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Old 01-03-2008, 09:47 AM   #21
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I'll second the lending tree comment. They found me a few people which quoted me almost the same thing. NASB was the bank in KC which actually did the refinance.

I would also add GMAC to the list. They had our mortgage, then when we refinanced thru NASB, NASB sold it right back to GMAC. The advantage of GMAC is they have low closing costs on refinances if you have 20% down. Meaning if you have a GMAC laon, and refinance thru GMAC, closing might cost you $80.

Be aware of mortgage brokers vs banks. This was the toughest thing to decipher off Lending tree. A mortgage broker charges you 1% as a fee. They then use this fee to lower the rate to whoever they sell the loan to, but the 1% does not get you anything. If you go to a bank, use this 1% to buy a point and lower the rate. In this case the cost of the point is tax deductable (if you itemize). Many times this implies the bank which you refinanced thru would "hold" the loan. We knew NASB would sell it (there is a line on the good faith estimate where it will disclose what % of loans that comapny sold off in last 1-2-3 year period I believe). The number disclosed is 0-25%, 25-50%, 50-75%, 75-100% I believe (they don't disclose exact figure, but should give you an idea if this loan is going to be sold before you make first payment.

One other note on GMAC- GMAC has a credit card whose reward is that 1% of all purchases goes to paying down the mortgage principal. For exvery $2500 I spend, my mortgage is reduced $25.
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Old 01-03-2008, 10:00 AM   #22
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Don't use First Horizon. I got a LOW rate, but their customer service is terrible.........

I'm going to refi in 6 months or so just to get rid of them.........
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Old 01-03-2008, 10:05 AM   #23
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Be aware of mortgage brokers vs banks. This was the toughest thing to decipher off Lending tree. A mortgage broker charges you 1% as a fee. They then use this fee to lower the rate to whoever they sell the loan to, but the 1% does not get you anything.
This depends totally on the independent broker you use and how greedy he is.
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Old 01-03-2008, 05:47 PM   #24
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Be sure you're pre-approved (instead of pre-qualified).

As far as who, I can't come up with any better. You have some great ones listed for you already.
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Old 02-12-2008, 10:16 PM   #25
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LendingTree Home Loans | Refinance | Home Equity | Mortgage Refinance

Our first mortgage was through them. They submit your application to at least four places and give you all the responses.
We ended up with than Norwest (now Wells Fargo Home Mortgage).
We got .25 percent better deal than directly from Norwest.
They will also give you some money back on closing with them (details vary) - check their current promos - IIRC we got $500 back in '99.
They also have lowest rate guaranty and our neighbors successfully used it in the past (in lieu of cash Lending Tree worked with WaMu to lower their APR .125% one day before closing).

No ties with lending tree only a satisfied customer.
Hmm...the only 4 lenders who competed for my loan on LendTree are four lenders I have never heard of. I had to do a search to find one company's CEO's profile in Charlotte Business Journal.

The rates are definitely better than I what I got from my credit union which was a 0.35% higher than what I got from LendingTree.
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Old 02-15-2008, 06:46 PM   #26
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I went through a mortgage broker when I refinanced in 2003. Got a 15-year loan at 4.25% with GMAC Mortgage. I could not have found that rate on my own. Very happy with GMAC.
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Old 02-18-2008, 07:11 AM   #27
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Quote:
Originally Posted by jIMOh
Be aware of mortgage brokers vs banks. This was the toughest thing to decipher off Lending tree. A mortgage broker charges you 1% as a fee. They then use this fee to lower the rate to whoever they sell the loan to, but the 1% does not get you anything.

This depends totally on the independent broker you use and how greedy he is.
I have to wholeheartedly agree. I checked with several financial institutions (including my current mortgage servicing company (Wells Fargo), and when we asked about refinancing, we didn't come close to the rate that we currently have.
Oh, and their fee was no where near 1%. I believe it was clearly stated in the paperwork as being 0.5%.
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Old 02-18-2008, 09:52 AM   #28
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I have to wholeheartedly agree. I checked with several financial institutions (including my current mortgage servicing company (Wells Fargo), and when we asked about refinancing, we didn't come close to the rate that we currently have.
Oh, and their fee was no where near 1%. I believe it was clearly stated in the paperwork as being 0.5%.
There is a difference between a lender and a broker. Wells Fargo is a lender, their fees will be lower when compared to a broker.

