I am buying my siblings' interest in the family home. I already have my name solely on the deed. I want to give them their 1/4 share (there are 4 of us) of the property since my dad died about 10 years ago and my mom passed away in February 2012. This is part of administering my mom's estate and I am the executor.
I need a mortgage product called a refinance with cash out. I called Penn Fed and the mortage rep was very helpful. I asked if advertised rates for fixed 30 year mortgages are the same as rates for a refinance with cash out mortgage. She said with Penn Fed the rates on these products are the same, but this is not true for all banks.
Based on a hypothetical mortgage scenario that the Penn Fed rep and I worked through, she said I may incur a .25 point ($375) and approximately $2,500 in closing costs on a 3.5% 30 year fixed refinance with cash out mortgage. Bankrate.com seemed to show other banks offering a refinance mortgage with no points and lower closing costs.
My question is whether I should go with Penn Fed for the refinance with cash out mortgage or should I use another lender? How do I find the best mortgage "deal" for me? I have never obtained a mortgage before, so I am not sure how to get the best deal, with the least amount of hassle, from a quality lender.
I think that the Penn Fed rep said one advantage of having a mortgage with Penn Fed is that they service all of their loans and that the mortgage wont be switching from lender to lender.
Do I just use bankrate.com and find the lowest APR, lowest points and lowest closing costs and confirm that it applies to refinance with cash out mortgage?
Thank you for your insight.
I need a mortgage product called a refinance with cash out. I called Penn Fed and the mortage rep was very helpful. I asked if advertised rates for fixed 30 year mortgages are the same as rates for a refinance with cash out mortgage. She said with Penn Fed the rates on these products are the same, but this is not true for all banks.
Based on a hypothetical mortgage scenario that the Penn Fed rep and I worked through, she said I may incur a .25 point ($375) and approximately $2,500 in closing costs on a 3.5% 30 year fixed refinance with cash out mortgage. Bankrate.com seemed to show other banks offering a refinance mortgage with no points and lower closing costs.
My question is whether I should go with Penn Fed for the refinance with cash out mortgage or should I use another lender? How do I find the best mortgage "deal" for me? I have never obtained a mortgage before, so I am not sure how to get the best deal, with the least amount of hassle, from a quality lender.
I think that the Penn Fed rep said one advantage of having a mortgage with Penn Fed is that they service all of their loans and that the mortgage wont be switching from lender to lender.
Do I just use bankrate.com and find the lowest APR, lowest points and lowest closing costs and confirm that it applies to refinance with cash out mortgage?
Thank you for your insight.