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HELP... Home Mortgage advice

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  • HELP... Home Mortgage advice

    With the interest rates hitting an all time low today, I'm looking to RE-finance my home, NOT for tapping into the equity, but to lower my Mortgage payment. Does anyone have any advice on WHO to utilize for a loan (Treated you well and HONESTLY). Any advice from MORTGAGE dudes on here. ANY advice that may come from a "BANKER/LOAN OFFICER"???

    Right now I have an FHA loan, and still able to use my VA loan ( I believe anyway) if necessary. I know that the VA loan makes them froth at the mouth, due to the Government GUARANTEEING my loan, but I'll go whatever way will help me the most.

    I just need some help here!!!!!
    But that's just my opinion!

  • #2
    I do auto finance, not mortgages yet, but why don't you refinance, and keep your payment the same and drastically shorten your term?
    Asked how he’d like to be remembered were he hit by a bus tomorrow, Tracy doesn’t hesitate: “I’m a race-car driver. At the last second, I’d swerve and avoid the bus.”

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    • #3
      Find an independent mortgage broker who will shop all the rates and tell you up front with points how much better you will come out.
      "The secret of life is honesty and fair dealing. If you can fake that, you've got it made."
      ~~Groucho Marx
      I have the hots for Khaleesi...

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      • #4
        Originally posted by comfortably numb View Post
        Find an independent mortgage broker who will shop all the rates and tell you up front with points how much better you will come out.


        Then, after treating all banks like a number, complain when you get treated like a number.
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        • #5
          Originally posted by sightlines View Post
          why don't you refinance, and keep your payment the same and drastically shorten your term?
          Hmmmmmm.... good idea, but the PAYMENT is what we're wanting to lower. But the "TERMS" of the loan are very enticing. Right now we're somewhere around 6.5% and that lowered it from 8.5%. We could've and should've done this MUCH earlier but with the rates out today 3.71% , we've GOT to do it. We're not rich by any means.. (not even by Obama's standards) but today's rates were RIDICULOUSLY LOW... and TOO low for even ME to pass up. I don't really wish to use "Lending Tree" because my previous re-finance (wasn't a good experience) with them and I didn't even end up using one of their finance company's.... However, they wouldn't QUIT calling me even after we were financed elsewhere. I really appreciate y'alls help and input on this, but I could still use a little more (IYKWIM)

          Thanks.
          jetdoc
          But that's just my opinion!

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          • #6
            It's hard to do but see if one of your local banks retains the servicing rights to the mortgages it originates. Not many do. If you find one it means that you will be able to make your payments and discuss any situations with the same friendly tellers for the life of the mortgage rather than calling "Steve" in India.
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            • #7
              I'm in the process of doing the same thing, but am looking to shorten the term of the mortgage rather than just lowering payments. That's because I plan on being in this house for a very long time and actually plan on paying the loan off.

              Base your decision on how long you plan on staying in the house. If you're planning on selling the house with about 7 years, go for the lower payment. At that point, the term of the mortgage doesn't make a huge difference in equity growth. At over 7 years, the term and the possibility/probablility of actually paying off the loan makes more of a difference. Use one of the free equity calculators available on the web to draw up a payment/remaining balance/interest paid schedule to assist in your decision.

              Interest deductions on taxes should be a lesser concern. Here's how a smart person described it to me: Work toward paying the house off as quickly as possible. If you really want the deduction after that, make a contribution equal to the interest to a good charitable organization. Wouldn't you rather see your money doing some good rather than making a bank/mortgage company money?

              As far as a specific company that treats people better....maybe I'm cynical, but I'm not sure there are any. The vast majority are going to sell the loan as soon as you sign the papers, and they realize the liklihood of repeat business is very small. The only skin they have in the game is whatever they can make in fees and selling the loan so there's no real incentive to minimize those fees or treat you especially well.

              There may be some benefit to contacting the company that's currently servicing your loan (unlikely they actually own the loan) and see if they can save you a few bucks by minimizing the paperwork/fees associated with originating a new loan. The catch is they may not offer as low an interest rate as another company.

              Points? Pay attention to the APR to compare what points actually do the to overall cost of the loan. Sometimes it is cheaper in the long run to pay points, if it's short term, the points may not be worth it.
              BAN SHREDDED CHEESE! MAKE AMERICA GRATE AGAIN!

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              • #8
                Originally posted by Jakester View Post
                As far as a specific company that treats people better....maybe I'm cynical, but I'm not sure there are any. The vast majority are going to sell the loan as soon as you sign the papers, and they realize the liklihood of repeat business is very small. The only skin they have in the game is whatever they can make in fees and selling the loan so there's no real incentive to minimize those fees or treat you especially well.
                Not true. Deal with somebody local. Preferably somebody you already know. All banks will sell the loans. Don't complain about that. If they didn't sell the loans your interest rate would either be variable, a lot higher, or both.

                There may be some benefit to contacting the company that's currently servicing your loan (unlikely they actually own the loan) and see if they can save you a few bucks by minimizing the paperwork/fees associated with originating a new loan. The catch is they may not offer as low an interest rate as another company.
                There is likely zero monetary benefit to contacting your existing mortgage holder.
                Center Grove Trojans
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                2015 6A Football State Champs
                2011 Track State Champs

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                • #9
                  I'm with TD. Go local. And local doesn't mean a branch of one of the big national banks.
                  Eff LBD!

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                  • #10
                    There is likely zero monetary benefit to contacting your existing mortgage holder.
                    Wells Fargo is currently offering refinance packages to current Wells Fargo mortgage holders that can significantly reduce the 'up front' money for a new loan. OTOH, as I said, they are not offering quite as low a rates as some other sources. Depending on your viewpoint, that could be considered to be paying over time versus paying up front.
                    BAN SHREDDED CHEESE! MAKE AMERICA GRATE AGAIN!

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                    • #11
                      We refinanced many years ago, shortened the term by half and lowered the payment a hair, and had a very good experience.

                      At that time, we used a local savings bank that was subsequently bought by WAMU, which itself was bought by Chase during the recent banking crisis rather than filing for bankruptcy. The bank we used gave us a good rate and then knocked off another half-point for agreeing to open a checking account and allowing direct withdrawals for the monthly payments.

                      I'd check with your credit union, if you have access to one, and your local banks.

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                      • #12
                        Jetdoc,
                        There are a lot of different factors, but find someone you trust. You said you have an FHA loan so if you have made all your payments on time you can do a streamline but if you don't need an FHA

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                        • #13
                          Originally posted by Truth Detector View Post
                          Then, after treating all banks like a number, complain when you get treated like a number.
                          I got great service from my mortgage broker.
                          Then the loan was sold to Wells Fargo.
                          No problems.
                          "The secret of life is honesty and fair dealing. If you can fake that, you've got it made."
                          ~~Groucho Marx
                          I have the hots for Khaleesi...

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