Re-finance question?

Question

I am planning to refinance my house. I have a good credit history. Last time, I checked my credit history, it said, mine is better than 92% of the population. This is my first home. Originally when I purchased my home, the builder convinced me to get the loan from their own lender. It was a big mistake. Now I am trying to re-finance and I do not want to make any mistakes. Can you suggest some good lenders with best rates and no hidden fees? Any advice would be appreciated. I live in FL.

Answer 1

i dont know of any lenders that 'hide' their fees. most borrowers dont read the documents or dont have the loan officers explain the documents.

they also have to look at loan to value......Debt to income etc.

Answer 2

There is no best place. You just have to know what you want in a loan. You can pay points if you want too, 1% down in interest rate = 1% of mortgage. So if your home cost 100,000 at 8% interest then you would pay 1,000 on top of closing cost which your interest rate would fall to 7%...Get it??? This will help you on the long run by saving you thousands of dollars on interest.The salesman will try to give you the easy way to make quick money. Here are some things to ask for and look for before signing at the title company.

-prepaid penalty 0 to 3 years (warning don't get a interest only loan with more than 2 yrs prepaid.) The longer the prepaid the lower your interest rate will be.

-Make sure you get what you want. Most lenders will give you two loans if your home doesn't go up in value as much. Make sure both loans are what you want.

-is the loan a 2/28, 3/27, 5/25, 30 yr fix, 15 yr fix
2/28 means 2 year interest only then 28 yrs varible where your interest rates jumps up and down.

-Is the loan a fixed rate or not

-Go to a broker, not directly to a bank. They can give you rates at different banks. It'll save you some time.

-MAKE SURE YOU READ! ALL THE DOCUMENTS AT THE TITLE BEFORE SIGNING!

Answer 3

You can try several places , but remember when they run your credit , they look at all open accounts , the amount owed , and determine how much more you can go , many times on mortgages , a persons credit is extended as far as it can go , and most of the newer home owners would not qualify for a re financing type of loan , just make sure that if you do find some one to do this , have you closing cost money , and read the fine print and understand every word of the contract before you sign anything . so you do not become another foreclosure and remember this , you will owe them more than you owe your current mortgage holder , because they have all kinds of fees which will drive you debt up , it is painted in a pretty picture , but when seen with open eyes it is not that pretty ....I just hope you are not too far into this mortgage , basically you will be paying about or more than the original selling price and all that has already been paid is gone ..it magically disappears and it is like just starting out again with the payments ...

Answer 4

Suggestions:
1] Go to a Savings and Loan or a Federal Credit Union.
Costs and fees are generally less expensive.

If you don't have an account at one of these lending institutions, I strongly suggest opening an account.

2] Do your best to get an "open end, no prepayment penalty, fixed rate mortgage. This means
A] you can pay the mortgage ahead of time. You can add extra money to your monthly payment or your bi-weekly payment and save A LOT of money in interest.
B] You want a fixed rate so you KNOW how much interest and principal you are paying - year in and year out. The only cause which changes your monthly payment are the property taxes.

3] Check with your present bank - where you have a checking and/or savings account.

4] DON'T go to a mortgage service company. Those lenders usually have higher fees and costs.

5] Get on the phone and make phone calls to savings and loans and federal credit unions AND banks in your area.

6] IF you feel uncomfortable with the situation, retain the services of a real estate attorney. NOTICE I mentioned real estate attorney. Those ladies and gentlemen KNOW real estate.

Thanks for asking your Q! I enjoyed taking the time to answer it!

VTY,
Ron Berue
Yes, that is my real last name!

Answer 5

Bank of America has a no fee loan. Try them and your regular bank.