Is there really such thing as no cost refinance??

[janey99]

Ask them what their rate on a 10 year fixed loan is. We went from a 30 to a 15 with Wells Fargo, and they contacted me to see if I wanted to refinance when the rates went down again. I'd already paid about a year on the loan so I told them that I was going to look into refinancing elsewhere because I didn't want to take another 15 year loan and I didn't see that they offered a 10 year fixed. They called me back and gave me a quote on a 10 year and it was only about $75 more a month than I was paying on the 15 year. It's not something they advertise, but they will "find" the rate if they want to keep the customer. Good luck!

Thanks for the thought - I did ask about going to a 10, but it is the same rate as a 15, and it adds about 400 a month to my payment, which is more than I'm comfortable with (we are already very aggressive with our payment).

I told him I'd be shopping around, so we'll see. Like I said, after that call, I'll go with the carrier who will go 3k-1$!

Jane

 

[Gr8t Fan]

I told him I'd be shopping around, so we'll see. Like I said, after that call, I'll go with the carrier who will go 3k-1$!

Jane

I'd feel the same way and do the same thing.

 

[KnoxDisney]

I refinanced my house 2 1/2 years ago...paid points and it cost me less than $3000...Now if I want to refinance it will cost me almost $5000?? I do not have WF I have Citimortage.

I want to refinance but I can't afford paying $5000...Why aren't more mortgage companies doing what WF is doing?

 

[kellia]

For those that have done the Wells Fargo refi, has anyone had a FHA loan and been in Michigan? We called, but because property values have dropped so much, we'd have to do the no-appraisal one. But, they'd only go down to 5% (we currently have 5.5%) and we'd have to have about $2000 in closing costs! She said it was due to where we live, but it seems like if it's FHA, they are guaranteed to get their money even if we defaulted, so not sure what the problem is. We have good credit and have never been late in 8 years.

 

[janey99]

For those that have done the Wells Fargo refi, has anyone had a FHA loan and been in Michigan? We called, but because property values have dropped so much, we'd have to do the no-appraisal one. But, they'd only go down to 5% (we currently have 5.5%) and we'd have to have about $2000 in closing costs! She said it was due to where we live, but it seems like if it's FHA, they are guaranteed to get their money even if we defaulted, so not sure what the problem is. We have good credit and have never been late in 8 years.

The cynic in me is thinking very few people are actually getting the magical Wells Fargo refi with great terms, no matter what state they are in!

 

[njcarita]

The cynic in me is thinking very few people are actually getting the magical Wells Fargo refi with great terms, no matter what state they are in!

in nj here and have refinanced with the NO COST Wells Fargo Refinance.... 3x in the last 4 years......

 

[Skatermom23]

I'm doing a refi now with the CU for 15 years at 3.875 and no points. Closing costs will run me about $3200 and this does not include any prepaids such as interest and escrow money. I could get a lower rate with other online sites but then the closing costs are more and you generally are paying points. This was by far the best deal out there.

 

[Kay1]

The cynic in me is thinking very few people are actually getting the magical Wells Fargo refi with great terms, no matter what state they are in!

I assure you, Janey99, people are getting this deal. I suppose you need the equity, income, assets, and credit score for it to work, but it worked for us. Try Googling: Wells Fargo 3-step refinance to learn more.

 

[janey99]

I assure you, Janey99, people are getting this deal. I suppose you need the equity, income, assets, and credit score for it to work, but it worked for us. Try Googling: Wells Fargo 3-step refinance to learn more.

Thanks for the presumptions Kay, but we're doing just fine!

Since I have a mortgage guy I deal with, as I mentioned upthread, I don't need to google anything.

My current term and my current interest rate are already so low that we don't qualify because WF feels no other carrier will give us a better deal than 3k closing costs at the rate we want, and therefore, we won't actually make a move.

Jane

 

[jessrose18]

Wish we could have gone with WF, brother even works there. But, we carry pmi so we have to stick with USbank, which by the way has stunk

 

[Kay1]

Thanks for the presumptions Kay, but we're doing just fine!

Since I have a mortgage guy I deal with, as I mentioned upthread, I don't need to google anything.

My current term and my current interest rate are already so low that we don't qualify because WF feels no other carrier will give us a better deal than 3k closing costs at the rate we want, and therefore, we won't actually make a move.

Jane

It's really not my concern how you're doing. I simply wanted to point out that, despite your expressed cynicsm, posters here are actually getting these loans. And there is nothing "magical" about them.

 

[hsmamato2]

Our mortgage is with Wells Fargo. They offered a no-cost refinance to us. It would have dropped our interest about 1%, the problem was is that the shortest term they offer is 15 years and we have less than that on our mortgage, plus we pay extra each month.

But, to answer your question, it was not cost to us.

