Zillow Advice: Refinance - Picking a lender for Refi. Need help http://www.zillow.com/advice-thread/Picking-a-lender-for-Refi-Need-help/365206/ Zillow Advice | Zillow Real Estate There is really no&nbsp;difference&nbsp;between ... http://www.zillow.com/advice-thread/Picking-a-lender-for-Refi-Need-help/365206/ There is really no&nbsp;difference&nbsp;between either one, at the end, its all about numbers, you have to see whose numbers is more appealing to you, customer service is important but in today's market, we all are starving for business so we do our best to make sure to earn your business. Wed, 08 Sep 2010 23:19:00 GMT http://www.zillow.com/advice-thread/Picking-a-lender-for-Refi-Need-help/365206/ 2010-09-08T23:19:00Z Maybe my son, Justin Lees, ... http://www.zillow.com/advice-thread/Picking-a-lender-for-Refi-Need-help/365206/ Maybe my son, Justin Lees, who is a Senior Financial Loan Specialist can answer you question.&nbsp; He is with one of Sacramento's top Lenders.&nbsp; They are like the big banks, meaning they have their own funds to loan, not like a broker.&nbsp; You can reach him at [Contact removed by moderator] &nbsp; Or find his company's website on the internet.&nbsp; Paramount Equity.&nbsp; Tue, 07 Sep 2010 21:55:00 GMT http://www.zillow.com/advice-thread/Picking-a-lender-for-Refi-Need-help/365206/ 2010-09-07T21:55:00Z Mr Ryan,Are you going to ... http://www.zillow.com/advice-thread/Picking-a-lender-for-Refi-Need-help/365206/ Mr Ryan,<br/><br/>Are you going to make this important&nbsp;decision based on someone's opinion on the Internet? Is this what you did the last time you had a major financial decision? If so, I wish the same luck. .... Happy funding, Rudi Mon, 06 Sep 2010 18:42:00 GMT http://www.zillow.com/advice-thread/Picking-a-lender-for-Refi-Need-help/365206/ 2010-09-06T18:42:00Z Personally I like to do business ... http://www.zillow.com/advice-thread/Picking-a-lender-for-Refi-Need-help/365206/ Personally I like to do business with local business, this helps support the local economy and keeps your neighbors employed.<br/><br/>Remember their closing costs probably don't include title insurance, escrow, pre-paid interest on the new loan, impounds of taxes &amp; insurance should you decide to impound those, interest due on your current loan, &amp; any other 3rd party fees such as appraisal &amp; notary fees. &nbsp;You'll also have other fees that are going to be due to your existing lender &amp; your new lenders.<br/><br/>You're best best bet is to get a Good Faith Estimate (GFE), from 3 lenders and compare apples to apples. &nbsp;The GFE will include&nbsp;title insurance, escrow, pre-paid interest on the new loan, impounds of taxes &amp; insurance should you decide to impound those, along with the appraisal and notary fees.<br/><br/>If you know or have a pretty good idea what your credit score is most lenders will prepare a GFE without taking a full application.<br/><br/>Shopping fees alone isn't always the best way to shop for your new mortgage, you should be looking at the rate and the fees to be sure you're getting the best deal. &nbsp;For instance with a 720 credit score I can get you a rate of 4.25% with fee's of $1,670 before all the other cost mentioned above are added in.<br/><br/>Before refinancing you should have these questions answered:<br/><br/>1. Are you going to be paying the full closing costs out pocket, include them in your loan, or pay for them in the form of a higher interest rate which gives you a rebate back to help with the costs?<br/><br/>2. How long is it going to take you to recoup the cost of refinancing?<br/><br/>3. How long are you going to stay in your property? &nbsp;If it's shorter then the time it takes to recoup the costs it might not be in your best interest to refinance.<br/><br/>4. What is your goal with the refinance? &nbsp;Is it simply to get a better rate and lower your payments? &nbsp;Are you wanting to take cash out of you home for home improvements or to pay off other debt?<br/><br/>A good mortgage professional should ask you these questions and more to determine if a refinance is right for you.<br/><br/>If I can help answer any other questions please feel free to contact via Zillow. Mon, 06 Sep 2010 06:29:00 GMT http://www.zillow.com/advice-thread/Picking-a-lender-for-Refi-Need-help/365206/ 2010-09-06T06:29:00Z The name of the lender may ... http://www.zillow.com/advice-thread/Picking-a-lender-for-Refi-Need-help/365206/ The name of the lender may not matter but performance does. That is typically only as good as the reputation and performance of the loan officer. Some consumers have a loan scenario that is very plain vanilla but most have some quirk that requires expertise beyond answering&nbsp; the phone. You can virtually shop til you drop and rate would not vary by more than 1/8% and $300 in fees. So the real question is how much risk can you handle? <br/>I think you answered your own question..... best way to select a loan officer/lender is to get positive feedback from a someone you know that has had a successful experience with a local loan officer. Zillow may be one of the few sources though where a consumer can see Reviews on lenders in their area based on a closed transaction experience. Talk to a few selected loan officers, and decide if you feel totally confident that they will close your loan on time and bonus question - will they attend closing with you. Mon, 06 Sep 2010 02:24:00 GMT http://www.zillow.com/advice-thread/Picking-a-lender-for-Refi-Need-help/365206/ 2010-09-06T02:24:00Z