Question by annyvt: i am refinancing my home, should i keep the same mortgage company?
My friends husband offered to do the paperwork, but would i benefit from having the same mortgage company do it or outside help? i was told by the mortgage company that if i keep them and do the financing with them i will save more. is this true? please help.
Answer by Cali-Gal
Work with a few mortgage companies and get the Good Faith Estimates and compare what the cost are going to be. If the mortgage company your are with is telling the truth, you will see it in the numbers!
Know better? Leave your own answer in the comments!
This is easy. I used to be a mortgage officer. All you need is to get 3 quotes from the best sources. See one below. From both online and phone call. No need to do face to face initially. They will quote you the rate. Here are the important tips. Ask for APR rate (this includes all the closing costs) and the points and standard fee. The lowest APR should be considered.
Other things include no prepayment penalty and if the rate would be locked in. A unlock rate (means it may change when you close the loan) is a trap and loan people can make a lot of money at your expenses.
I suggest shopping around for your refinance. The mortgage company you have of course doesn’t want to lose your business but they also understand about the competition. You also have a realtionship with the company you have a t present and that might be worth more to you than starting all over with another company just for better rates. You need to considerate that.
Hell no! Look at what Its going to cost you. Out of pocket money. and look for the lowest percentage rate. What each company is offering. Most of the time they just sell your loan to another company.
Use a Broker who can do business with the same mortgage company your currently with. (like me)
A Broker can “SHOP” different programs & lenders and all the other stuff a “Same Mortgage Company” cannot do.
Also you may only be looking at the SERVICEING LENDER and the actual NOTE HOLDER/Bank/Investor may be different. Example Countrywide might be serviceing for Deutch Bank.
Have the Broker Pull your credit once and use it for ALL OTHER Lenders. Why – Least impact on your credit report / Best results.
Feel Free contact me for all your lending needs Nationwide firstname.lastname@example.org Thank you Abel (yes my real name and I live up to it)
If the lender you worked with before is trust worthy and you had a good experience with them then go back to them. You can always find someone to give you a better rate no matter how many times you get a loan and look around but can you find awesome customer service and someone who is looking out for your best interest?
Go with the person you trust and that you would refer to your friends, family members and co-workers.
Your Mortgage Consultant For Life