i am looking to refinace my current mortgage from 11.75% three years ago(had 3year prepay penalty) to best rate i can. i have 1st mortgage of 128000 and 2nd of 15k on 175k house. debt to income not a problem. 1 late in last three years (22 months ago) on house. current middle score 609. current mortgage with citi. my question is....will i be better off with local broker,bank or with online site ie ELOAN, DITECH,PRICELINE ETC. if so which one? also am i better off to just refinance first to avoid pmi? thanks in advance for answering. i do appreciate your help.
you have many options in terms of what you choose to do, however depending on the state and job etc. I cannot state exactly what terms you are going to get and with that mid score you have a couple of options. I would for one be wary of the online companies as I have beat them in every facet of their transaction, if you email me I can gibe you more of what you are looking at in terms as long as you answer what state and if you have been at your current position for 2 years or at least in the same line of work for that. hope to hear from you and I will give you two good options to fit your situation. will email you with my contact informationas well if you want to call and discuss or post your email and I will email you my contact information, thanks again! boot21_2000@yahoo.com BB@allied home mortgage capital corp.
i would actually call both... there are so many programs out there that you dont have to let anybody lock you into anything you dont feel comfortable with... make sure you find out how much they want out of your pocket, whether they are adding anything to the loan balance, prepayment penalties.. alot of times in sub prime lending mortgage brokers do not get a rebate without giving you a prepay, with you credit you are definitely gonna be sub prime, but there are alot of good sub prime programs out there.. I have seen them in the low 6% range with usually a few points and 1 year pre pay.. shop around... You can call and email and chat with people till you are blue in the face... bottom line is due the research and get the best deal... kev
well for one i am not bill bauer and I would prefer people not to give out personal information here, rahter i will answer any questions via email that are specific to their scenarios and I will give them my contact info as well if they would like to speak on the phone. no solicitation just offering a hand, Thanks
kuatomkat; ah it is not necessarily only subprime, there are alternative progams out there as well and the 6% you are talking about in subprime is more than likely an adjustable rate 2/28 or a 3/27
I would stay away from the lending tree type companies. I would frst call your current mortgage company and see what they can offer. Can they offer something with a no or very low cost? With yer higher scores can they lower the rate significantly? Begin the talks with them and at the same time contact a few brokers...if you are the net savy borrower contact an online broker. Some good ones can be found at www.mtgprofessor.com and I bet one covers your state. If you are looking for a local broker check with any local club, group, or organization that you ar invilved with and get some referrals. I always like to see a broker that asks YOU more questions then you ask THEM........I like to see several options and foresite. Oh and when your current lender comes back with an offer let them know what the other brokers offered and ask them if they can beat it. Good luck and have fun, it is much harder for mortgage companies to get new clients as the refi boom is effectivley over.....they need your loan to pay for THEIR mortgage or trip to Hawaii and YOU are the one in the position of power.
FYI..... I know of several people, including myself one time, that used Lending Tree (or a similar service) and had multiple hard inquires in a very short time put on their credit report. Mine was a few years ago, but others were more current. I initially used lending tree in the fall of 1999. The week following my application submission I had approximately 13 hard inquires placed on my reports from various lenders, all under the Lending Tree app. I don't know if this is the same technique they use now or if they have updated to a more efficient method, but you might want to ask them first. When I ref'd recently, I used bankrate dot com to get several local companies with good rates and then called a few and 'felt them out'. I had great success with this method...and only ONE inquiry! Hope this helps, Shawn
