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Hi guys,
I am looking for recommendation for 15 yrs fixed mortgage lender. Can someone recommend a good lender to work with?
(0 points, 0 fees) Refinancing, not new mortgage.
Thanks!
Last edited by hawaiishrimp; 05-18-2016 at 04:10 PM..
Did mine with wells Fargo last year. No points. Simple interest. I also put 20% down. No PMI!!!!
13 years and 8 months and this sucker will be paid off. Highly recommend a 15 year loan. I can't imagine doing a 30 year loan.
After our family heard about our 15 year loan, My brother and my wife's sister both refinanced to a 15 year. We are talking over 100,000 dollars in savings for a few hundred extra bucks a month.
At some level, it doesn't matter. It will be bunched with a group of other mortgages and sold as a mortgage backed security. It's not like banks actually hold many mortgages in their portfolio these days. The money is in sub-prime car loans and 18% credit card interest, not 15 year mortgages at low interest rates. If you go with a bank instead of a mortgage broker, bank that issued the mortgage might or might not be the outfit that collects your payments. Part of the contract you sign allows it to be transferred or sold to anybody.
Some banks mostly keep the servicing part of the mortgages they write. My bank gave me a modest "preferred customer" account status where I got a few free banking perks I wouldn't have otherwise received. Their rates and fees were the same as everybody else so I went with them. I zeroed out the mortgage in 3 1/2 years so I didn't have those perks for long but it's better'n nuthin'.
At some level, it doesn't matter. It will be bunched with a group of other mortgages and sold as a mortgage backed security. It's not like banks actually hold many mortgages in their portfolio these days. The money is in sub-prime car loans and 18% credit card interest, not 15 year mortgages at low interest rates. If you go with a bank instead of a mortgage broker, bank that issued the mortgage might or might not be the outfit that collects your payments. Part of the contract you sign allows it to be transferred or sold to anybody.
Some banks mostly keep the servicing part of the mortgages they write. My bank gave me a modest "preferred customer" account status where I got a few free banking perks I wouldn't have otherwise received. Their rates and fees were the same as everybody else so I went with them. I zeroed out the mortgage in 3 1/2 years so I didn't have those perks for long but it's better'n nuthin'.
I went with the credit union and I got a better rate than the other lender. I did a 30 year but I'm making 2 extra payments a year so that 30 year loan is inconsequential in the long run. It will be paid off well before the 30 year mark. Probably well before the 15 year mark.
Did mine with wells Fargo last year. No points. Simple interest. I also put 20% down. No PMI!!!!
13 years and 8 months and this sucker will be paid off. Highly recommend a 15 year loan. I can't imagine doing a 30 year loan.
After our family heard about our 15 year loan, My brother and my wife's sister both refinanced to a 15 year. We are talking over 100,000 dollars in savings for a few hundred extra bucks a month.
A few hundred dollars a month wouldn't be what I'd call the difference between 30 and 15 year mortgages
I would stay away from Wells Fargo. The worst place to apply for a mortgage. My sister had bad experience with them even after paid off two mortgages with them. They treated her like dirt. A nobody with bad credit. I had to step in and help her.
I would stay away from Wells Fargo. The worst place to apply for a mortgage. My sister had bad experience with them even after paid off two mortgages with them. They treated her like dirt. A nobody with bad credit. I had to step in and help her.
No she has good credit. But they first said she can put down 20%, she decided to buy the house by putting down the deposit, then they said she have to put down 70% in down payment months away. What the heck? Who has that kind of money?
No she has good credit. But they said she can put down 20%, then they said she have to put down 70% in down payment. What the heck? Who has that kind of money?
There's more to the story either bad credit, income, debt to income or property value. Wells Fargo doesn't require 70% down payment on home loans
I would stay away from Wells Fargo. The worst place to apply for a mortgage. My sister had bad experience with them even after paid off two mortgages with them. They treated her like dirt. A nobody with bad credit. I had to step in and help her.
Wells Fargo treated us just fine a few years ago when we were applying for a jumbo mortgage. They offered a better rate than our other banks, everything was pretty straightforward and we closed on time.
I wouldn't dismiss them out of hand.
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