Mortgage refinance using online lender

[Sccritterkiller]

Just refied last year. Went to Wells Faro as they had my original mortgage and they would not let me refi with a cash out option. Went to Lending tree...got the phone calls...just told them what I was looking to do...put every offer into spreadsheet...picked the best option/company for my needs filled out all the paperwork..Went on Elk hunt in WY came home and closed...way easier then my Elk hunt..lol

 

[EastCoaster]

We used rocket mortgage last year and it was super smooth! 1.99 on a 15 year fixed. We payed a few extra bucks for that rate but will be done in 3 years or so.

 

[DmrbigEshotT]

Contact a local reputable mortgage broker and they can shop around for you.


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[DmrbigEshotT]

For anyone considering taking a look at Lending Tree FYI I just logged in to get an estimate and have been receiving a spam phone call every 5 minutes for the last hour. Use a fake phone number, its friggen ridiculous.

They are owned by Quicken aka Rocket


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[dreamingbig]

I just finished with Better.com. Was really easy, everything was online and they sent a notary to the house to sign the final paperwork. Couldn’t find anyone local that could beat both the fees and the rate, even got them to waive the appraisal.

FYI - You didn’t get them to waive the appraisal. The Automated Underwriting System they used said the appraisal wasn’t necessary. So they told you an appraisal wouldn’t be needed.


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[dreamingbig]

Anyone ever try and refi without a certificate of occupancy?
Not sure if possible, but just curious.

You have to sign off on occupancy. If you lie it is fraud.


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[jjohnsonElknewbie]

Refied with Quicken/Rocket last year. Went very smoothly other than the constant badgering after I expressed some interest. Since then the chase calls have begun, always wanting to "save me some money" by consolidating additional loans into my mortgage. Sounds good until you consider they're only doing this to hook you for another round of origination fees. Annoying.

 

[Where's Bruce?]

The fine print can be a bitch. Lotsa predatory lenders out there. Triple check your amortized cost, look for hidden fees and terms. One lender in CA once added 4% to the loan as a kickback to the referral source and if the consumer hadn't amortized the loan and caught it, he would have paid thousands more. Political corruption at it's finest...we need reinstatement of the usury laws of my youth and send these criminals to prison for the BS they pull.

 

[kfili]

Im a local loan officer. The online companies can offer great rates/closing but can also just as easily cost you way more. I have had to save many a deals because of missed items or something that was overlooked. Most of the time a good local company can match and you know who you are dealing with and have access to solutions if anything does pop up. As far as closing costs are concerned- get a Loan Estimate and compare- most of the fees are third party and you can pick who you use so really they all are pretty similar.
Id be happy to take a look at loan estimate (LE) and see if there is anything fishy or if they just want a confirmation they are getting the best option.

 

[Nmhunter232]

Rocket mortgage was great when I refinanced my home last year and they were always in communication with me

 

[MattB]

Refi’d a couple of mortgages this time last year with Evolve Bank. The rates were competitive and due to the low LTV’s I had to provide very little in terms of financial information for underwriting purposes. No appraisal/fee either. Easy peasy.

 

[bojangles808]

costco is great if you are a member

 

[journeyman713]

Back in the 90s I did my last refi with a local bank, the thought was, if ever an issue, I can walk in and sit down with them. The local mortgage guy was like your best friend during the process, his slogan and business card read "Your Mortgage Lender for Life". Six months later, I get a letter from some unheard of financial company, who bought my loan. Every time walked into the bank since, he shout out my name like a car salesman. I'd respond with something like hey, "It's my Mortgage Lender for Six months", "You really got to change your business card to reflect that".

Since then, all my home loans and refis, when through the online route. It's the most competitive way to get a good deal!

When comparing rates - Always start with the APR. The APR factors in the interest rate, along with the hidden fees, most states have laws to protect you on this. When done, they may (probably) re-sell your loan, but at least you got a deal!