HOW?????? we have the same company,great credit,and were offered a refi at about 1.5 pts lower than what we have,on a 15 year loan that would have cost us around 3k,using the SAME company we already had? what were we doing wrong that we were offered this?
we started the process and decided it was too $$$ for the hassle-

 

[Gr8t Fan]

HOW?????? we have the same company,great credit,and were offered a refi at about 1.5 pts lower than what we have,on a 15 year loan that would have cost us around 3k,using the SAME company we already had? what were we doing wrong that we were offered this?
we started the process and decided it was too $$$ for the hassle-

Here's a link to the WF mortgage page: https://www.wellsfargo.com/mortgage/

In the middle of the page is a section called "How Wells Fargo Can Help" and there's a sub-section there entitled Existing Customers: Streamlined Refinance. You click on there to get started.

HTH!

 

[jessicaerv]

I spoke with a Wells Fargo loan consultant today (we are existing customers). We qualified for all 3 levels of the 3-Step Refinance (30 year fixed, 20 fixed and 15 fixed). However, the rates were a little high based on where rates are right now... 4.75% for both 30 and 20, and 4.25% for the 15.

If we pay 1/8 of a point (0.0125%) the rate will drop down to 4.375%. We'd be paying about $2k out of pocket (points, origination, appraisal, etc.) but dropping our payments down by almost $300 per month.

I think it sounds like a deal to me, but we're going to look around a little more before we commit.

Good luck to everyone!!!

 

[annabelle]

We refinanced with our existing lender - CHASE. They also offered us a no cost refi 30 yr 4.5% with NO closing costs, fees, appraisel, etc. Notary showed up at our door. We signed some papers and it was done.

Our mortgage is now $300 less/month but we plan on paying our regular payment PLUS one extra payment a year which will turn our mortgage into a 15 yr vs a 30 yr. It's just nice to know that if we hit hard times, we can default to the lower payment - if we have to.

I was told not all Chase customers were offered this... we do have excellent credit, no debt but the house and a good amount of equity. I think they also got wind that we were shopping around. When I called in and spoke to a rep, the closing costs and rate were CRAZY high. We were about to pull the trigger with a local bank, then out of the blue an over-nighted FEX EX letter showed up at our door - from CHASE with this offer. We were about to throw it away since it started off with something along the lines of "You have been chosen" Ok, how many times do we get letters in the mail telling us "we have been chosen"?? They hit the trash can before they're even completely open!

But glad we kept the Chase letter... it ended up being a great deal.

 

[Gr8t Fan]

I spoke with a Wells Fargo loan consultant today (we are existing customers). We qualified for all 3 levels of the 3-Step Refinance (30 year fixed, 20 fixed and 15 fixed). However, the rates were a little high based on where rates are right now... 4.75% for both 30 and 20, and 4.25% for the 15.

If we pay 1/8 of a point (0.0125%) the rate will drop down to 4.375%. We'd be paying about $2k out of pocket (points, origination, appraisal, etc.) but dropping our payments down by almost $300 per month.

I think it sounds like a deal to me, but we're going to look around a little more before we commit.

Good luck to everyone!!!

I don't understand why you're being charged for closing costs again if it is the 3-step refinance. Closing costs were waived when we did the streamlined refinance with Wells Fargo. Although, to be fair, our last refinance was in 2004 well before the economy tanked.

 

[njmomtoone]

I don't understand why you're being charged for closing costs again if it is the 3-step refinance. Closing costs were waived when we did the streamlined refinance with Wells Fargo. Although, to be fair, our last refinance was in 2004 well before the economy tanked.

We are doing the re-fi and there are no closing costs and no out of pocket expenses.

 

[jessicaerv]

I don't understand why you're being charged for closing costs again if it is the 3-step refinance. Closing costs were waived when we did the streamlined refinance with Wells Fargo. Although, to be fair, our last refinance was in 2004 well before the economy tanked.

No, no, no -- the no-cost refinance was at a higher interest rate than we wanted to pay. In order to snag the lower interest rate we wanted we would have to do a traditional refinance, pay a very low amount in points and a small amount in fees.

Now, however, we've received an even BETTER quote from another lender... 3.875% for 30 year fixed, paying 0.875 points and $1100 in origination and other fees.

I've asked Wells if they can beat it. If not, then its off to the other lender we go.

 

[allison443]

Thanks for the presumptions Kay, but we're doing just fine!

Since I have a mortgage guy I deal with, as I mentioned upthread, I don't need to google anything.

My current term and my current interest rate are already so low that we don't qualify because WF feels no other carrier will give us a better deal than 3k closing costs at the rate we want, and therefore, we won't actually make a move.

Jane

Jane, are you in New Jersey? Check out Valley National Bank. They have a $499 refinance program. We used them and that was the total cost. Very quick and smooth transaction. My dh was the one that researched it and he felt it was a great rate at the time.
Good luck!

 

[jessrose18]

we just refinanced, and already rates are much lower! Anybody ever done two in one year?