Refinancing mortgage...

[disneybound31]

I need some help. Our mortgage is with Regions and I want to refinance from 30 years to 15 with the new rates and thought I was well on my way.

Long story short.... my customer rep has been horrible about returning my calls and I was told today that he never overnighted the FedEx package he said he would send last Thursday. Didn't "get to it".

I think I am ready to move on... it seemed just too good to be true to do a modification of our mortgage through the same company. Too easy. Add to that the closing costs seemed very high.

Can anyone recommend a company they have refinanced with? I have looked at PenFed.org and WellsFargo.com.
PenFed has great rates and do-able closing, but I need to know if you have to hire your own real estate attorney and how you close a refi when it is online?
Thanks for any info!

 

[minnie1928]

I need some help. Our mortgage is with Regions and I want to refinance from 30 years to 15 with the new rates and thought I was well on my way.

Long story short.... my customer rep has been horrible about returning my calls and I was told today that he never overnighted the FedEx package he said he would send last Thursday. Didn't "get to it".

I think I am ready to move on... it seemed just too good to be true to do a modification of our mortgage through the same company. Too easy. Add to that the closing costs seemed very high.

Can anyone recommend a company they have refinanced with? I have looked at PenFed.org and WellsFargo.com.
PenFed has great rates and do-able closing, but I need to know if you have to hire your own real estate attorney and how you close a refi when it is online?
Thanks for any info!

You don't have to hire your own attorney (you can if you want). Most companies have a relationship/subsidiary company that can handle your settlement.

Or, now that I think about it...I did my Wells Fargo mortgage
at my local bank using the bank's notary service. WF sent us all the paperwork and had everything clearly marked with who had to sign what. I can't recall if this was for our mortgage or for our modification (I did both with them). It honestly was the easiest thing to do.

 

[lisaluvsmickey2000]

Just wanted to let you know that I'm closing an in house re-fi with Regions this week. I used Heather Justice-Davis and she is at ext. 2568 Give her a call, and see if she can help you! Their closing costs were less than a local broker we had been working with, the interest rate was better by more than a full %, and in less than 3 weeks it's due to be completed on Christmas Eve...who closes on a holiday??? Hahaha, I guess we are! They are sending a notary out to our house that morning to sign the paperwork.

 

[disneybound31]

Just wanted to let you know that I'm closing an in house re-fi with Regions this week. I used Heather Justice-Davis and she is at ext. 2568 Give her a call, and see if she can help you! Their closing costs were less than a local broker we had been working with, the interest rate was better by more than a full %, and in less than 3 weeks it's due to be completed on Christmas Eve...who closes on a holiday??? Hahaha, I guess we are! They are sending a notary out to our house that morning to sign the paperwork.

This is very helpful info to me. I may call her tomorrow. Our closing costs are close to $3k and apparently all but $450 can be rolled into the loan amount... I was also told about the notary coming to the house. Is your a refi of an existing mortgage you have with them or a new loan with them?

I did all the legwork for our initial purchase (this house) which was our first house ever. We had no realtor and went through the bank and although I had to run around alot it was not so bad. Do you think that even though I have started the process with the one guy that I can switch to your person? I will just have to explain the situation and hope for the best.

Can I ask if there were any additional costs at closing that were not disclosed to you during the loan process?
TIA

 

[seashoreCM]

How much lower is the interest rate?

There is no advantage in refi-ing with your existing lender if the costs and rate are higher than you can get elsewhere.

I don't have the formula for comparing rate A percent with closing costs B from bank 1 against rate X percent with closing costs Y from bank 2 but such a comparision does exist. The favor varies depending on how long before the next refi (or sale of the house).

 

[kinntj]

We refinanced through Wells Fargo (our current mortgage lender) with no closing cost. There's no penalty for paying early and we'll pay more on the mortgage when we can afford it.

 

[Proverbs*Mom]

We refinanced through Wells Fargo (our current mortgage lender) with no closing cost. There's no penalty for paying early and we'll pay more on the mortgage when we can afford it.

I have WF too, and I called last week about this. There's no "out of pocket" fees. They roll the fees into your new mortgage. That's a HUGE difference, and false advertising on their part.

Rebecca

 

[Strangeite]

it's due to be completed on Christmas Eve...who closes on a holiday??? .

Unfortunately my clients. I have three closings tomorrow.

 

[disneybound31]

How much lower is the interest rate?

There is no advantage in refi-ing with your existing lender if the costs and rate are higher than you can get elsewhere.

I don't have the formula for comparing rate A percent with closing costs B from bank 1 against rate X percent with closing costs Y from bank 2 but such a comparision does exist. The favor varies depending on how long before the next refi (or sale of the house).

Our current rate is 7% and our new quoted rate is 4.75% and we would be going from 30 years fixed to 15 years fixed. If we do a cash out refi (and we will because with that 6k I will pay off the car and have no debt except mortgage) the rate jumps to 4.87%-- still a huge savings from the 7%.

I have been shopping around and see that Penfed.org has low closing costs but they may not roll some or all into loan and we cannot swing the more than 4k that the truth in lending quote gives us. My Regions (in house) quote gives me $2700-2900 in closing with all but $500 rolled into loan. Could there be other fees tacked on the end? Previous poster?

The refi will save us more than 100k over the life of the loan so I really want to make this happen, but now, of course, we will have to wait til after the holidays to contact a different rep. I am definately going to call the referral given in a previous post.

This is my first refi and I appreciate all the info!

