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Old 05-26-2011, 06:48 PM   #1
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Any good deals out there now. I'm not military. My current mortgage is with Chase and they wanted $4100 to refinance $160k. I think I can do a lot better. My current mortgage is 6.78% 30 yr. fixed. I plan on being in my home for the next 2-5 yrs and then selling.
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Old 05-26-2011, 09:37 PM   #2
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Your biggest challenge may be getting the institution to finance the amount you currently have the loan for.
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Old 05-27-2011, 10:00 AM   #3
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Mike... Call "Jeff Shirk" at Florida Community Mtg..... 484-7529. He has taken care of several mtg's for me. He is a great guy to do business with.... Located here in Pensacola over by the Airport.....
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Old 05-27-2011, 10:29 AM   #4
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Originally Posted by Dagwood View Post
Any good deals out there now. I'm not military. My current mortgage is with Chase and they wanted $4100 to refinance $160k. I think I can do a lot better. My current mortgage is 6.78% 30 yr. fixed. I plan on being in my home for the next 2-5 yrs and then selling.

Are you looking for the lowest rate or the lowest cost? Rarely will you get both. Most closing costs are real costs imposed by someone other than the lender and those cost must be paid. If they are not paid by the borrower then the lender will increase the rate and use the additional income to cover those costs.

In a refinance i like to look at the break even point, divide the cost (Not escrows since you will pay taxes and insurance regardless) by the monthly savings to determine how many months to recover the upfront fees. If your trying to move to a short term then that's a different story.

Call Chase back and ask them to Modifiy your existing loan. You may have to ensure you do not get routed to the loss mitigation department or get a supervisor on the phone. A modification is basically a one page form that alters the current terms of your note, no need to reclose or reamortize the loan or file any documents except the modification agreement. Very simple to do and the current lien holder is the only one who can modify it, you may get a rate quite as low as current market but if it only costs a nominal fee it's a no brainer. The advantage to Chase is they get to keep a good loan on the books rather than it running off. May not work but certainly worth a try.

Good luck,
Kenneth
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Old 05-29-2011, 09:04 PM   #5
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Old 05-29-2011, 09:37 PM   #6
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Kenneth knows what he's talking about...good info. I've been in the mortgage business for 10 years and I would thing $4100 closing cost in Florida is pretty reasonable. I'm not sure if a modification would hurt your credit or not, but it's a good question to ask before you go down that road. The key is to shop around and don't be afraid to show your Good Faith Estimates to other lenders. Loan officers will have flexiblity they are not going to give you unless they need to.

How long have you had your current mortgage? that's often over looked in the refinance process. If you've had your current loan 10 years your may actually hurt yourself by refinancing even in the high 4's.

Also, if you are sure your going to sell in 5 years or so don't be afriad of an ARM. I've had one on my home for years. I had 7 years at 4.125, last year was 3.125 and just got the letter for the next 12 months I'm at 2.875.
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Old 06-02-2011, 11:33 AM   #7
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I'm getting rates of 3.25-3.5% on a 5/1 ARM locally and 2.875% from one of these internet sites. I would like to stay local and don't really trust the internet mortgage companies.
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Old 06-02-2011, 01:43 PM   #8
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Old 06-02-2011, 02:11 PM   #9
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Quote:
Originally Posted by Jighead View Post
Kenneth knows what he's talking about...good info. I've been in the mortgage business for 10 years and I would thing $4100 closing cost in Florida is pretty reasonable. I'm not sure if a modification would hurt your credit or not, but it's a good question to ask before you go down that road. The key is to shop around and don't be afraid to show your Good Faith Estimates to other lenders. Loan officers will have flexiblity they are not going to give you unless they need to.

How long have you had your current mortgage? that's often over looked in the refinance process. If you've had your current loan 10 years your may actually hurt yourself by refinancing even in the high 4's.

Also, if you are sure your going to sell in 5 years or so don't be afriad of an ARM. I've had one on my home for years. I had 7 years at 4.125, last year was 3.125 and just got the letter for the next 12 months I'm at 2.875.
Its a standard fannie mae form 3179, loan modificaiton agreement and there is no negitive connentation. This is mostly used to modifiy an interm loan like a construction loan to permanent financing but all it does is change the terms of the note.

You will get run all over the internet if you don't focus on the objective (terms and savings) of your refinance and what terms work best for you. There is always something bigger or better that someone is trying to sell and if it sounds to good to be ture it probably is, that is how the mortgage industry goofed up.

Focus, focus, focus - do the math on the best options and if achives your objective pull the trigger.

Kenneth
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