures and more importantly, different corporate net revenue per loan requirements, which accounts for the wide disparity in costs net of lender closing cost credits. 
My two cents on reviews - when any individual loan officer on Zillow has consistent stellar reviews that occurs for a reason - that loan officer is delivering as promised loan after loan.  Consistent 5 out of 5 reviews don't happen by accident. 
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May 15 2012
 
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