DB in NJ Posted August 9, 2012 Share Posted August 9, 2012 Our current mortgage company? Our local bank? Quicken Loans? If you've refinanced recently, did you have a good experience? Tell me your story! Quote Link to comment Share on other sites More sharing options...
Kathryn Posted August 9, 2012 Share Posted August 9, 2012 (edited) :bigear: I'm supposed to be doing some refi research. Can I ask also to say what the process involves and how long it takes? Edited August 9, 2012 by kebg11 Quote Link to comment Share on other sites More sharing options...
LisaKinVA Posted August 9, 2012 Share Posted August 9, 2012 Most refis are happening in 60-90 days (major lenders, like Chase and Wells Fargo). Some refis are happening in 35-45 days (lending tree/quicken loan referral groups). These are standard FHA-type loans. Federal Credit Unions offer different programs than any of the above, and could be more advantageous, but you have to be a member. Do Not Use Fairway Mortgage. It's been 8 months, and we haven't closed. It's a long story, and apparently, lots of bad information mucking up the process. We are getting ready to do a different loan with our current lender (local bank), and should close on that in 2 weeks...but it is not a standard loan. Lisa Quote Link to comment Share on other sites More sharing options...
Stacy in NJ Posted August 9, 2012 Share Posted August 9, 2012 The Fed is going to introduce a new mortage purchase program that will further drive down interest rates on mortages. If you can wait a bit longer - do it. Quote Link to comment Share on other sites More sharing options...
happi duck Posted August 9, 2012 Share Posted August 9, 2012 (edited) We did a refi with the bank that already held our mortgage. It was easy: just a few questions and some signatures. It didn't take more than a month or two. Edited August 9, 2012 by happi duck Quote Link to comment Share on other sites More sharing options...
Kathryn Posted August 9, 2012 Share Posted August 9, 2012 The Fed is going to introduce a new mortage purchase program that will further drive down interest rates on mortages. If you can wait a bit longer - do it. Can you elaborate or link on this? Quote Link to comment Share on other sites More sharing options...
Liz CA Posted August 9, 2012 Share Posted August 9, 2012 Our current mortgage company? Our local bank? Quicken Loans? If you've refinanced recently, did you have a good experience? Tell me your story! If you are happy with you current bank, I'd go there first. But it bears shopping around right now as interest rates are fluctuating from place to place. Many offers I hear advertised waive all kinds of fees but check if they are legit. Quote Link to comment Share on other sites More sharing options...
bethben Posted August 9, 2012 Share Posted August 9, 2012 I just called around to banks in the area and my current mortgage company. The one that won out was a little bank nearby. They wound up giving me a 2.6% 15 year mortgage that is giving us smaller payments than our 20 year mortgage. I can't imagine it goes much lower. Beth Quote Link to comment Share on other sites More sharing options...
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