Homeowners: Question on Refinancing Companies

[CPT Callamity]

Hey Fellas,

I'm in the process of refinancing my primary residence and just needed to ask if you all have had any experience with the following:

CapCenter.com -States they can go to closing with no closing costs and would wrap me up with a 3.75% interest rate. Sounds good, but I have been checking around.

Quicken Loans - They get relatively good reviews and can do a 3.756% interest rate but they have already stated it went up just in a few hours which has me leery. They want me to lock in a rate "today" but I'm still shopping around. Have any of you all dealt with them before?

Still have to call a Credit Union for an estimate and there are plenty around like Andrews Federal, Navy Federal, etc. Do you all think they would give better rates?

I just wanted to know if any of you all have used these companies before and what advice would you give before I start sending off paperwork with my business on it. I also ain't with pushy ass loan officers so any advice/experiences you all have would be great. As long as I can get something by middle of June, I'm in good shape. Thanks to who all replies in advance.

 

[TimRock]

I'm currently using quicken loans/rocket mortgage. Initially, i had my mortgage with my credit union, Alliant. About two months in, they sold my mortgage to another company. After a year into the mortgage i was contacted by QL and i listened to what they had to offer. My mortgage decreased by $300 a month and the rate dropped to like 2.75% after being at 3.50% with Alliant. No complaints so far. see what others on here have to say before deciding. there may be some other companies offering better rates.

 

[Database Error]

No experience with those lenders but we refinanced with https://www.newamericanfunding.com/...MI56Xm-6HY9gIVltzICh0VOQtSEAAYASAAEgLapvD_BwE
a year or so ago. They sent a notary to our house to sign all of the paperwork.

 

[havelcok]

Lenderfi.com and better.com

Your bank, your current lender, and your local credit unions are your local options.

if you have any issues with finance, then its best to get a mortgage broker

either way, hurry up as the Fed is increasing rates

 

[black again]

Hey Fellas,

I'm in the process of refinancing my primary residence and just needed to ask if you all have had any experience with the following:

CapCenter.com -States they can go to closing with no closing costs and would wrap me up with a 3.75% interest rate. Sounds good, but I have been checking around.

Quicken Loans - They get relatively good reviews and can do a 3.756% interest rate but they have already stated it went up just in a few hours which has me leery. They want me to lock in a rate "today" but I'm still shopping around. Have any of you all dealt with them before?

Still have to call a Credit Union for an estimate and there are plenty around like Andrews Federal, Navy Federal, etc. Do you all think they would give better rates?

I just wanted to know if any of you all have used these companies before and what advice would you give before I start sending off paperwork with my business on it. I also ain't with pushy ass loan officers so any advice/experiences you all have would be great. As long as I can get something by middle of June, I'm in good shape. Thanks to who all replies in advance.

QL is a large company..never heard of the other, but that doesn't mean anything..

What's your current rate and term?

Are you looking to do a new rate and term?

How many years ..30..20..15?

3.75% is great with no cc...but is it .50% better than your current rate?

How long do you plan on being in the house?

One thing I'll say is, that rates may be going up..I think I saw that a few days ago... honestly, I don't track them anymore, but when they do, they can go up FAST.

Of course they wanna lock you in now and get a commitment, but you need to do your homework ASAP.

These are the questions I used to ask every borrower..

Also, have you spoken to your current lender to see if they have an express refi program?
Some lenders, who want to retain you will have a program with reduced docs for a simple rate and term.

 

[lightbright]

I'm currently using quicken loans/rocket mortgage. Initially, i had my mortgage with my credit union, Alliant. About two months in, they sold my mortgage to another company. After a year into the mortgage i was contacted by QL and i listened to what they had to offer. My mortgage decreased by $300 a month and the rate dropped to like 2.75% after being at 3.50% with Alliant. No complaints so far. see what others on here have to say before deciding. there may be some other companies offering better rates.

I need to check both.... seen their commercials many a time as well as have gotten e-mails from them


.

 

[CPT Callamity]

QL is a large company..never heard of the other, but that doesn't mean anything..

What's your current rate and term?

Are you looking to do a new rate and term?

How many years ..30..20..15?

3.75% is great with no cc...but is it .50% better than your current rate?

How long do you plan on being in the house?

One thing I'll say is, that rates may be going up..I think I saw that a few days ago... honestly, I don't track them anymore, but when they do, they can go up FAST.

Of course they wanna lock you in now and get a commitment, but you need to do your homework ASAP.

