LibraryLover Posted January 27, 2009 Share Posted January 27, 2009 With who? Just curious. Quote Link to comment Share on other sites More sharing options...
sandellie4 Posted January 27, 2009 Share Posted January 27, 2009 We just did this. First I submitted to Learning Tree, but after we got our quotes back, well, blah, and we have an excellent credit rating. So I called our mortgage company, Wells Fargo, and we've refinanced at a lower rate. There are no points, but of course, the interest rate was higher without our paying points. Our payment's gone down $200+ per month. It was done over the phone, though I did have to mail certain items. We refinanced the entire amount we owe on the house, so I don't know about that aspect of your question. Sandy Quote Link to comment Share on other sites More sharing options...
Tracey in TX Posted January 27, 2009 Share Posted January 27, 2009 Think it requires the entire points/closing costs, etc unless you find a bank with a "special". We refinanced our home this month. Our cost savings is $200/mo as our interest rate decreased from 6 to 5%. This includes rolling in points and closing costs. We also have a 700-something FICA. Good luck. There are some great deals if you don't mind doing your homework researching the banks. Quote Link to comment Share on other sites More sharing options...
G5052 Posted January 27, 2009 Share Posted January 27, 2009 We bought our house ten years ago on a 30-year mortgage. We refinanced once several years down the road for a significantly lower interest rate with the same lender (best deal I could find), and rolled the points and fees into the balance. Then five years ago, we refinanced to a 15-year mortgage and paid only for the appraisal and document fees at closing (still the same lender, best deal). They wouldn't discount the rate we got any further with points, so we didn't pay points. That company liquidated over the summer and sold our mortgage, but we're still below market and are just sitting tight. You won't know unless you ask! Quote Link to comment Share on other sites More sharing options...
Sharon in SC Posted January 27, 2009 Share Posted January 27, 2009 We just did this. First I submitted to Learning Tree, but after we got our quotes back, well, blah, and we have an excellent credit rating. So I called our mortgage company, Wells Fargo, and we've refinanced at a lower rate. There are no points, but of course, the interest rate was higher without our paying points. Our payment's gone down $200+ per month. It was done over the phone, though I did have to mail certain items. We refinanced the entire amount we owe on the house, so I don't know about that aspect of your question. Sandy Interesting. We're also with WF. I called them to compare what they could do for us to what our local broker offered for our refinance. WF was MUCH more costly. :confused: Quote Link to comment Share on other sites More sharing options...
lulubelle Posted January 27, 2009 Share Posted January 27, 2009 We just refinanced with the same company - Countrywide. We got a lower rate and payed no extra points for 5%. We also rolled a second equity line mortgage into it! We had to do the usual appraisal, lawyer, and addition fees. My husband locked in over the phone with the agent and we just had to go sign paper work at the lawyers office a few weeks later. Quote Link to comment Share on other sites More sharing options...
sandellie4 Posted January 29, 2009 Share Posted January 29, 2009 I don't know. Maybe it depends which state you're in and other factors? The WF was more costly on the surface, but there were no points and closing costs. When I compared their offer with the other offers, which added points and closing costs, WF came out quite a bit ahead. Plus, with WF we could just have our escrow switched over; we didn't have to do anything separate with the escrow, as we would have had to do with another lender. Also, I'm not so savvy about this kind of thing, and when I called one of the Lending Tree folks, I felt like I was being jerked around all over the place, what with the intense sales pitch. But the bottom line came out more than WF would've been, after I had asked all my questions. Maybe you've got a fine local broker!... Are you hesitant to go with that one, for some reason? Sandy Interesting. We're also with WF. I called them to compare what they could do for us to what our local broker offered for our refinance. WF was MUCH more costly. :confused: Quote Link to comment Share on other sites More sharing options...
Sharon in SC Posted January 29, 2009 Share Posted January 29, 2009 I don't know. Maybe it depends which state you're in and other factors? The WF was more costly on the surface, but there were no points and closing costs. When I compared their offer with the other offers, which added points and closing costs, WF came out quite a bit ahead. Plus, with WF we could just have our escrow switched over; we didn't have to do anything separate with the escrow, as we would have had to do with another lender. Also, I'm not so savvy about this kind of thing, and when I called one of the Lending Tree folks, I felt like I was being jerked around all over the place, what with the intense sales pitch. But the bottom line came out more than WF would've been, after I had asked all my questions. Maybe you've got a fine local broker!... Are you hesitant to go with that one, for some reason? Sandy Wow. WF's quote to me was a couple hundred dollars MORE than our local broker's fee (whose quote did include points and closing) and WF's quote was for .5% HIGHER loan! No, I'm not hesitant at all to go with the local guy (we're in process as we speak). I was just commenting the difference between your experience with WF and ours. :-} Quote Link to comment Share on other sites More sharing options...
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