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Thread: Refinance Thread

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    Retired RR Pantheon Mod Convo's Avatar
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    Refinance Thread

    I'm looking to refinance out of an FHA loan. So far it's been pretty confusing. I made the mistake of putting my info on leandertree and my phone is ringing non stop. Anyone have any solid advice? In hoping to roll all closing cost into the loan.

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    The Baconknight opiate82's Avatar
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    I know Cash Call usually has great deals on no-cost refi's. Their payday loan side gets lots of complaints (take into account who their clientele might be) but their home-loans side is suppose to be a solid operation.

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    Registered User Unidin's Avatar
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    Their rates jump alot as your loan size gets smaller. If you have a 300-400k loan, the rates are good. If you have a 100k loan, not so much.

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    Registered User Zombie Thorne's Avatar
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    What state?

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    Retired RR Pantheon Mod Convo's Avatar
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    Quote Originally Posted by Thorne View Post
    What state?
    Pa

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    http://www.fatwallet.com/forums/finance/788032/?start=0

    Don't necessarily go by the first page as some of the information is a bit dated. I've used MMNJ there a few times... just make sure you get multiple quotes from reputable companies when doing a refi. It's amazing how different they can be from day to day. Provident is who most people over there have been using lately.

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    Is there any point using a broker? Seems like the established banks I talk to are on par.

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    Registered User Brando's Avatar
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    I've been in this business for 13 years now, it used to be that Brokers had more options for you. That is starting to come back with HSBC and some other foreign banks starting to do stated again but for the most part the broker is sending your loans to the main US banks or their affiliates anyway.

    For refinancing out of an FHA loan, keep in mind 2 things; 1) it won't be a streamline process like an FHA to FHA refinance is and 2) in most cases your current impound account doesn't get sent to you until after closing so if you were planning on using those funds to pay the closing costs or setup your new impound account if needed then you may have to pay out of pocket until you get those funds back. If your current FHA loan is less than 3 years old you will get your partial UFMIP refund at closing though.

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    Retired RR Pantheon Mod Convo's Avatar
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    Thanks for the info. I'm actually looking to switch to a conventional and roll all the fees into it. I'm thinking that might be my best option?

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    Registered User Brando's Avatar
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    If you have the equity for it then sure. Refinances always come down to the cost to get the new loan vs. the recoupment period of said costs and the likelihood of you staying in the house and having that loan until you reach that period where you actually realize the savings.

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    Any recommendations for refi in Washington state? I'm looking at Chase and Wells Fargo now, but not extremely happy with either.

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    Retired RR Pantheon Mod Convo's Avatar
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    I think Wells Fargo owns the most mortgages. Best thing you can do is get a good faith estimate from 3 or 4 banks and let them compete. That's what I'm doing. Wells Fargo is winning.
    Last edited by Convo; 01-16-2013 at 04:43 PM.

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    Registered User Brando's Avatar
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    Wells Fargo will make you lock for 90 days which means you get the worst pricing they have, no idea on Chase. I would look at Citi and GMAC.

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    Why is locking longer bad? I have a mutual friend with the person im using there so I'm a bit more comfortable with how I will be treated.

    The government attempt to clean up the housing industry isn't working...

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    The Baconknight opiate82's Avatar
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    Quote Originally Posted by Kyn View Post
    Any recommendations for refi in Washington state? I'm looking at Chase and Wells Fargo now, but not extremely happy with either.
    I know they are big and evil and what not, but I had a pretty good experience with BoA. Out of like 5 banks they gave me the best rate and were the only ones who could look past the fact that my wife didn't have 2 years of history with her current employer. She had just gotten her RN and gotten a job at the hospital effectively doubling her income. Every other bank wouldn't use her new pay rate when deciding how much money to loan us where BoA looked at the rest of her job history and determined is was pretty safe to assume she would stick with her new job.

    *edit- This was back in '09 when they may or may not have been handing out home loans like candy still.

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    Registered User Brando's Avatar
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    Quote Originally Posted by Convo View Post
    Why is locking longer bad? I have a mutual friend with the person im using there so I'm a bit more comfortable with how I will be treated.

    The government attempt to clean up the housing industry isn't working...
    Because the longer the lock the longer the bank has to hedge against rates moving meaning your locked rate is higher than if you were locking for 30 or 60 days. If you're comfortable using Wells because of someone there then do it, just chances are you'll get worse terms than elsewhere because of their refinance back log dictating the long time period you need to lock for.

    For gods sakes don't use B of A, they are doing everything they can right now to not do loans.

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    B a A talked me out if it yesterday lol. Using my unfinished basement at the major concern

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    Speaking from experience, although I hate BoA with heart and soul, we refi'd through them using the VA streamline process. Took 30 days from start to finish, no appraisal, all forms faxed or scanned, and the closing was at our home using the mobile signatory guy they contract out to. Pretty painless process we found, but they can still go fuck themselves for regular banking needs

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    Yeah, the locking part with WF is somewhat annoying. I hadn't seriously considered Citi, so I'll dig a bit deeper there.

    I am not going with BoA either, because a couple of my friends have had horrible experiences and their rates don't seem to be very competitive.

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    I'm a registered MLO and work for a commercial bank in WA. The best deals out there are with credit unions. They piss me off. I can't compete with their rates and fees. I mostly cover home equity loans but if you have any questions about a refinance let me know.

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