These are the questions I used to ask every borrower..

Also, have you spoken to your current lender to see if they have an express refi program?
Some lenders, who want to retain you will have a program with reduced docs for a simple rate and term.

Thanks for the response. Will be following up as soon as I'm back in the crib.

 

[slewdem100]

Hey Fellas,

I'm in the process of refinancing my primary residence and just needed to ask if you all have had any experience with the following:

CapCenter.com -States they can go to closing with no closing costs and would wrap me up with a 3.75% interest rate. Sounds good, but I have been checking around.

Quicken Loans - They get relatively good reviews and can do a 3.756% interest rate but they have already stated it went up just in a few hours which has me leery. They want me to lock in a rate "today" but I'm still shopping around. Have any of you all dealt with them before?

Still have to call a Credit Union for an estimate and there are plenty around like Andrews Federal, Navy Federal, etc. Do you all think they would give better rates?

I just wanted to know if any of you all have used these companies before and what advice would you give before I start sending off paperwork with my business on it. I also ain't with pushy ass loan officers so any advice/experiences you all have would be great. As long as I can get something by middle of June, I'm in good shape. Thanks to who all replies in advance.

Done too many refinances through the years (terrible financial management)...any way, check out George Mason Mortgage and see if they have anything competitive

 

[CPT Callamity]

What's your current rate and term?

Too much! LOL. Seriously, it is over 6% because I bought this place back in the 06-07 time frame and got screwed when the market went south.

Are you looking to do a new rate and term?
I am at the 15 year mark of a 30 and just want to lower the term and principal. I pay too much interest so that's a given.

How many years ..30..20..15?
I'm trying to do a 15 so I can pay this down sooner.
3.75% is great with no cc...but is it .50% better than your current rate?
Yes.
How long do you plan on being in the house?
I'm not going anywhere anytime soon. Rent is more than I'm paying for my mortgage (I'm in a condo) and I shopped around at rental prices around me and they are expensive for what they want. Since I WFH I don't really need to be in a house or anything. I've been keeping my Cost of Living low since I've been in here and that allows me to save a lot of money per month. I'm over the whole get a big ass house thing since it's just me so my plan is to stretch out for five years, see where the market goes. By the time I get the end of the mortgage, I'll be about 60 so I can always use this as a rental if I move on.


One thing I'll say is, that rates may be going up..I think I saw that a few days ago... honestly, I don't track them anymore, but when they do, they can go up FAST.
I called QL today and they already told me shit went up in a few hours! I know they are trying to move quick but I still have more calls to make to some Credit Unions and lenders. I just started this on Friday so I'm not with being rushed into shit.

Of course they wanna lock you in now and get a commitment, but you need to do your homework ASAP.
Been at it all day. So far they all are offering around 3.75% but I'm doing my do diligence and asking as many questions as I can. I've also been asking for black and white numbers so that I can compare. I need to see the breakdown in writing or it's a no go.

These are the questions I used to ask every borrower..

Also, have you spoken to your current lender to see if they have an express refi program?
My current lender is garbage and that's why I want out (mortgage sold about 5 years ago to them when Citi got out of the mortgage biz). They just want their pay on time as they are a servicer. I'm sure I can get a better rate through shopping around. When looking at the company's rep, they usually like to tack shit on to the end of the refi so I am trying to get away from them.


Some lenders, who want to retain you will have a program with reduced docs for a simple rate and term.
I'll call them tomorrow and see what's what but I don't have too much faith.

 

[Z MONSTER]

Go with a popular credit union. Here in NC I've been with State Employee's Credit Union (SECU) and love it. I banked with Navy Fed from 89 until the economy crashed in 2008. They got grimy with me and sent me to collections when my credit card got up to 10k. I said fuck it and borrowed from my 401k and paid it off and closed my account.

 

[Tito_Jackson]

Smart refinancing is a fiscally responsible move.

Hkwever, as you look to refinance, make sure you calculate the fees into the equation. You may get a lower rate as well as a lower monthly payment, but at what cost.

 

[CPT Callamity]

Smart refinancing is a fiscally responsible move.

Hkwever, as you look to refinance, make sure you calculate the fees into the equation. You may get a lower rate as well as a lower monthly payment, but at what cost.

Already on it which is why I wrote down everything they were offering. I kept asking for a breakdown instead of accepting just what they say I would pay monthly. It looks like I'll save over $200 bringing my rate down monthly which is good. I would be applying that to the principal anyways so I'm not concerned about a cash out.

