Question by *: I am looking for the best mortgage company for a refinance. Two criteria, low interest rate and low fees.?
Does anyone have any suggestion? Where to look, what to stay away from or tricks of the trade. Made a poor decision on our present mortgage and don’t want to do a repeat. Am locked in on present note for 45 more days and then we want OUT. Looking for 15, 20, or possibly 30 year fixed. Am not interested in doing business with Coutrywide. Thanks for your help.
Answer by golferwhoworks
you can’t have it both ways. Every one has to earn money. Our time is NOT FREE. Do you get paid to work? We have bills to pay and families to feed as well. We are professionals. Do you ask for a discount when you go to the doctor?
Sometimes I have to vent!
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It is possible to pay to much, but there is a price for money. All the investors that provide the money that the mortgage companies loan…they all require the same return. The mortgage companies can juggle it around a little but the base rates will be very much the same everywhere.
Get a local lender that is recommended to you by people that have used him or her. Internet people could bait and switch you and never have to face you again.
I can help you with your refinance. I am the Branch Manager for Interactive Financial. I can understand your frustration with Countrywide. I worked for them and had to leave due to there lack of Customer Satisfaction. I can offer you the best rate and also closing cost out there. Please contact me if I can help you out. My email is email@example.com
I’d be more than happy to work with you on finding different options that will put you in a mortgage with a good combination of low rate and low closing costs. Email me for more information. Brokers have lower rates, banks have lower closing costs. In the end, the interest savings of having a lower rates makes a broker a better option. Just my 2 cents worth.
There are options, yes, countywide can be a pain. I would possibly stay away from larger institutions, maybe look at some local, regional bank that have not been as hard hit by the crisis as most lenders. Also, check out your network and phone book for access to credit union’s as well. Last, also check out your network for brokers. While they tend to get bad raps in the media, I have worked with many on a national basis, most are ethical, hard working individuals who have nothing but their customers best interest in mind. Also, usually, broker’s can get rates about 1/8-3/8 lower than you walking into a branch. Investigate, go to bankrate.com, talk to people and make a solid decision, best of luck and let me know if you have any other questions
There is no best mortgage company to refinance your home with.
You should find a local mortgage broker by looking in the telephone book. They will offer you the best rates possible based on your credit report and your credit score.
You may be interested in the best rate or a no fee mortgage. You have to decide which is best for you based on your financial situation presently.
You can not address the past and what happen. You have to educate yourself and ask as many questions about your loan as you can think of.
You must ask the mortgage broker to explain each and every mortgage program you are qualified for. This includes the monthly payments, interest rate, any possible prepayment penalties and most important what this loan will cost you.
No one want to trick or cheat you, you have to then take this knowledge and make an intelligent decision that benefit you financially.
I take it you have an adjustable rate mortgage that was not properly explained to you.
Your fees and points should be explained to you on a Good Faith Estimate (GFE). Once you have allowed a mortgage broker to take a mortgage application and run a credit report they should be able to issue you a GFE. Don’t get to excited about the first one, it might be a little off and the mortgage broker has a 3 day requirement to do this, so he might be just fulfilling the requirement.
Once you have your GFE now is the time to discuss what mortgage programs you are qualified for as well as discuss the points and fees you will be required to pay.
Keep a pleasant disposition, be open about what you want, make sure the mortgage broker understand your situation. Working with the mortgage broker will be a rewarding experience if you are both on the same page and know what each of you are looking for.
If there is something you don’t understand, ask and get a full explanation before you move on to another subject.
Sometimes low points and fees and low interest rates are not spoken in the same sentence. You have to come to an agreement about this.
Make sure you understand the tax benefits of paying points and fees up front as oppose to a no fee no points mortgage.
Just remember no one work for free, not even you, so be prepared to pay for your loan. You have to decide if you want to pay up front or during the mortgage monthly payments.
A no fee no points loan normally mean the broke will increase the interest rate to compensate for the mortgage expense. Make sure you understand this.
Now about the mortgage business itself. The person you are getting your mortgage from will sell your mortgage the next day without fail, this is the nature of the business.
They sell this mortgage to the one that is looking for what is available for sale that day. One of the largest purchases of mortgage loans is Countrywide, so to say you do not want to do business with Countrywide might not be a choice you make.
Even if your mortgage is sold to Countrywide you might not know it as they might have someone called a service company that might service the mortgage for them, so you might not even know that countrywide has purchased your mortgage.
When signing the loan docs make sure these docs say the something you decided on a far as the interest rate, number of years the mortgage is for as well as other things you discussed about the mortgage you decided was best for you financially with the mortgage broker.
If the loan docs are not the same please don’t sign them. You are the one that will pay the monthly mortgage so make sure they say exactly what you discussed when you decided on the program
It is too late to blame someone else after the loan docs are signed, so this is your time to make sure that you agree with the loan docs.
I hope this has been of some use to you, good luck.