Mortgage Refinancing

Wenchy

Hot Flash
The rates are too good to resist.

Does anybody have any recommendations of a local company/person to see about this?

We currently have a fixed 30 year at 6% and are interested in a 15 year at a much lower rate.
 

dustin

UAIOE
We refinanced back in Oct/Nov. Stuck with the same mortgage company (Suntrust)... because we stayed with them they dropped some of the refi fees and whatnot... just something to think about...

we stayed with the 30 yr though...
 
Start with your own mortgage company and see what they can offer you. Let them know you're shopping. Not in their best interest to lose a paying customer.
 

Wenchy

Hot Flash
We refinanced back in Oct/Nov. Stuck with the same mortgage company (Suntrust)... because we stayed with them they dropped some of the refi fees and whatnot... just something to think about...

we stayed with the 30 yr though...

Start with your own mortgage company and see what they can offer you. Let them know you're shopping. Not in their best interest to lose a paying customer.

Good idea. We will see what Citibank will do.

I would like to give somebody local a piece of the "pie".
 
Also look into a "bi-saver" plan. Most mortgage companies have one. It's where you pay 1/2 your monthly every two weeks. It can knock years off the interest.

When I refinanced, I went from a 30 year fixed to a 15 year fixed. Between the lower interest rate and the bi-saver, I was able to pay off the 15 year mortgage in about 10 years.

No more mortgage for me!
 

Wenchy

Hot Flash
This is just my opinion, but it seems to be holding true: every so often in some sort of cycle the FED purposely drives down rates really low so people can refi out of bad loans/high interest loans and so people can purchase homes at really low rates. We just came out of yet another one of those cycles.

I wouldn't refi at today's rates if I were you. I'd wait to the next cycle where they get in the low 4% range again.

My same loan I got in October would now cost me nearly $200 more per month.

:coffee:

I didn't quote your other posts.

I was in a coma. Feel better?

I saw rates as low as 3.5% (on this site...thanks, Vrai)
Reality is 4.5% for now with a 15 year if we refi.

I do want to downsize the loan, and it's not a large one, so the extra $200/month would probably be much less.
 

Rommey

Well-Known Member
Also look into a "bi-saver" plan. Most mortgage companies have one. It's where you pay 1/2 your monthly every two weeks. It can knock years off the interest.

When I refinanced, I went from a 30 year fixed to a 15 year fixed. Between the lower interest rate and the bi-saver, I was able to pay off the 15 year mortgage in about 10 years.

No more mortgage for me!
I did the mortgage accelerator as well when we refinanced to a 15-year 5.1% loan in 2003. Got the original 30-year 7.5% mortgage in 1992...paid a whopping $32K off in 10+ years. Just sent in the last payment on Saturday.
Paid it all of in 18 years, 3 months.
 

islandgrl

New Member
We used Pat Bowling and I highly recommend him! He is a wonderful and doesn't charge a bunch of crap fees. He is with Metlife home loans, his office is in the little white building beside Century 21 New Millenium on 235.
 

acommondisaster

Active Member
I promised to recommend this guy if I ever got a chance - he was able to do a mortgage for our son when no one else would. Everything went very smooth. Bill Saunders at Capital Mortgage Finance. He's in Edgewater...2822 solomons island road 301-621-3838
 

foodforthought

New Member
I'd say Jim Moran or Marsha Reynolds at First Home Mortgage in Hollywood- Love them!!! I also would not recommend PNC- I got the same feeling like they were too good to talk to me, then never got any response back from them-would never recommend them!
And yes- back in Oct rates were down to 3.5% for 15 years loans! They have risen dramatically over the past couples months :( But you are still in to save some money, we had 6% and did a refi at 4%- any money saved helps these days!!!!
 

LadyCoyote

New Member
I'd say Jim Moran or Marsha Reynolds at First Home Mortgage in Hollywood- Love them!!! I also would not recommend PNC- I got the same feeling like they were too good to talk to me, then never got any response back from them-would never recommend them!
And yes- back in Oct rates were down to 3.5% for 15 years loans! They have risen dramatically over the past couples months :( But you are still in to save some money, we had 6% and did a refi at 4%- any money saved helps these days!!!!