QL seems to be all gung ho and the LO Manager hopped on the line and "promised" that they would take care of me and said they would work with me better since I was a Veteran. CapCenter didn't bother running vet numbers but their conventional math for a 15 year is feasible. I'm just concerned about those "hidden fees" and have been scrubbing consumer sites and BBB to make sure they are reputable. I'll be making more calls in the morning so we'll see.

 

[havelcok]

What's your current rate and term?

Too much! LOL. Seriously, it is over 6% because I bought this place back in the 06-07 time frame and got screwed when the market went south.

Are you looking to do a new rate and term?
I am at the 15 year mark of a 30 and just want to lower the term and principal. I pay too much interest so that's a given.

How many years ..30..20..15?
I'm trying to do a 15 so I can pay this down sooner.
3.75% is great with no cc...but is it .50% better than your current rate?
Yes.
How long do you plan on being in the house?
I'm not going anywhere anytime soon. Rent is more than I'm paying for my mortgage (I'm in a condo) and I shopped around at rental prices around me and they are expensive for what they want. Since I WFH I don't really need to be in a house or anything. I've been keeping my Cost of Living low since I've been in here and that allows me to save a lot of money per month. I'm over the whole get a big ass house thing since it's just me so my plan is to stretch out for five years, see where the market goes. By the time I get the end of the mortgage, I'll be about 60 so I can always use this as a rental if I move on.


One thing I'll say is, that rates may be going up..I think I saw that a few days ago... honestly, I don't track them anymore, but when they do, they can go up FAST.
I called QL today and they already told me shit went up in a few hours! I know they are trying to move quick but I still have more calls to make to some Credit Unions and lenders. I just started this on Friday so I'm not with being rushed into shit.

Of course they wanna lock you in now and get a commitment, but you need to do your homework ASAP.
Been at it all day. So far they all are offering around 3.75% but I'm doing my do diligence and asking as many questions as I can. I've also been asking for black and white numbers so that I can compare. I need to see the breakdown in writing or it's a no go.

These are the questions I used to ask every borrower..

Also, have you spoken to your current lender to see if they have an express refi program?
My current lender is garbage and that's why I want out (mortgage sold about 5 years ago to them when Citi got out of the mortgage biz). They just want their pay on time as they are a servicer. I'm sure I can get a better rate through shopping around. When looking at the company's rep, they usually like to tack shit on to the end of the refi so I am trying to get away from them.


Some lenders, who want to retain you will have a program with reduced docs for a simple rate and term.
I'll call them tomorrow and see what's what but I don't have too much faith.

its a bit late, but why did you wait so long to refinance?
you missed ten years of the lowest rates

dont get a 15 year, stay on 30 and pay like its a 15
gives you more flexibility on case of emergencies

 

[killagram]

I'm currently using quicken loans/rocket mortgage. Initially, i had my mortgage with my credit union, Alliant. About two months in, they sold my mortgage to another company. After a year into the mortgage i was contacted by QL and i listened to what they had to offer. My mortgage decreased by $300 a month and the rate dropped to like 2.75% after being at 3.50% with Alliant. No complaints so far. see what others on here have to say before deciding. there may be some other companies offering better rates.

Did you redo it at 30 years..brah?

 

[TimRock]

Did you redo it at 30 years..brah?

Yeah. But it'll be paid off within the next 5 to 7 years.

 

[killagram]

Yeah. But it'll be paid off within the next 5 to 7 years.

How...brah?

 

[TimRock]

How...brah?

making extra payments with my mortgage.

 

[black again]

What's your current rate and term?

Too much! LOL. Seriously, it is over 6% because I bought this place back in the 06-07 time frame and got screwed when the market went south.

Are you looking to do a new rate and term?
I am at the 15 year mark of a 30 and just want to lower the term and principal. I pay too much interest so that's a given.

How many years ..30..20..15?
I'm trying to do a 15 so I can pay this down sooner.
3.75% is great with no cc...but is it .50% better than your current rate?
Yes.
How long do you plan on being in the house?
I'm not going anywhere anytime soon. Rent is more than I'm paying for my mortgage (I'm in a condo) and I shopped around at rental prices around me and they are expensive for what they want. Since I WFH I don't really need to be in a house or anything. I've been keeping my Cost of Living low since I've been in here and that allows me to save a lot of money per month. I'm over the whole get a big ass house thing since it's just me so my plan is to stretch out for five years, see where the market goes. By the time I get the end of the mortgage, I'll be about 60 so I can always use this as a rental if I move on.


