Banks

[goon]

Has any one here either refinanced their mortgage recently with the current low rates, or is anyone in the process to do so? What banks have people been having best luck with or banks should we look at? Our mortgage company is SunTrust Mortgage; they have been awful to work with. Any pointers or banks to look at would be great. Either post here or PM me.

[Nidaros]

Re: Banks

Has any one here either refinanced their mortgage recently with the current low rates, or is anyone in the process to do so? What banks have people been having best luck with or banks should we look at? Our mortgage company is SunTrust Mortgage; they have been awful to work with. Any pointers or banks to look at would be great. Either post here or PM me.

First Bank and Trust in BT, I closed on refinancing on June 26th at 4.25% and a 20 year note. Its going to work for me. I bought in 2005 at 5.85% and a 30 year fixed also at First Bank and Trust. I am sure there are better ones out there, but with the SP downgrade things may change very quickly. Quicken has advertized lower rates,you dont know what you are getting with folks working through email and over the telephone. I would think some of the larger banks in SF might be eaiser to work with than a smaller Mortgage Co. Also you have to have some equity built up to make it worth while in terms of closing costs. On a 89,000 mortgage my closing costs were about 3500 dollars and I got a credit against that amount for the escrow balance being transfer to the new loans, so ended up paying about 1800 in cash out of my pocket. There are several options in refinancing as far as the closing costs such including them as part of the new mortgage balance.

[Prairiehaas]

Re: Banks

Did a refi with Wells Fargo last fall. Very easy. Filled out paperwork at home, had it notarized and sent it in to the bank. Two weeks later the refi was complete. Didn't hit the rate bottom, 15 yr @ 4.15%. But, no closing costs (other than Notary fee) due to Fed program so it worked out nicely. I have heard of a local refi at 3.85%, perhaps with Cortrust, but that also had closing costs?

[goon]

Re: Banks

I plan to call or stop in cor trust, and my parents are going through first national bank. our home value is 140000 but our loan is 111000 so i figured that should help. We dont have a lot of cash so rolling closing fees into the loan or lower costs for closing would be great, but going from a 6 percent to rates now to a low 4 would really save some money long term. Suntrust has been the worst to deal with. we have called, faxed, mailed paper work and then haven't done anything. We have good credit and never late in playing any bills so we arent sure why they have been so difficult. any local option would really be great.

[Prairiehaas]

Re: Banks

Goon, I need to make an edit to my post. The 3.85 I was told of wasn't at Cortrust. It was in fact at First Bank & Trust. It was a 30 yr refi. Don't know what closing costs were. But, you are right dropping from 6% to 4% will save major $$$. If you can do a 20 or 15 yr, you will get a lower rate (and a quicker payoff).

[yoteforever]

Re: Banks

There is a mortgage broker out of Florida that is excellent to work with. You may have to google him, but try www.yaleroth.com

They can setup any kind of mortgage you want at lowest market rates.

[propar80]

Re: Banks

Goon,
I was going to stay out of this and let you figure this out as I've been in this world for 12 years. But please don't take YFE's advice of using a broker from Florida or any Broker for that matter.
Broker's(non FDIC insured lenders)...especailly brokers in AZ and FL are the EXACT people that got us into this mortgage crises in the first place and pretty much ruined the US ecomony. Just take a look at their housing marketplaces today and that's all the proof you need.

Just stick with SD Banks and just make sure you're around 4%(on a 30 year, 3.250% on a 15 year) with anywhere from a 1/2% origination fee to a 1% origination fee, some might even do 0% orig with a banking relationship(your bank). Some may offer 3.875% and some may offer 4.125%, but they'll all be very close...(even as low as a broker in FL).
If you're refinancing FHA the 30 year may even be around 3.750% on a 30 year, but you will have some heafty mortgage insurance.
Ask any owner of any title company about "Brokers" from out of state and they'll tell you the truth if you don't believe me. But take my word on this one...it will save you a lot of stress and I promise if you ask the right questions you'll get just as good a deal as FL broker can get you.


Go Jacks!!

[jackmd]

Re: Banks

There is a mortgage broker out of Florida that is excellent to work with. You may have to google him, but try www.yaleroth.com

They can setup any kind of mortgage you want at lowest market rates.

I think this post is heavy with sarcasm, maybe I'm wrong. Propar's advice is excellent. I echo his sentiment and can vouch for First Bank and Trust, First Dakota and CorTrust, all do a great job. Can't speak for the national chains like Wells Fargo, I've never used them.

[goon]

Re: Banks

Thanks propar, and Md, I think those are the main banks i will be talking too. Glad to hear people have had too results working with them. I know my wife has had issues with Wells fargo with her credit card and such so we think will stick to something local hopefully.

[SDSUAlum08]

Re: Banks

I think this post is heavy with sarcasm, maybe I'm wrong. Propar's advice is excellent. I echo his sentiment and can vouch for First Bank and Trust, First Dakota and CorTrust, all do a great job. Can't speak for the national chains like Wells Fargo, I've never used them.

Once I'm out of school the first thing I'm doing is getting a local bank for my checking/savings accounts. I just need it for all my traveling that I do now.