That was my point.
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Old 02-18-2008, 09:54 AM   #29
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I went through a mortgage broker when I refinanced in 2003. Got a 15-year loan at 4.25% with GMAC Mortgage. I could not have found that rate on my own. Very happy with GMAC.
How many points did you pay?

My first is with GMAC right now, but am paying 5.75% on 30 yr fixed. Did you get GMAC to quote you a rate on their website, did you only consider refinancing thru them, or did you have to ask them about rates in your situation to get a rate quote?

Also note that GMAC has a credit card which pays down the mortgage with 1% of all purchases. A good card to have. Wells Fargo and Citi also have similar cards.
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Old 02-18-2008, 10:44 AM   #30
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I don't really care what interest rate I have. What I care about is how much to write the check for each month. I'll be re-financing in the next few days if things happen to plan. It cost me $250 for an appraisal. I expect to reduce the check I write each month by around $150. Using back-of-the-envelope math, that's about a 720% return on my $250 the first 12 months. Anyone know of a CD that pays that right now? If Bernacke and friends continue their folleys, I'll do it again next year. A good mortgage broker who is not overly greedy is your friend. He makes a little, and you save a little. And the bonus is, he does all the work!
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Old 02-18-2008, 11:14 AM   #31
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This depends totally on the independent broker you use and how greedy he is.
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There is a difference between a lender and a broker. Wells Fargo is a lender, their fees will be lower when compared to a broker.

That was my point.
I know. Wells Fargo became my lender after going through a broker (and then the mortgage was sold from Washington Mutual to Wells Fargo).
Their fees were slightly lower, but their increased rate "forced" us to choose the broker.
We'll most likely end up back with them within a year anyway after the mortgage is resold (our current lender ... again through the brokerage ... is AmTrust).
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Old 02-18-2008, 11:18 AM   #32
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There is a difference between a lender and a broker. Wells Fargo is a lender, their fees will be lower when compared to a broker.

That was my point.
Oh, and just so you know. Wells Fargo has a $0 closing cost offer (at least for us they mentioned it). They ran the numbers, and because we have an investment property, our debt-to-income ratio was too high to qualify for that "plan".
They reran the numbers that included closing costs and added the closing costs back into the mortgage (which we wouldn't have done anyway), and the monthly payment was about $50/month LESS than it would have been for the $0 closing cost refinance!
The above occurred within 3 days, and not around the time that the rates dropped (about 2 weeks prior).
At that time, we changed our mind and didn't refinance and held out for a WAY BETTER rate of 4.625%, instead of the 5.125% they were offering us at the time (both 15 year notes).
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Old 02-23-2008, 03:05 PM   #33
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The best experience I've had in 9 mortgages is with my current lender, INGDirect. Their rates are competitive and they don't charge points. Either you qualify for their best rate or you don't. They also don't charge junk fees (no application, administrative, underwriting, funding, processing, or tax service fees) and they have a free 60-day rate lock. They also don't force you to escrow taxes and insurance which has been wonderful. They are responsive and their closing documents were perfect. They are currently capping closing costs at $895. I love being able to pay my mortgage online from my INGDirect savings account and see the balance change instantly. Totally transparent.

They are only an option if you have 20% down and you want an adjustable rate mortage. This is the first time I have used an adjustable rate mortgage and I have been very satisfied. I have kept only one mortgage for over 5 years so it made sense to go with the great rate and the low initial fees.
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Old 02-25-2008, 10:59 AM   #34
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I'll ditto what growing_older said. Our brokers have always gotten us better loans than direct to the bank. Eventually, Wells Fargo gets our loans anyway (at least so far).
But like R Wood said, keep an eye on all of the closing costs. These should be broken out in a "Good Faith Estimate".
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