Refinancing Home Mortgage
In: Mortgage Rate
20 Apr 2010Which bank and what rates , terms can I get now? I have very good credit, never missed a payment. The rates the mortgage broker gave us 2 years ago were horrible, and we never pay off the principal. I want to pay off the principal with good rates. Which bank is best? Thanks.
This is about mortgage information questions.
4 Responses to I have a mortgage I want to refinance to get the new lower rates. Which bank should I go to?
jpr302001
April 20th, 2010 at 8:36 pm
You can shop for rates at:
http://www.bankrate.com/brm/rate/mtg_home.asp
but usually you should start with the bank you use for your main banking since you already have a relationship with them.
Alterfemego
April 20th, 2010 at 9:20 pm
First don’t click on any links provided. Second deal with lenders in your local area. Because if anything goes wrong they will still be there to correct it, and most online lenders may not be.
Your question depends on alot of factors you haven’t provided, nor should you on this venue. Your whole financial picture needs to be considered before providing you with any options.
Pengy
April 20th, 2010 at 9:37 pm
one if the rates you received where bad then no you do not have good credit and would guess you also financed for 100%. This means you have almost no chance of refinancing for what you owe because you most likely owe more than the home is worth. Most loans have very little toward the principle for the first 10 years or so that is the norm. But do not believe me go ahead have your home appraised, and apply to see what you can get.
Jay S
April 20th, 2010 at 10:03 pm
Your best bet is to work with a mortgage banker/broker. The problem with going with a bank is its like going to McDonalds, you’ll only get their programs and rates. If you use a broker you now have access to multiple lender/programs and you a person shopping around for the best rates and terms. Here is an example.
I just closed a client who went to Countrywide first. CW wanted the client to pay off over $16,000.00 in old collections before they would close a loan. I was able to get them the same FHA loan without having to pay all of that old debt of and saved them $16,000.