One thing I'll say is, that rates may be going up..I think I saw that a few days ago... honestly, I don't track them anymore, but when they do, they can go up FAST.
I called QL today and they already told me shit went up in a few hours! I know they are trying to move quick but I still have more calls to make to some Credit Unions and lenders. I just started this on Friday so I'm not with being rushed into shit.

Of course they wanna lock you in now and get a commitment, but you need to do your homework ASAP.
Been at it all day. So far they all are offering around 3.75% but I'm doing my do diligence and asking as many questions as I can. I've also been asking for black and white numbers so that I can compare. I need to see the breakdown in writing or it's a no go.

These are the questions I used to ask every borrower..

Also, have you spoken to your current lender to see if they have an express refi program?
My current lender is garbage and that's why I want out (mortgage sold about 5 years ago to them when Citi got out of the mortgage biz). They just want their pay on time as they are a servicer. I'm sure I can get a better rate through shopping around. When looking at the company's rep, they usually like to tack shit on to the end of the refi so I am trying to get away from them.


Some lenders, who want to retain you will have a program with reduced docs for a simple rate and term.
I'll call them tomorrow and see what's what but I don't have too much faith.

Ok

Not gonna go into why you didn't refi outta that loan already..you missed the best rates.

But, if you can get a 15yr at 3.75% ..with no cc, that's a home run...you're improving your rate by over 2 pts and saving thousands in closing costs...and STILL saving $200 mo.

Usually, you don't save money on your monthly mtg payment, by going from a 30 to a 15...

So, if you can reduce your rate and STILL reduce the payment, that's a great deal.

Hopefully you have all your docs ready.

Make your calls, but you need to be ready to pull the trigger..like in the next few days or sooner.

One of the biggest problems I used to have was when folks would get greedy, when rates were falling...tryna squeeze out an extra 1/8th or .25..and then lose the rate they were considering first...

Most lenders rates should be VERY close, but in doing a no cost, you're rate's gonna be slightly higher.. usually about a quarter point. They use that spread to pay those costs.

One thing I will say...it almost never works in your favor to pay the cc on such a short amortization...

 

[CPT Callamity]

its a bit late, but why did you wait so long to refinance?
you missed ten years of the lowest rates

dont get a 15 year, stay on 30 and pay like its a 15
gives you more flexibility on case of emergencies

I was underwater and couldn't get a better rate/deal until I put a significant dent in my mortgage. I bought back before the crash and got fucked in that respect. Tried a bunch of programs but could never qualify because I had steady income. Even got laid off two times over the course of those years and still could get no relief. Now I'm in better position. I didn't want to do a 30 becasue I've already been here about 15 years so the sooner I pay it off, the better. That way I'll have less to worry about going into my golden years. If I pay it off outright within 10-12 I'll be a happy mufucka. I put an extra $150-$165 towards principal monthly so it works out to an extra payment a year.

 

[CPT Callamity]

Ok

Not gonna go into why you didn't refi outta that loan already..you missed the best rates.

But, if you can get a 15yr at 3.75% ..with no cc, that's a home run...you're improving your rate by over 2 pts and saving thousands in closing costs...and STILL saving $200 mo.

Usually, you don't save money on your monthly mtg payment, by going from a 30 to a 15...

So, if you can reduce your rate and STILL reduce the payment, that's a great deal.

Hopefully you have all your docs ready.

Make your calls, but you need to be ready to pull the trigger..like in the next few days or sooner.

One of the biggest problems I used to have was when folks would get greedy, when rates were falling...tryna squeeze out an extra 1/8th or .25..and then lose the rate they were considering first...

Most lenders rates should be VERY close, but in doing a no cost, you're rate's gonna be slightly higher.. usually about a quarter point. They use that spread to pay those costs.

One thing I will say...it almost never works in your favor to pay the cc on such a short amortization...

See post #19
I'm trying to prevent CC at all costs.
I just spoke to Betterment and they are talking 5.375% APR for a 30 which is way more than the others and I'd have to bring about $5550 to the table at closing . We'll see though as I have a call tomorrow to get a better idea.

 

[black again]

I'm trying to prevent CC at all costs.
I just spoke to Betterment and they are talking 5.375$ for a 30 which is way more than the others and I'd have to bring about $550 to the table at closing . We'll see though as I have a call tomorrow to get a better idea.