 

[nordkin]

I have WF too, and I called last week about this. There's no "out of pocket" fees. They roll the fees into your new mortgage. That's a HUGE difference, and false advertising on their part.

Rebecca

Wells Fargo does have a no closing cost refinance and I am not talking rolling them into the mortgage. We refinanced to a 20 year loan with them in April and started everything last night to refinance for 15 years at a lower rate with zero closing costs. You have to qualify for the no closing costs option, but it does exist.

 

[Proverbs*Mom]

Wells Fargo does have a no closing cost refinance and I am not talking rolling them into the mortgage. We refinanced to a 20 year loan with them in April and started everything last night to refinance for 15 years at a lower rate with zero closing costs. You have to qualify for the no closing costs option, but it does exist.

Wow, I'm not trying to correct you, but perhaps it's been discontinued since the rates fell. We called WEDNESDAY of last week, and were quoted around $4500 for a no cash out refi, and we have a credit score of 850. Things may have changed since you did yours back in April.

If you have a number or a person I could speak to regarding a no-fee loan, please share! I inquired online, and then a local agent called me. She was fully aware that we wanted a no cost refi.

Rebecca

 

[3DisneyBuggs]

We started doing a refi w WF last night. They are sending the paperwork but there are no closin costs. I figure the money we save will go right back up once our taxes are increased.We will close in Febraury so hopefully rates will go lower and lower.

 

[hsmamato2]

I checked online with WF-(our current ) the rates I was quoted were over 6%-I don't get it, I'm lower than that already.....

 

[minnie1928]

I checked online with WF-(our current ) the rates I was quoted were over 6%-I don't get it, I'm lower than that already.....

Im currently working w/ WF on a refi, but we haven't locked yet. Monday night the rates jumped up unexpectedly. My broker said that the running theory was that they jacked up the rates to slow the volume down so that the employees could "catch up" before the holidays. He recommended that I not lock and wait until rates dropped back down.

 

[lisaluvsmickey2000]

Our current rate is 7% and our new quoted rate is 4.75% and we would be going from 30 years fixed to 15 years fixed. If we do a cash out refi (and we will because with that 6k I will pay off the car and have no debt except mortgage) the rate jumps to 4.87%-- still a huge savings from the 7%.

I have been shopping around and see that Penfed.org has low closing costs but they may not roll some or all into loan and we cannot swing the more than 4k that the truth in lending quote gives us. My Regions (in house) quote gives me $2700-2900 in closing with all but $500 rolled into loan. Could there be other fees tacked on the end? Previous poster?

The refi will save us more than 100k over the life of the loan so I really want to make this happen, but now, of course, we will have to wait til after the holidays to contact a different rep. I am definately going to call the referral given in a previous post.

This is my first refi and I appreciate all the info!

They sent the attorney out to our house yesterday to get dh to sign all the paperwork! We paid $450 out of pocket for the appraisal and application fee. Here are the fees directly off the paperwork:
credit report-$30
flood determination-$7.50
processing-$250
underwriting-$275
doc handling-$25
closing-$425
title insurance-$125
recording-$31

The rest of what we are paying are a .8% discount fee, and insurance, and taxes.

We have went from an arm with a current interest rate of 11% to a fixed at 5.5%. We're saving $225/month! This year's Disney trips are fully funded now

 

[goofyforlife]

Im currently working w/ WF on a refi, but we haven't locked yet. Monday night the rates jumped up unexpectedly. My broker said that the running theory was that they jacked up the rates to slow the volume down so that the employees could "catch up" before the holidays.

Hey keep all the refi's coming...... (we are swamped though...)

(i am current working for a WF servicing unit in the underwriting dept)

 

[RayJay]

Im currently working w/ WF on a refi, but we haven't locked yet. Monday night the rates jumped up unexpectedly. My broker said that the running theory was that they jacked up the rates to slow the volume down so that the employees could "catch up" before the holidays. He recommended that I not lock and wait until rates dropped back down.

I agree with this, there is alot more great refi deals coming, if anyone can be patience and shop around I believe you will be rewarded with a great rate.

The consumer is in the driving seat right now, no one should be taking 6%. Unless credit is poor.

Good Luck to all
RayJay

 

[minnie1928]

Hey keep all the refi's coming...... (we are swamped though...)

(i am current working for a WF servicing unit in the underwriting dept)

I'd be more than happy to send you another loan, just give me a great rate! I'm at 5.75 and would LOVE to be below 5% on a "high capital" conforming loan.

 

[RayJay]

We have went from an arm with a current interest rate of 11% to a fixed at 5.5%. We're saving $225/month! This year's Disney trips are fully funded now

11% to 5.5%?

You should be saving more than $225 unless this was a funky mortgage.

In any case, that is GREAT.

Good Job
RayJay

 

[disneybound31]

They sent the attorney out to our house yesterday to get dh to sign all the paperwork! We paid $450 out of pocket for the appraisal and application fee. Here are the fees directly off the paperwork:
credit report-$30
flood determination-$7.50
processing-$250
underwriting-$275
doc handling-$25
closing-$425
title insurance-$125
recording-$31

The rest of what we are paying are a .8% discount fee, and insurance, and taxes.

We have went from an arm with a current interest rate of 11% to a fixed at 5.5%. We're saving $225/month! This year's Disney trips are fully funded now

So you paid $450 out of pocket plus the additional amounts you listed? Because what you listed amounts to more than $450. Did you pay $450 and then $1164? Thanks for clearing it up for me. I am trying to get a good handle on what I am looking at.