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Thread: anyone re-fi lately?

  1. #1
    Oy Vey! Red in Chicago's Avatar
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    anyone re-fi lately?

    Been thinking about refinancing, but our current bank (Chase) does not seem to know what customer service skills are.

    Have any of you refinanced lately, and if so, did you go with a local bank or big bank like Chase, Citi, etc?

    While I'm at it, anyone ever use something like Lending Tree or Bank Rate to find a lender?

    Thanks.

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  3. #2
    This one's for you Edd Heath's Avatar
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    Re: anyone re-fi lately?

    Check penfed.com

    All online. I closed in 4 days. Got a great rate too.
    Some people play baseball. Baseball plays Jay Bruce.

  4. #3
    Box of Frogs edabbs44's Avatar
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    Re: anyone re-fi lately?

    In the middle of it. What a pain.

  5. #4
    First Time Caller SunDeck's Avatar
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    Re: anyone re-fi lately?

    I'm in a re-fi currently. I could shave another .25 by shopping around, but we just ended up using the same bank we have used for our last three mortgages. Their closing costs are cheap, so maybe it's a wash anyway. We're knocking a point of our current rate.
    Next Reds manager, second shooter. --Confirmed on Redszone.

  6. #5
    Member NJReds's Avatar
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    Re: anyone re-fi lately?

    Yup. Modified w/the same bank where I had my 30 year. Just paid a fee (no closing costs). Went from a 30 to a 15 year (fixed, no points). I'm paying the same amount monthly, but knocked 9 years off the mortgage.
    "The players make the manager, it's never the other way." - Sparky Anderson

  7. #6
    First Time Caller SunDeck's Avatar
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    Re: anyone re-fi lately?

    Quote Originally Posted by NJReds View Post
    Yup. Modified w/the same bank where I had my 30 year. Just paid a fee (no closing costs). Went from a 30 to a 15 year (fixed, no points). I'm paying the same amount monthly, but knocked 9 years off the mortgage.
    Man, looking at the amortization table on that can be eye-popping. We did the same on our last house and over five years plowed a boat load of money into our pockets instead of the bank's.
    Next Reds manager, second shooter. --Confirmed on Redszone.

  8. #7
    Member Sea Ray's Avatar
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    Re: anyone re-fi lately?

    Quote Originally Posted by Red in Chicago View Post
    Been thinking about refinancing, but our current bank (Chase) does not seem to know what customer service skills are.

    Have any of you refinanced lately, and if so, did you go with a local bank or big bank like Chase, Citi, etc?

    While I'm at it, anyone ever use something like Lending Tree or Bank Rate to find a lender?

    Thanks.

    I tried Lending Tree a few years ago with no luck. You'll find that the rates on Lending Tree are not that great because you've added another middle man in there who needs to get paid. If you go through Lending tree the bank will offer you a rate about a half a point higher than they can offer you if you call them directly

  9. #8
    Member durl's Avatar
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    Re: anyone re-fi lately?

    We did our re-fi a few months ago. I have a friend who's a mortgage broker and he found us a great rate. Our monthly payments went down quite a bit.

  10. #9
    Next Year redsbuckeye's Avatar
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    Re: anyone re-fi lately?

    Going through it now, should be closing in a week or so.

    Easy for me since I work for the bank I have my mortgage with.

  11. #10
    Waitin til next year bucksfan2's Avatar
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    Re: anyone re-fi lately?

    What are the rates you guys are seing?

    I refinanced about a year ago and got a 5.5% 15 year mortgage. I have always heard if you can get a full point then it is worth re-fi so I am starting to look. I wonder what will happen to rates if Obama gets his way and starts offering 4% govt backed 30 year mortgages.

  12. #11
    Next Year redsbuckeye's Avatar
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    Re: anyone re-fi lately?

    Quote Originally Posted by bucksfan2 View Post
    What are the rates you guys are seing?

    I refinanced about a year ago and got a 5.5% 15 year mortgage. I have always heard if you can get a full point then it is worth re-fi so I am starting to look. I wonder what will happen to rates if Obama gets his way and starts offering 4% govt backed 30 year mortgages.
    4.75. That's down from 6.375 from 2005. Pretty easy decision

  13. #12
    RZ Chamber of Commerce Unassisted's Avatar
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    Re: anyone re-fi lately?

    About 2 weeks ago, the rates were to a point we could have gone from our current 30-year loan to a 15-year loan for just $50 more a month. We tried to get in on that deal last week and the rates had gone up, which would have forced us to pay a few thousand more in points to get the same deal. We're still shopping for a better deal.

    My sister-in-law, who works for a mortgage lender, landed a 4.3% refi rate in December. She has access to better rate information than most of us do.
    Last edited by Unassisted; 02-09-2009 at 10:14 AM.
    /r/reds

  14. #13
    Member durl's Avatar
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    Re: anyone re-fi lately?

    -

  15. #14
    First Time Caller SunDeck's Avatar
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    Re: anyone re-fi lately?

    Quote Originally Posted by bucksfan2 View Post
    What are the rates you guys are seing?

    I refinanced about a year ago and got a 5.5% 15 year mortgage. I have always heard if you can get a full point then it is worth re-fi so I am starting to look. I wonder what will happen to rates if Obama gets his way and starts offering 4% govt backed 30 year mortgages.
    We went from 6% to 4 3/4 on a 30 year fixed. Locked in then saw the rate go to 4 1/4. But we didn't mind too much; we were happy to lock in a a point lower than the original rate and we're sort of risk averse and not into pushing our luck.

    Of course, Congress will probably end up with some program backing 4% mortgages after we close. That's how things usually work for me.
    Next Reds manager, second shooter. --Confirmed on Redszone.


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