Hi MMM friends, new to this sub-forum, usually hang out over on Investor Alley but figured this question was more appropriate here.
I am taking a hard look at current mortgage rates and thinking about refinancing. My current is 4.125% on a mid-400s balance and 27 years remaining.
A coworker turned me on to loanDepot who look like a pretty bargain basement provider. They have good rates and fees, but I am hesitant. My biggest question for this post is if anyone has done business with Loan Depot and if they have any experience or warning signs? FWIW I also quoted Rocket Mortgage and they gave me a worse rate, AND their website was worse and buggier.
Yesterday, loanDepot quoted me 3.25% with $11,817 in closing costs, about a 3-year payback window and roughly $300 reduction in monthly payment. Anyway, I'm thinking hard about it if rates drop another quarter percent or so. Criticism on my thinking here from a MMM perspective is welcome, I'd say 50/50 shot we are still in this house 3 years from now. Although the main purpose of my post here is discussion on loanDepot as I know there are many extant threads on the pros/cons of refinancing.