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When I did my last mortgage refi in 2010, I was working with a local mortgage broker. I got a rate quote from him and then I felt uncomfortable that I hadn't done enough research so I went on bank rate.com and got quotes. I found a competitor who would give me the same rate as the broker and he was $6k cheaper in closing costs. I spoke with the mortgage broker who gave me the $6k. So the key is to do your homework. Don't call 'a friend of a friend' or anything like that. You can find what local rates are on bank rate.com. It will give you the APR's which include ALL the costs and you can compare apples to apples.
I refinanced again about 3 more times after that but before I called any bank, I called the existing bank who had a program where they didn't change the term, but for a small fee, they lowered the rate. I got the rate all the way down to 2.875 without changing the term. It was worth it to do it that way because I didn't have to do a crapload of paperwork and I still got a great rate.
What a great way to get the best of both worlds! Please share the bank that negotiated you down to 2.875%. Maybe a reader 2 years from now will get the benefit of reading.
Bankrate is fine, so is freerateupdate, but never share a social security # -
What a great way to get the best of both worlds! Please share the bank that negotiated you down to 2.875%. Maybe a reader 2 years from now will get the benefit of reading.
Bankrate is fine, so is freerateupdate, but never share a social security # -
The bank got sold a couple of times since then. It used to be Astoria but now I think it's Dovenmuehle. I noticed they don't publish their rates on their website anymore. I used to check it almost every day when I was in the midst of a refi.
Ok, let me correct that. It's Astoria/Sterling. I am not sure why but I get my statements from Sterling but I send the checks to Dovenmuehle. I checked and Astoria doesn't publish their rates either. The smaller financial institutions change hands all the time so it might be owned by someone else now.
There is a very limited ability for any individual to do other than try understand what the total cost of their mortgage will be. The rate is never finalized until you sign at closing and the degree to which is may change is a function of the broader financial markets. Similarly the fees that are associated with mortgages are not entirely regulated but are set by a combination of local custom and regulatory guidelines.
There is a very limited ability for any individual to do other than try understand what the total cost of their mortgage will be. The rate is never finalized until you sign at closing and the degree to which is may change is a function of the broader financial markets. Similarly the fees that are associated with mortgages are not entirely regulated but are set by a combination of local custom and regulatory guidelines.
Not true. You can lock a rate. And trust me, it was a deal. Compared to everything else out there it was a great rate and cost was much lower.
I wonder if all the people on here knocking internet rate aggregators are doing so because they are mortgage brokers who want to make $$. (Another common selling tactic. Knocking the competition).
I have experience with would be buyers seeing their deal BLOW UP because the lender won't agree to funding at the "locked" rate. It has nothing to do with "online aggregators" or any other nonsense. It is simply how stupid people are taken advantage of by crooks.
There is NO RECOURSE for lenders who do not honor a rate lock! You are ON YOUR OWN and if you walk away from the closing it is your decision -- "Be aware, though, that complaints may not be resolved as quickly as may be necessary for a home purchase. Depending upon their authority under applicable state or federal law, regulatory agencies may either attempt to help you resolve your complaint directly or record your complaint and recommend other action."
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