When refinancing a home mortgage, is it usually best to go through a lender’s national center or locally?

Posted on Oct 12, 2012 in FHA Information

Question by Anabela: I received a lot of letters to refinance my house through HARP. Are these banks safe? ?
They offer 3.625% with 3.844%APR. I’m single mother and the price of my house went down 100, price hospital 000.00. Appraisal 250.00. I own to one of Boston banks $ 255, visit web 022.81. I have to refinance until next year. Fixed until March 2013 with 5.625% interest rate. HARP is a safe refinance?

Best answer:

Answer by Go with the flow
Don’t deal with anyone that contacts you first.
If you want a good bank, you research it yourself and pick the best.
Often the people that call, send junk emails, or mail you stuff are the worst companies.
Get smart, and start doing some homework.
Go to bankrate.com and click on mortgages – for a good start.

Add your own answer in the comments!
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Question by crazy_grrrl: What are the advantages/disadvantages of FHA mortage vs conventional mortgage?
If I have a low credit score, for sale but parents are fronting 20% of the downpayment for a new home – mortgage broker is suggesting applying for an FHA mortgage.

Best answer:

Answer by Yanswersmonitorsarenazis
Always try conventional financing first. FHA will always charge an upfront mortgage insurance premium that could be avoided with conventional financing.

With a 20% downpayment, online there’s a good chance that you can qualify for conventional financing, about it even with weak credit.

FHA loans MUST be run through the FHA underwriting system first under every circumstance. Once that’s been done, it’s a 5-minute change process to convert it to conventional, and costs nothing extra. And you can start conventional and convert to FHA as well, same deal.

FHA loans pay brokers more than comparable conventional loans, in most cases. That’s one factor that might be in play here. FHA is very lenient on credit, so that isn’t a bad choice either, if that’s what you can get. Any FHA rate offered in excess of 6.5% means you need to find a new, non-greedy broker.

What do you think? Answer below!

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Question by olderseascout: Is the Farm and Home loans for low income people?
What is the criteria to getting a Farm & Home Loan?

Best answer:

Answer by smbaker1313
No, hospital it is for buying a farm or a home. It is illegal to buy people even if they are low income.

What do you think? Answer below!

by dvolatility

Question by J.: When refinancing a home mortgage, more about is it usually best to go through a lender’s national center or locally?
I am interested in refinancing my home mortgage. My mortgage lender has a number of local mortgage offices as well as a national call center through which I could proceed with the refinancing.

Is it likely that there would be a significant difference in fees, order rates, for sale etc., when using their national call center versus their local offices? Would it be wise for me to get a good faith estimate from both and then make a decision?

Best answer:

Answer by glenn
I would simply call the national number. If they have a program for some sort of streamline refinance that would be the best way to go. (also the first time I did this I got a person that was no help and said I could not refinance- I hung up and called back five hours later and got a different person and got the loan).

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5avg.rating 27 votes.

One Comment

  1. I would advise you to deal directly with your bank to refinance, mortgage
    companies have this little thing called “selling your loan” ,which leads to bigger problems such as your taxes go higher,interest late fees are added & on statement you’ll receive other charges not explained in detail.
    with your bank you know where your talking at and with whom and if you call again you know that your still talking to same people ,whereas
    with mortgage branches you might live in PA but the person your speaking to is in California,Alaska,Oregon,etc. you never get a representative in the state you live in!

    How well do I know,Been there ,Done that & Will never do it again!!!
    Now my payments go from my bank to mortgage company bank with no middle man or paper work on my behalf
    if my payment is late it’s the banks fault not mine and there is proof