I second this! Jim Moran and Marsha were easy to work with and we had a great experience with them, as well. I would not hesitate to recommend them. :yay::yay:
 

renegadeslave

Obsidian Salamander
Also look into a "bi-saver" plan. Most mortgage companies have one. It's where you pay 1/2 your monthly every two weeks. It can knock years off the interest.

When I refinanced, I went from a 30 year fixed to a 15 year fixed. Between the lower interest rate and the bi-saver, I was able to pay off the 15 year mortgage in about 10 years.

No more mortgage for me!

Ha. I tried this with our mortgage company, Wells Fargo. We can make the payments twice a month, but they cannot get credited to our loan until we meet the minimum payment. It's nice that the whole chunk doesn't come out of one paycheck, but doesn't do much for our interest.

I would not recommend First Mariner. They sold our mortgage to Wells Fargo one month after we bought our house. After our mortgage guy, Jeff Gay, swore up and down that was what the other mortgage company we were looking at was going to do. Ugh.
 

xobxdoc

Active Member
Making a half payment every 2 weeks gives you 13 whole payments per year instead of 12. It does save you a lot of interest. Don't pay for this service though. Do it yourself with your online banking.
 

awpitt

Main Streeter
Also look into a "bi-saver" plan. Most mortgage companies have one. It's where you pay 1/2 your monthly every two weeks. It can knock years off the interest.

When I refinanced, I went from a 30 year fixed to a 15 year fixed. Between the lower interest rate and the bi-saver, I was able to pay off the 15 year mortgage in about 10 years.

No more mortgage for me!

Dont't even need to sign up for any "bi-saver" plan. Just doing it on your own. Take your monthly payment (PI), divide it by 12, take that amount and add it as extra principal on your regular monthly payment. This will result in your paying 13 payments per year which is the same thing that the "bi-saver" plans do.


Video - Breaking News Videos from CNN.com



.
 

renegadeslave

Obsidian Salamander
I'm surprised nobody has even started in on the difference between a mortgage broker that just acts as a salesman for anyone lending money and a mortgage guy who actually works for the company that has the money to lend. There's quite a difference...

:whistle:

Yeah. Mr. Gay was telling us the other company (West Star) was a mortgage broker without mentioning the fact that he was also one. Yes, we should have done our research. Lesson learned.
 

Chasey_Lane

Salt Life
Ha. I tried this with our mortgage company, Wells Fargo. We can make the payments twice a month, but they cannot get credited to our loan until we meet the minimum payment. It's nice that the whole chunk doesn't come out of one paycheck, but doesn't do much for our interest.

You have to set it up this way, and usually mortgage companies charge a set-up fee, along with a monthly "maintenance" fee. You can do this yourself for free by paying more on the loan (principle) each month. The same with car payments and other loans.
 

awpitt

Main Streeter
You have to set it up this way, and usually mortgage companies charge a set-up fee, along with a monthly "maintenance" fee. You can do this yourself for free by paying more on the loan (principle) each month. The same with car payments and other loans.

Exactly......


Dont't even need to sign up for any "bi-saver" plan. Just doing it on your own. Take your monthly payment (PI), divide it by 12, take that amount and add it as extra principal on your regular monthly payment. This will result in your paying 13 payments per year which is the same thing that the "bi-saver" plans do.


Video - Breaking News Videos from CNN.com



.
 
Dont't even need to sign up for any "bi-saver" plan. Just doing it on your own. Take your monthly payment (PI), divide it by 12, take that amount and add it as extra principal on your regular monthly payment. This will result in your paying 13 payments per year which is the same thing that the "bi-saver" plans do.


Video - Breaking News Videos from CNN.com



.

My company did not charge for the service. The big advantage is that it was deducted automatically from my bank account on time every month, and I didn't have to do a thing.

And the above is not true. Paying 1/2 the monthly 2 weeks early knocks your interest down early each month. You wind up saving much more in interest than if you simply added one extra months payment.
 
Last edited:
Top