Author Topic: Shopping for a mortgage  (Read 3062 times)

markstache

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Shopping for a mortgage
« on: June 05, 2012, 11:45:35 AM »
Thanks to some good advice from mustachians, I'm looking into a mortgage refi. I'm talking with my current lender, but I thought I'd see if anyone has good advice for shopping for a mortgage or if there are any mustachian lenders out there. Google searches thus far all trip my "too good to be true" alarm.

velocistar237

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Re: Shopping for a mortgage
« Reply #1 on: June 05, 2012, 11:59:19 AM »
I'm planning on refinancing this evening. Aim Loan looks pretty good, especially if you have less than 75% LTV. You could also take a look here. My too-good-to-be-true radar is on full alert as well, but AJ had a good experience with AIM.

gecko10x

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Re: Shopping for a mortgage
« Reply #2 on: June 05, 2012, 12:37:06 PM »
We refinanced with ING Direct a couple years ago. Everything was online/phone, the rates were good, and the fees were low.

TheDude

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Re: Shopping for a mortgage
« Reply #3 on: June 05, 2012, 01:20:24 PM »
I have refinancied here

http://www.usmtgcapital.com/wfr_rates.cfm

When you look at his fees just note they are only lender fees. You still have to pay for other fees appraisal etc. If you add about .25% to interest rate with lowest fee that will be about would he could do for a close to no cost loan.

I have also used these guys

http://www.boxhomeloans.com/

I like their customer service better but their rates arent as good.

Check your local credit union they sometimes have good rates. Good luck.

tooqk4u22

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Re: Shopping for a mortgage
« Reply #4 on: June 05, 2012, 01:37:47 PM »
If it is just refinance then pretty much any of the companies will do, just look for the ones with lowest fees/rate.  If it were for a purchase or other situation that is time/execution sensitive then I would be far more selective. 

Also if you are in the camp of paying off your mortgage as soon as possible (<7years) it is worthwhile to blend the costs into the rate (NOT THE MORTGAGE BALANCE) - it is reverse points.  In this situation you would pay a bit higher interest rate but if you paid off the house prior to the calculated breakeven point the lender eats the cost.  I refinanced my prior house three times in the course of two years and paid almost no costs (I don't count tax escrow as a cost as that is your money).

pca

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Re: Shopping for a mortgage
« Reply #5 on: June 06, 2012, 03:47:34 PM »
We have had very good experiences with Provident Funding: http://www.provident.com. We used them for a purchase and again for a refi.

They're very rigorous in terms of verifying your income, savings, and other documentation. However, in return, you get a reputable company with rates that are consistently the lowest around. If you have your financial ducks in a row, with no funny business, they're hard to beat.