Rate Shopping

[WGH]

Looking to refinance my home and wanted to know where do folks look to shop their rates. Do people use a Lending Tree type of service or another online source? Or just local banks and credit unions? Does anyone look at online options like at Bankrate.com?

Thanks!

[sulaco]

I'm interested in this as well. Too my surprise, Chase has the best rates I've been able to find so far. It seems like the gotos I used before are no longer relevant.

[mamabear18]

I s/w a Chase mortgage lender today and they charge points on their loans - so make sure you are not getting charged points.
They told me they had a loan with close to 0 points - like 0.0234.  I thought it was a little strange. FYI

[August26th]

Lending Tree or other online aggregates will get you LOTS of lenders bombarding you endlessly.

I’d check with 2 or 3 companies. Maybe your local bank, a local credit union, and a personal referral of someone you know, like and trust.

The online thing isn’t terrible and you can possibly find a great deal, but you have to be willing to sift through the junk.

Good luck!

[wellactually]

We bought in May 2018 and refinanced in September 2019, so we directly contacted the three of the individuals we'd worked with for quotes the first time around and told them they had another shot to keep or win our business. That worked out to the local credit union we currently had the mortgage with, a regional bank I've been a customer of for 14 years, a local bank that does mortgages nation-wide.

We ended up staying with the credit union and they even allowed us to do a one-time float down after we'd locked the rate because they dropped again. For us, the relationships seemed to help.

I did do a quicken quote request for the original mortgage and the calls were insane for the next week or two after. Enter at your own risk.