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86129squids
Posted on Tuesday, July 21, 2020 - 05:40 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

Hey friends- it's now time to rock a re-fi. I've paid off my credit cards, back taxes, essentially my only debt is the mortgage and a HELOC. Given the current world, should I go online or local in person? Credit union or my ban Been with Wells Fargo, very likely to part with them. My credit score is DANG good, getting settled into my new job nicely.

Your $.02 here will be redeemable next time I see you, with food/beer/bourbon/what have you. Thanks in advance.
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Whisperstealth
Posted on Tuesday, July 21, 2020 - 09:34 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

I am curious myself. I'm thinking 3.85% is not bad, but I've seen advertising for 2.6%.
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Zane
Posted on Tuesday, July 21, 2020 - 10:10 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

I know you guys know this but a 15 year fixed is the best way to go if you can afford it. Going that route, there is under 3.0% money available.
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Ratbuell
Posted on Tuesday, July 21, 2020 - 10:34 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

If you just started a job in the last year, it's going to hurt your chances and up your rate. Don't be surprised if you get told to hold on for a year or so, for employment stability.

I'd shop locally. Relationships matter.
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86129squids
Posted on Wednesday, July 22, 2020 - 12:05 am:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

Thanks all. Joe, good on the local angle. I've been in touch with my TN Farm Bureau for a new policy for a newly acquired MC. Banking locally.
Wells Fargo, meh. I'll shoot my best target.

Watching for the tastiest fish in the barrel.

(Message edited by 86129squids on July 22, 2020)
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Pwnzor
Posted on Wednesday, July 22, 2020 - 05:22 am:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

Get away from Wells Fargo. They are every bit as crooked as Bank of Japanerica.

Credit Union good. Big bank bad.

Job change can hurt, but your employer can write you a letter of intent that may help.
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Tootal
Posted on Wednesday, July 22, 2020 - 10:17 am:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

+1 on the 15.
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Teeps
Posted on Wednesday, July 22, 2020 - 11:54 am:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

Ha!
Refinanced my home loan through Honda FCU.
Well, the ink was barely dry on the contract and the load was sold!
So much for doing business with a trusted organization...
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Griffmeister
Posted on Wednesday, July 22, 2020 - 11:59 am:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

I would recommend something that has a physical presence nearby. Having just moved out of state to an area where the nearest branch of any of my banks was over 600 miles away has created some problems. Every time I need to make an important transaction they say ďcan you come into a branch to sign the documents ď? Thatís one thing that can cause problems. Other than that, if youíre staying in the area anyhow, I would also check out local banks that arenít connected to the big boys. Some of them have good people and will provide exceptional service along with real good rates. Just another option.
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Aesquire
Posted on Wednesday, July 22, 2020 - 12:12 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

Local!

Wells Fargo is under indictment, being sued, etc. on cases that to my layman's eyes seem to mean, "we stole A lot of money from our customers".

Being able to easily walk in and make a payment or talk to a human makes a big difference in keeping from costly mistakes.
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Teeps
Posted on Wednesday, July 22, 2020 - 12:28 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

Aesquire
Posted on Wednesday, July 22, 2020 -
Being able to easily walk in and make a payment or talk to a human makes a big difference in keeping from costly mistakes.


Agree.
That was why I went with my credit union... only to be betrayed within days of closing the loan.

The final loan servicer was Ocwen, located in Fla...
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Pwnzor
Posted on Wednesday, July 22, 2020 - 02:01 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

That was why I went with my credit union... only to be betrayed within days of closing the loan.

Not all credit unions are the same.

Loans are a commodity, they get traded all the time. It's about one line of fine print, but you can just ask before you start the process. If there's any possibility of the loan being sold, and it's not something you're comfortable with, there are plenty of other credit unions.

Maybe it's time to refi again, and shop for a new credit union in the process.
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Ratbuell
Posted on Wednesday, July 22, 2020 - 02:46 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

If your loan does get sold, they are not allowed (by law) to change any of the terms - rate, time, rules, etc. The only difference that is allowed to apply to you, is what address to send the check to.
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Aesquire
Posted on Wednesday, July 22, 2020 - 03:03 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

The only difference that is allowed to apply to you, is what address to send the check to.