The online process is fairly easy. All the paper work is done by emailing documents, some electronic signings, and eventually the final signing is done at a local bank with a notary present. Done!

 

[Super tag]

It’s always best to support local when it’s possible, That applies to insurance as well.

 

[ChrisAU]

I've used Rocket and SoFi, both were easy and painless.

 

[jjohnsonElknewbie]

It’s always best to support local when it’s possible, That applies to insurance as well.

I agree in general, but I learned the hard way that you got to shop around, especially for auto insurance. Local agent was fleecing my family with less coverage and 2x the premiums of American Family. All the while driving brand new vehicles and having the nicest house in town.

If the local guy wants my business he damn well better be ready to earn it and compete for it.

 

[Super tag]

Definately need to shop around, I’ve found my local guys can match anything out there. My insurance guy is worth his weight in gold, Takes good care of us. I can go see him if I have a problem.

Same with my mortgage broker, local and accessible.

I don’t mind if someone makes some money, as long as they do their job.

Most of the time low cost results in poor service, you get what you pay for, don’t have an accident with someone that has Geico or Progressive - good luck, happened to my daughter in December and was a nightmare, had to hire an attorney to make it right, she learned her lesson.

 

[journeyman713]

It’s always best to support local when it’s possible, That applies to insurance as well.

That old school way of thinking will cost you $$$
Your local 'buddy' gets your business without earning it, without being competitive.
And as I pointed out, he'll likely sell your mortgage to the highest bidder later. So much for local.

 

[kfili]

Definitely give the local guy a chance to compete- just make sure its apples to apples, have him walk you through it- I cant tell you how many times someone was upset because "our" title fees were higher- until I explained they could choose whatever title company they would like and I didnt want to risk using the lowest price one around in case they want a different one with higher rates.

 

[jjohnsonElknewbie]

Definately need to shop around, I’ve found my local guys can match anything out there. My insurance guy is worth his weight in gold, Takes good care of us. I can go see him if I have a problem.

Same with my mortgage broker, local and accessible.

I don’t mind if someone makes some money, as long as they do their job.

Most of the time low cost results in poor service, you get what you pay for, don’t have an accident with someone that has Geico or Progressive - good luck, happened to my daughter in December and was a nightmare, had to hire an attorney to make it right, she learned her lesson.

Sounds like you have one of the good ones and that's awesome.

I already mentioned horror story #1 with buying local auto insurance (town of 1200 people).

Horror story #2- had homeowner's insurance through same local good old boy agent. Historic hail storm rolls through the area and demolishes the siding on the west and north side of my house. I'm talking the vinyl was shattered and completely stripped off the house. The windows were all broken on the north and west side of the house, and the windshields were shattered in our vehicles. All flat surfaces of our vehicles (roofs, hoods, trunks) and the windward sides had fist sized hail dents in some places.

Local agent wouldn't even come 4 miles out of town to survey the devastating damage. Instead he sends out a geriatric adjuster from who knows where to estimate damage. This old codger low balls EVERYTHING and says that our roof didn't have any damage. "Roof didn't have any damage!" At the time I was in OK for work and my poor wife was at home with our toddler son trying to work 14 hour days at Pella Windows and get him to daycare. You would think that our local agent with the big smile and shiny car would come and express some semblance of customer service or compassion. Nope. Nada. Never happened. Out of desperation, from OK I called the other insurance outfit across the street and explained I needed help. Other local agent came out personally, did a full estimate, and even got up on the roof and totaled it out. I switched all of our insurance to the other local agent immediately and he was hands-on throughout all of the claims and repair process. Unfortunately, he retired a few years later and sold his client portfolio to a young kid right out of college. Service went to $hit, prices went up, and I moved all of our business to AmFam.

My AmFam agent is about an hour away, and is a diehard fisherman and hunter. He has been a rock star securing us more and better coverage for less than any of the locals will match. His service has been second to none as well.

My point is, don't think that just because somebody is local and you've known them your whole life, that you can trust them to be there when you need them.