Home Buying in 90802>Question Details

Cristina, Home Buyer in Long Beach, CA

Hello, What are the key factors to consider when one shops around for a lender to refi? Please advise. Thanks Christina

Asked by Cristina, Long Beach, CA Wed Nov 28, 2012

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Two important questions to consider upfront is how much will it cost you to refinance? How long will it take you to break even (recoup the cost to refi)? Good luck to you!
1 vote Thank Flag Link Thu Nov 29, 2012
The key factors are similar to any business transaction:
1. Work with someone who will take the time and explain all of your options to you. When you are refinancing, a lot depends on what kind of a loan you currently have and how much equity you have in your home. If you are underwater on your home and have an FHA loan, or one guaranteed by FMAC or FNMA, you are eligible to refinance to a lower rate even though you do not have any equity.
2. Work with someone who works for a mortgage broker. (Full disclosure, I work for a mortgage broker.) They will have more programs available for you through their different lenders. Brokers typically work with 10 to 30 different lenders, so they will have a lot of different programs. instead of you shopping with Wells Fargo, Bank of America, etc. your broker does the shopping for you with the lenders that they work with. The broker's fees are normally paid by the lender, so your loan does not cost you any more than if you went direct. In fact, most brokers can beat the rates offered by the big banks. And if you encounter a problem with your loan with one lender, they can switch you out to another lender and save your transaction.

Call me at 562-212-2345 if I can help. Best of luck to you.

Gene Scott
Loan Officer and Realtor
Shore Capital Corporation
1 vote Thank Flag Link Wed Nov 28, 2012
Hello Cristina,

I am a mortgage consultant with Platinum Mortgage and I can tell you that your REFI will depend on your fico/credit record, the amount of equity in the property, if it is FHA, or Conventional, when you bought the property and the last time you refinanced. You may not need to appraise the property, you may not need to pay mortgage insurance, you may even be able to refinance with up to 150% debt/equity. No cost refinance is paid with a rebate from the lenders so it does not reduce your payment.

You should work with a reputable company that will be able to solve your problem with the best loan program available. Not all Lenders have all loan programs like Platinum Mortgage so it is important that you check with us :-) . We can even run a rescore and get your fico to a sweet spot that will reduce your rate. Rate matters and we have great rates too, but you will see that service will make all the difference. Anyways, it is better to do it sooner than later.

You can let me do your homework for you or you can answer a few questions on this link http://www.lamortgagehomeloans.com/Loans/refinance.html .

Best Regards,

Celso Neves
Mortgage Consultant NMLS 829964
Platinum Home Mortgage
Ph. 562 704 1651
Fax 424 702 0322
8129 Florence Ave Suite 202
Downey, CA 90240
1 vote Thank Flag Link Wed Nov 28, 2012
let me know if you want a referral. I agree with Christina, it would be good to let two or more lenders compete for your business.
1 vote Thank Flag Link Wed Nov 28, 2012
You also want to make sure you are using someone who is a broker, as opposed to just using a specific bank. A broker is able to shop around for the best rate possible. Best of luck!

Samantha Baksic
Precision Realty

714.330.2021 (cell)
800.817.7542 (fax)
0 votes Thank Flag Link Tue Mar 5, 2013
Rate, closings costs, and reputation of lender
0 votes Thank Flag Link Mon Mar 4, 2013
The main thing is the terms and conditions of the loan.

Rates are low but before you fall for that LOW advertised rate make sure you read the fine print.

Is this rate reserved for people who have a mortgage over a certain amount?

Do you REALLY qualify for the best prevuing rate? Will you need a FICO score ABOVE 700?

I like prefer dealing with a direct lender, like Wells Fargo or Chase. Small credit unions are a good source too. (this is just my personal preference)

Start by talking to someone ate the bank/credit union where you do you personal banking.

Best of luck to you!!
Best Regards, Kawain Payne, Realtor
0 votes Thank Flag Link Mon Mar 4, 2013
Ask for a Good faith estimate and a truth in lending from the lenders. That way you can compare their fees and interest rates on paper. apples to apples
0 votes Thank Flag Link Mon Mar 4, 2013
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