With rates so low I am considering refinancing my home. Hoping it can be fast and easy...Anyone have any experience with Rocket Mortgage or Quicken Loans or any other online services? Would appreciate any experiences, thoughts or comments.
After my time, bur refi’d so many times...because I rolled all costs in, was owing more, but paying less — the true American dream!
Just learn breakeven analysis to know if it’s worth it, the rest is mechanics; most companies pretty legit. Heck, whoever I signed up with sold the mortgage anyway so really didn’t matter who I picked. I just needed cash flow and knew my principal would be paid in big hunks over time cuz of bonuses, etc. So the time frame was always the full 30 years. (Or is it 35, I forget now) And each time my total was lower, breakeven on extra principal minus lower payments in about 24 months, and paid way less each month, just owed more.
But breakeven assessment most important step.
We just used absolute home mortgage in hackettstown. Was a quick and easy process. Loan agent answered emails/calls/texts within minutes.
We got really lucky and locked in a 2.75 last month. I think the rates have since gone up. Within in 2 weeks of new mortgage it was sold to another bank. Just mountains of paperwork.
Going through refi now with Amerisave. Started the process with a phone call Sept.2 closing is tomorrow Oct. 9. Everything done by phone and email. Will save over 200.00 a month. They set up a portal with all the documents I needed to download to them. No complaints at all. Its based in Georgia. Checked BBB and although they had complaints, usually about not being able to contact anyone to find loan status. Each complaint was addressed by the company. In my case, I have no complaints at all.
"We got really lucky and locked in a 2.75 last month"
I refied last year....and in the last few weeks have received at least 8-9 mailings wanting me to re-fi again.
I had 3 on the same day last week- laid them out on the kitchen counter so my wife could get a good laugh...3 different companies- all the exact same % and payment quoted. 2.25
I refinanced once and bought once with Quicken Loans and had a great experience both times. Everything is online and they make the process super straightforward and easy to see what you need to do and what comes next. I haven't compared their rates lately but they were competitive when I worked with them. I also love their online payment portal- very easy to use and the few times I have had to reach out to their customer service for something they were very responsive. I'd recommend them.
For years, as the interest rates have dropped, I have tried to talk to people about refinancing, BUT- I also have been trying to turn a 30-year into a 15-year... no one is interested! As soon as I say "15 year" they hang up LOL. So I just started sending extra money every month in an effort to pay it off faster. We are at 5%, which isn't bad... I'd love to get down to 3-3.5% IF it was also a 15....
Good numbers Josh; still can get today but probably with points.
Hate NJ regulation, but because of it, getting loans is a pretty safe process. I never worried too much about the company being scrupulous; our laws made them all pretty safe. And, like has been said, loan usually got sold somewhere down the line.
Think I refi’d like four times. Whenever the breakeven came within 24 months and it looked pretty sure I would be there that long, I pulled the trigger.
Even though I kept stretching to 30 years, did end up paying off early, ty Lord.....Again NJ laws make it pretty hard to be dinged for paying down principal whenever a $$$ bluebird lands on your windowsill. You just have to be sure they apply it all to principal. Think it still works this way.
What I want to know is;
Why is it you quit smoking but can’t really see any extra cash?
You pay off a car, same thing?
Even when you pay off the house, show me the money?
I think my wallet adores, not abhors, a vacuum ;-)
JR - really? We refinanced through Valley national going from a 30 year to a 15 year at 3%. That was 4 years ago, but they might be worth a call. The interest we're saving over the life of the loan is crazy and my payment barely went up. I still put extra towards the principal each month.
Also, I was looking at refinancing about a month ago since the rates had gone down. Better.com (which my coworker recommended after using them for his refinance) offered me 2.5% for a 15 year. Since I'm only 8 years away from payoff it wound up not being worth it, but the rates were pretty good.
MB: just for the learning, why not worth it? You could always pay off in 8....
JeffRep- should be no problem doing a refi for 15 years. Current rate is SUB 3.0
Real lender will quote you on anything you’d like.
They’ll give you a rate for a 12 year if you want them to.
Only requires (on their part) a calculator an 15 minutes of their time.
You give them the term, they interpolate their margin.
Be careful or mindful of the CLOSING FEES !!!
Any mortgage firm (online site) can fish you in with a 2% rate --- but when you take a close look at the total closing fees, you'll get a better comparison going with one firm to another. Where refinancing with the bank you already have a relationship with abd/or carrying your current mortgage can give you a better deal, having the lowest cost.
Note: Some of those closing fees are required or in other words will be the same (like pre-paying Property Taxes and interest on the former loan) from one firm to another.
However, "other fees" is/are where one firm makes money off your loan to another that you should be aware of beyond just looking at the rate.
***Or also maybe find it easier compare the Break-Even point (obviously the shorter one, recovering the cost of the loan over the savings per payment) from one loan to another***
FYI, I chose my checking bank, Chase, that applied a bunch of 'relationship discounts' [even upgraded to Chase Private Client], bringing over a mortgage [that my 'local savings bank' didn't have a refi option to keep within the bank] @ 2.25%.
Bottom line is bottom line, all costs matter and where you put em natters too.
As I noted, I rolled all costs I could into the principal, extended where ever I was to 30 years, to lower my payments, increase my cash flow, but knowing full well that my 30yr principal time didn’t matter; I would pay off early.
It’s the breakeven that matters and that should include all costs and savings Each time I refi’d, mathematically, I knew that within 24 months I was saving money on the entire loan. So while I owed more, my monthlies were so much lower that over time I was saving even though I had a bigger loan for a longer time. Aint math grand!
I went through Guaranteed Rate a few months back. Process was very quick and smooth. Was 3 years into a 30 year mortgage. Refinanced for 20 years and paying slightly less than I was before.
Josh is correct. I’m currently in the process of refinancing my mortgage with NewDay USA. VA loan at 2.6%, 30 year fixed rate. NewDay is great. If you are a veteran and are looking to refinance or obtain a first mortgage you should check them out.
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