Correct, my mortgage was sold within minutes of my signing. That they could do so was spelled out. Not emphasized, but in the fine print. SOP.
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99buellx1
Posted on Wednesday, July 22, 2020 - 03:54 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

We just did ours at our credit union.
2.75% on a 30.

It's being sold off though. Doesn't really matter to me, I'm just setting up an automatic payment to whoever holds the paper anyway.
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Ourdee
Posted on Wednesday, July 22, 2020 - 08:03 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

My first mortgage got sold a few months after signing at which they said it wouldn't be sold. As soon as it was advantageous I refinanced. My next two were not sold and they were 15 year ones. I hammered the first one and took it to 17 years left to pay in less than 5 years. If you can swing a 15 year I would. Study out the charts and how much you will be paying out. Then go with what you are comfortable with.
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Court
Posted on Wednesday, July 22, 2020 - 10:48 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

And be aware that you . . .even if you don't do the 15 fixed . . . can accomplish the same thing by paying down principal.

One the first house I bought . . . each month, I paid the principal and interest due AND the principal for the next month. In doing so, I cut the term in half and avoided lots of interest.
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Macbuell
Posted on Wednesday, July 22, 2020 - 10:58 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

Agreed with Court. At these rates, get the 30 year and just send in extra payments to principal when you can. You'll probably never see rates like this again.
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Buellitup
Posted on Wednesday, July 22, 2020 - 10:59 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

Take a 30 and pay it as if it was a 15; it'll take about 17 and is cheap insurance on if your income decreases. (Court is right RE: principal payments)

Go through a broker and not a bank. (ratbuell is wrong RE: relationships and local. It's money and a business with a contract, not your girlfriend. That's why you're getting responses on loans being sold, as the original bank made their money on your inability to shop around, and they just sold you as a liability)
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86129squids
Posted on Thursday, July 23, 2020 - 12:23 am:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

"Take a 30 and pay it as if it was a 15; it'll take about 17 and is cheap insurance on if your income decreases. (Court is right RE: principal payments)"


Sis did a refi and converted to 15 from 30, she wishes she'd done the above. Thanks for all the $.02 youn's, hoping to buy that cuppa coffee in a bit. ; )
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Ratbuell
Posted on Thursday, July 23, 2020 - 07:39 am:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

And it is required by law that banks apply any overage directly to principal.
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H0gwash
Posted on Thursday, July 23, 2020 - 11:03 am:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

I used Western Union to automatically pay every two weeks, which might be thought as 26 half payments a year, so you squeeze an extra full payment in there every year. If the interest is compounded daily, the more often you pay each month and decrease the principal, the more you reduce your compounded interest calculation. If your interest compounds monthly, there is no benefit. There is a service fee, which is substantial once you multiply it 26 times every year, but I thought it was worth it.

(Message edited by h0gwash on July 23, 2020)
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Ourdee
Posted on Thursday, July 23, 2020 - 03:20 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

With a 30 year mortgage any money extra you pay first year is big money. What I mean is that dollar is multiplied by the interest for 30 years. $1.00 times 3.85% is 3.85 cents times 30 years $1.15. You more than double the value of your $1.00. Every dollar you spend in the last year would have cost you less than 50 cents the first year.

My first house was at near 10%.
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Cupcake_mike
Posted on Sunday, July 26, 2020 - 09:21 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only) Ban Poster IP (Custodian/Admin only)

I refi'ed through quicken (rocket mortgage) a few years ago, what a breeze it was, did it all through their app and email, took about 10 days, and they sent a human to my house to close and they delivered the cash out check on the spot. 3% for 15 at that point (i was at 3.75 originally in 13). Fees were minimal, less than a grand, and i didn't have to pay for an appraisal. They didn't sell the loan and never bugged me, except once a year they called to ask if i needed anything or was interested in doing it again. When they called about 6 months ago, i made the comment i doubt they could lower my rate below 3, but they did, 2.25! I was about 3 years into the loan, but because i pay a few hundred extra every month, only had about 10 years remaining on paper. They refi'ed it to the lower rate and kept it at 10 years, so i continue to pay the same amount every month but the "extra" is even more extra now. If everything works out it will be paid off in about 6 years.

I loved their service and recommend them to everyone who asks.
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