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

No-money-down mortgages are back
Banks say these loans are safer: They're almost exclusively being offered to clients with sizable assets, pill treat and they often require two forms of collateral—the house and a portion of the client's investment portfolio in lieu of a traditional cash down …
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Just approved: With special deals, cheap teacher buys Excelsior home
Along with their 30-year fixed mortgage, the buyers used the San Francisco Mayor's Office of Housing's Down Payment Assistance Loan Program (DALP) that provided a silent second loan of $ 70,000 at no interest with no monthly payments. The program will …
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China Tightens Mortgage Rules as Home Prices Keep Rising
China called for higher down payments and interest rates for second-home mortgages in cities with “excessively fast” price gains and ordered stricter enforcement of taxes on sales as authorities step up a three- year campaign to cool the property …
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Chrysler, VW, GM report sales growth in February
Kurt McNeil, the company's U.S. sales chief, said the recovery in new home construction is helping to boost the economy and pickup sales. When home construction thrives, businesses tend to invest more to replace vehicles. The average age of a …
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More FHA borrowers may find refinance outlet
Rising FHA premiums sharply improved Ginnie Mae convexity [sensitivity to interest rate changes], this but MIP protection is likely to deteriorate over time driven by a competitive private mortgage insurance market and an improving home price appreciation …
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Refinance and Mortgage Rate Summary for Wells Fargo
Refinance and Mortgage Rate Summary for Wells Fargo The best 30 year loans at Wells Fargo (NYSE:WFC) are being offered for 3.625% yielding an APR of 3.963% today. 30 year FHA FRM interest rates at the bank are published at 3.375% yielding a bit …
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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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Industry leaders advise FHA on how to improve housing
In 2012, ed the FHA updated the condominium rules, however President Gary Thomas of NAR suggested additional changes that will provide greater liquidity to this segment of the real estate market without causing additional risk to the Mutual Mortgage …
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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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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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