Is it more work to refinance with another mortgage company than refinancing with your current lender?

Posted on Mar 3, 2013 in FHA Information

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Question by followingmybliss: Who is responsible for the fact that no bank will refinance our loan?
What is causing every single bank to turn us down for any and every reason when my sister and I try to refinance our loan?? Obama?? What?
And both of us have credit scores in the high 700’s, cheapest so this is NOT about low credit scores.

Best answer:

Answer by Elmis
We’ve been in refinance hell for 18 months now. Twice we’ve been 3 days away from loosing the house.
What I’ve come to understand after dealing with banks on a weekly basis for all this time it the following;
1. The banks have absolutely no interest in what you think, salve what you feel, what your opinion are. None, zero, nada…
2. In many instances the banks stall the re-financing process because it will be more profitable for them to force you into foreclosure.
3. Regulations and Washington has had no effect and will never have any effect. Why? This is about saving banks, saving national institutions. They are not allowed to fail, so much is at stake. It’s like an ant (us) asking why the anthill has to be removed when building a free way. The individual homeowner is absolutely of no concern to the bank

There you have my experience.

All else is well.
/ Mats

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New Jersey Refinancing Expert Explains New Home Affordable Refinance
In order to lower costs of mortgage installments today and get a good fixed rate plan underway for repayment, case many people are turning to the Home Affordable Refinance Program (HARP or HARP 2.0), about it also known as the Making Home Affordable Program.
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fha refinance mortgage rates
by marsmet526

Question by marky p: Is it more work to refinance with another mortgage company than refinancing with your current lender?
Three months ago my wife and I bought our first house at a 5.5% rate. The mortgage broker who was a family friend moved on to another company. My boss’s husband owns a separate company and can do us a refi at 5.125% which would save us pretty good money. It seems complicated though like our original closing! Would I save time or money by trying to refi through Bank of America (our current lender)? Any suggestions are helpful, price thanks!

Best answer:

Answer by Judy
You are making a mistake.
You do not re-fi unless you can get at least 1% rate reduction.
Some professionals say at least 1.5% reduction.
If you are not paying closing costs upfront – they are hidden in the mortgage.
That means that you will have pre-payment penalties.
If you move in 4 years – penalty.
If you decide to pay down extra payments – penalty.

You will be saving nothing by doing this refi.
In actuality, you will be paying more, much more in the future.

Google refi calculation.
Consider that most people really save by making extra mortgage payments.
Once you live in your home for a year and get settled this is the way to go.
You coud save $ 100,000 easily by just making a few extra payments a year to your principal.

Remember: Closing costs can easily add up to 10,000 dollars. They are added to the loan in most cases.
You are just creating debt for yourself.

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  1. I doubt that a refi will save you money overall. You can’t be blinded just by interest rate. You have to consider what the refi will cost you in fees and points. How many years will it take you to recover that layout in “savings” on the monthly payment?

  2. The work involved with your old lender or new lender is about the same, unless you are doing a FHA streamline refi, when it would probably be easier to stick with your current lender. If you have an FHA loan and 20% equity do a conventional refi.

    How long are you planning to stay in this property? If you are going to stay in it more than 5 years it would probably be a good move, but anything much less than that you it will probably cost you more than it will save unless with the new refi you will be getting rid of PMI/MMI. If that is the case it would be a smart thing to do for sure. What you might consider is doing a 15 year refi. The current conventional interest rates, with 20% equity is about 4.5% with 0 points. That was the quote I got late last week, and that was for a non-owner occupied property through the Mortgage Minute Guy.

    FHA, Freddie-Mac, or Fannie-Mae loans do not have any pre-payment penalties. Judy doesn’t have a clue. $ 10,000 in refi closing costs? Maybe if your are borrowing $ 750,000.

    Consider getting a quote from a couple of lenders like Ditech and Quicken Loans. Their rates and costs are very competitive.