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Q: Home Mortgage refinancing ( No Answer,   2 Comments )
Question  
Subject: Home Mortgage refinancing
Category: Business and Money
Asked by: bbrowes-ga
List Price: $2.00
Posted: 16 Nov 2005 12:14 PST
Expires: 16 Dec 2005 12:14 PST
Question ID: 593872
How do you check out mortgage companies?
Answer  
There is no answer at this time.

Comments  
Subject: Re: Home Mortgage refinancing
From: finguru-ga on 21 Nov 2005 12:00 PST
 
If you are interested in refinancing your home, you can check out
local banks and asking for their refi rates.  If you are interested in
looking up the companies online, you should go to their home refi
section to get theri rate info.  Credit unions have competitive rates
too.

http://www.wellsfargo.com
http://www.flagstar.com
http://www.countrywide.com
Subject: Re: Home Mortgage refinancing
From: snacktime-ga on 10 Dec 2005 01:02 PST
 
Couple of things I have learned...

- Use a direct lender instead of a broker.  Usually your local bank
does not have the best deal, and brokers are worse.

- When shopping around, do NOT give out your SS number unless you want
them to pull your credit.  Especially for a refinance.  Brokers will
tell you they won't pull your credit and then they will do it anyways.
 And after a couple of inquries it starts to effect your credit and
you find out you are locked into a broker you might not have wanted to
go with.

- I can't say enough to watch out for brokers.  Don't assume they know
what they are doing, and understand how the game is played.  They want
to suck you in, run your credit,and get you filling out paperwork asap
to get you locked in.

-  It also helps to understand something about underwriting.  Brokers
will tell you fairly early on that your loan is approved.  The truth
is that the underwriting happens at least twice, and the last one
usually 2-4 days before closing.  Until the final underwriting is done
you are not truly approved.  Most of the time this isn't a big issue,
but it bugs the crap out of me that most brokers either misrepresent
this issue, or worse are ignorant themselves of how it works.

Good luck!!

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