Refinancing, tips/advice/anything

turbotalon1g · 12-19-2007

So its time for me to refinance and i have no idea what to look for or what a good deal is.
I was wondering if any of you had some advice or tips.
Any better companies to go with or any that i should stay away from?

Thanks guys.

Aaron

**JET** · 12-20-2007

The ads are gay, but I have heard a lot of good things about ditech.com for a refi. I am not sure if I would use them for buying a house, but a refi is pretty easy.

**scheides** · 12-20-2007

refinancing what, a car? house probably? How long have you lived there?

AJ · 12-20-2007

If it's on the townhome only refinance if you can lock in a lower intrest rate. I wouldn't suggest adding anything to the loan to put cash in your pocket for paying bills and other possible needs. You could always talk to the bank for a small home equity loan for that. You can always contact your current lender or you could go into a place that works with your info to find you the best situation.

Just remember you'll proably run into addition fees again for the paperwork.

But if you can get that payment down a significant amount it is probably work it.

turbotalon1g · 12-20-2007

Sorry, it is for my townhome, when i first bought my place the company i worked with said that after a year i will have a better standing and be able to refinance and get lower payments.

YiNYaNg · 12-20-2007

http://www.countrywide.com/RetailLoa...arm&menuitem=8
I went with this 2 years ago and love it. 4 options each month to choose to pay.
30yr, 15yr, Interest only, Minimum payment

When I spent too much in a month I pay Interest only or Minimum payment for that month. lol

**JET** · 12-20-2007

What interest rate are you at now? We locked in at 6% for a 30 year fixed 2 weeks ago, now the minimum is up to 6 3/8% for a 30 year. It took a hike late last week. My loan guy is in Fridley, he has been awesome to work with. He explains everything for you and gives you all the options.

www.minnesotamortgagesolutions.com Tony is his name.

Jakey · 12-20-2007

My mortgage is through Countrywide and I have been very happy with them. I've had a few questions and their customer service is always strong. Plus, say your mortgage payment is due the 1st of the month, with Countrywide you have until the 7th (I think) to make the payment without penalty.

**JET** · 12-20-2007

The late payments are for all loans, I have coutrywide for my loan also and they are pretty good. Very nice website.

AJ · 12-20-2007

Countrywide has come a long way from it's start up and is a very reliable lender. The only variance we have, we are with WaMu, is I think we have the 10 day grace on payments before any fees. But I don't think it matters though right now cause we get some sort of tiny discount with direct deposit.

Another note, you can always ask about the multi payment (bi-monthly) option. Might be somethig for you to look at, you end up making 1 more full payment a year I think. Just talked a little about it, not 100% sure.

SLOW_V · 12-20-2007

A few years ago when Countrywide bought my loan. I found it annoying when the grace periods aren't grace periods. They will call you everytime you don't make payment by the first of every month. Their policy is to call you to make sure you will be making a payment that month. I find it funny that they are pretty firm on asking what date you will be making it. Even though, I'm never late with my house payments.

What is worst then Countrywide is Wellsfargo. They will try to sell you everyone of their services to you and always call your home every night about some offer. It is up to the point where I just change my #.

The other thing about them and most of the mortgage companies are that if you want to start making bi-weekly payments there is a fee..called start up fee. It isn't cheap.

Jakey · 12-20-2007

Quote:

Originally Posted by SLOW_V

A few years ago when Countrywide bought my loan. I found it annoying when the grace periods aren't grace periods. They will call you everytime you don't make payment by the first of every month.

I have yet to receive a phone call and if I had to guess, I'd say that 1/2 of my mortgage payments are made during the grace period.

SLOW_V · 12-20-2007

^^ I'm not sure if they changed their policy. Like I say, this was a few years ago. Since then my loan is with another company. I'm with Citimortgage now. Their grace periods are 15 days and if you make after the 10th grace period there will be a $10 fee for it.