The money brought to the table is possibly for your escrows...I don't wanna guess without knowing all the details, but even with a no cc loan, you have to re-establish escrows.

The flip side is you skip a month's mtg payment, so it should be a wash...and also get any escrow money back from your current lender... depending on when you close, you may skip 2 months...I had MANY repeat customers try to time their refi to skip 2 payments..

Often, that was their first question..

 

[CPT Callamity]

The money brought to the table is possibly for your escrows...I don't wanna guess without knowing all the details, but even with a no cc loan, you have to re-establish escrows.

The flip side is you skip a month's mtg payment, so it should be a wash...and also get any escrow money back from your current lender... depending on when you close, you may skip 2 months...I had MANY repeat customers try to time their refi to skip 2 payments..

Often, that was their first question..

I forgot Betterment was the company that fired 900 people at Christmas time.
I just got a call as I was filling shit out on their website. I'm not submitting a damn thing to any of these people until the math sounds right though. Even if that has to wait until Friday, I'm not going to be bullied into anything.

 

[black again]

Did anyone send you a gfe?

That's your breakdown of everything...

Things to consider..

how quickly can they close? 30 or 45 days

Are you paying for the appraisal upfront or at closing?

Do you know your payoff? It's not your balance..

If you want a great rate, you need to be ready yesterday...I can't stress this enough.


Check reviews and BBB to see if they're any problems with whoever you choose.

Most brokers or lenders aren't gonna service your loan anyway... it'll be sold, often at closing.

Just make sure it's a legit co...

 

[havelcok]

I was underwater and couldn't get a better rate/deal until I put a significant dent in my mortgage. I bought back before the crash and got fucked in that respect. Tried a bunch of programs but could never qualify because I had steady income. Even got laid off two times over the course of those years and still could get no relief. Now I'm in better position. I didn't want to do a 30 becasue I've already been here about 15 years so the sooner I pay it off, the better. That way I'll have less to worry about going into my golden years. If I pay it off outright within 10-12 I'll be a happy mufucka. I put an extra $150-$165 towards principal monthly so it works out to an extra payment a year.

its a personal choice
paying mortgage off very quickly
but with inflation at its highest
you are giving away money

you can get lower rates with a 30 year mortgage
and still pay it off like its 15
but it gives you way more flexibilty

you can use that extra money to invest, save or spend

 

[CPT Callamity]

its a personal choice
paying mortgage off very quickly
but with inflation at its highest
you are giving away money

you can get lower rates with a 30 year mortgage
and still pay it off like its 15
but it gives you way more flexibilty

you can use that extra money to invest, save or spend

I'm going to get another estimate tomorrow from CapCenter and QL. I initially only checked for a 15. Thanks for the advice.

 

[CPT Callamity]

Did anyone send you a gfe?

Not yet. Better gave me one to download and I didn't like the math on it. I'll try and get one tomorrow. They are quick to try and get me to sign and submit a commitment offer but again, I ain't getting pushed into anything without a full understanding.

Things to consider..

how quickly can they close? 30 or 45 days
They are saying 4 weeks or 30 days once the ball gets rolling.

Are you paying for the appraisal upfront or at closing?

CapCenter I'd pay the appraisal up front but would get it refunded at closing.
QL is saying I would have to pay the appraisal up front along with a hard credit pull + flood certification. Around $605. I would not be able to shop around with them.

Do you know your payoff? It's not your balance..
No, I'll have to call my servicer to get that.

If you want a great rate, you need to be ready yesterday...I can't stress this enough.


Check reviews and BBB to see if they're any problems with whoever you choose.

Both seem to have highly favorable ratings. I also checked a few other review sites and QL and CapCenter seem to be on the positive. QL is large company and has a decent rep. I just heard of CapCenter but they don't sound bad.

Most brokers or lenders aren't gonna service your loan anyway... it'll be sold, often at closing.
I figure that even though some tout "in-house servicing." Either way, I'll find out more in the morning.

 

[black again]

When you say they gave you one to DL and you don't like the math, what didn't you like?

If they give you a different one, what would be different?

The numbers are what they are...unless they're changing or eliminating fees... doubtful.

 

[CPT Callamity]

When you say they gave you one to DL and you don't like the math, what didn't you like?

If they give you a different one, what would be different?

The numbers are what they are...unless they're changing or eliminating fees... doubtful.

It was just a loan estimate (from Better). I am going to use it as a baseline and see what the other lenders are offering comparably. Again, I still have homework to do. This is only like day 2 and I'm weeding through this stuff.