Author Topic: A good lender to refinance with?  (Read 1871 times)

blackfedora

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A good lender to refinance with?
« on: July 07, 2016, 08:42:45 AM »
Hi there,

I'm debating refinancing my primary residence, but in addition to rates I was curious to know if any mustachians know of not-terrible mortgage lenders that service SC. My current mortgage was originated by a lending agent through a mortgage marketplace and immediately was traded 4 or 5 times (it took 6 months for me to finally land with a permanent lender who would let me set up an online account). I really don't want to go through all that again, both because it was a pain in the ass for me, and because I don't want to support the crazy mortgage trading system if at all possible, so my question is: does anyone know of a lender that won't immediately sell off my mortgage to some unknown party?

Mortgage details:
Principal remaining: $196,832.49
Interest Rate: 4.5%
Loan origination date: 08/30/2013
Current monthly payment (including escrow): 1422.58
State house is located in: South Carolina

Thanks in advance for any help!

Another Reader

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Re: A good lender to refinance with?
« Reply #1 on: July 07, 2016, 09:17:19 PM »
Almost all conforming loans are sold to Fannie/Freddie and the servicing company is chosen by them.  When you go through a mortgage broker, you are guaranteed the loan servicing will be sold. They do not service loans. 

I'm much more concerned with getting the best deal on rate and costs and I don't really care who services the loan.  If you want an inexpensive, low rate mortgage, try Aimloan.com.  They are an internet only lender, and their rates and fees are among the lowest out there.

fishnfool

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Re: A good lender to refinance with?
« Reply #2 on: July 08, 2016, 12:46:24 AM »
I'm lookin at a refi myself for a investment property. I might go with aimloan or keep it with the current bank which is Wells Fargo.  The one thing I've liked about them is they don't resell most of their loans and their online service is great. I expect aimloan to sell my loan, but if the rate is better with lower fee's I'll go with them. I agree though, it can be a headache, my last refi switched hands 3x's and took some time before the dust settled to get my online payments set up.

Good luck!

brotatochip

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Re: A good lender to refinance with?
« Reply #3 on: July 08, 2016, 03:49:25 AM »
I just refinanced to a 15 year with Northwest Federal Credit Union....2.63% with all closing cost rolled into the mortgage, minus the $360 appraisal.  Haven't made an online uet payment but their website is pretty good and customer service is excellent.

Another Reader

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Re: A good lender to refinance with?
« Reply #4 on: July 08, 2016, 07:44:17 AM »
fishnfool:  Check the Fannie/Freddie loan look up sites.  Wells Fargo likely sold the loan to one of them but retained the servicing.  I have done two refi's through them and that is what happened in both cases.

acroy

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Re: A good lender to refinance with?
« Reply #5 on: July 08, 2016, 08:10:24 AM »
Credit unions can be excellent. I have a used car financed through a local teacher's credit union at a laughably low rate, and they offer very low home rates as well. The funny thing is, they don't require you to be a teacher.

I found Aimloan to be an excellent choice and lowest cost for my home loan. They have not sold the loan.

fishnfool

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Re: A good lender to refinance with?
« Reply #6 on: July 09, 2016, 02:12:58 AM »
I never got a call back from the Wells Fargo mortgage rep I spoke with yesterday. I did a online application with Aimloan which was already approved. If I like the rate they have on Monday it's looking like their going to get my business.

clarkfan1979

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Re: A good lender to refinance with?
« Reply #7 on: July 12, 2016, 03:53:15 PM »
In my experience local Credit Unions have the best rates. However, they don't really care if the refinance closes or not because no one is making a commission off of it.