I'm looking to refi a $193k loan to reduce my rate (currently at 6.125% interest rate).

Asked by SF_Buyer, 94019 Wed Dec 31, 2008

Loan is currently with GMAC.

I have a 700 credit score, its a condo and other units in my building have recently sold for ~$650k. I want to go directly to a lender, anyone have good luck recently with JPMorgan, Citi, BofA, Wells Fargo, etc.?

GMAC quoted me 4.75%, 2.5 points as a buydown, closing costs of $2800


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Nancy Corsaut, Agent, San Francisco, CA
Wed Dec 31, 2008
You should try Mary Apprill at Wells Fargo, 415.247.1265, mary.apprill@wellsfargo.com for a direct lender. You may also try Austin Andruss, a mortgage broker at RPM Mortgage, Inc., (415) 869-6135, aandruss@rpm-mtg.com. They are both excellent, local and have been in the business for many years.

Good luck!
Web Reference:  http://www.nancycorsaut.com
1 vote
Manu Kapoor, Agent, New York, NY
Sun Jan 4, 2009
The other day i read the feds will start buying mortgage backed securities by jan to help push rates to 4.5% levels. Check it u could get better clossing cost without points clossing.
1 vote
Danielle Laz…, Agent, San Francisco, CA
Wed Dec 31, 2008
I have had great experiences lately with Wells Fargo and BofA. Though a good mortgage broker is also an excellent source for competive rates and closing costs. (Check my blog for links to many great mortgage brokers and bankers.)

For a great mortgage banker at Bank of America: http://ae.bankofamerica.com/martamcleod.

For a Wells Fargo mortgage banker: https://www.wfhm.com/loans/mary-apprill/index_newconstructio…

Most lenders want at least 75% Loan to Value right now but you appear to be set in that department!

If you have further questions about San Francisco real estate, feel free to email or call.

Good luck,
Danielle Lazier, San Francisco Real Estate Agent
Zephyr Real Estate
1 vote
Luke Allison, , Asheville, NC
Wed Dec 31, 2008
You should be right around 4.75%-5.00% right now with very minimal points to buy it down. News Flash - If points are not actually used to discount your rate below market rates, then it's just another fee. Right now, 4.75 only costs about 0.6%, not 2.5%. That difference in pricing is essentially a junk fee.

I would be more than happy to help you obtain your refi and close your file. It should take no more than 2-3 weeks, max. Feel free to call me if you have any questions.

Luke Allison
Flagstar Bank
1 vote
David Tapper, Agent, Burlingame, CA
Wed Dec 31, 2008
Call Vicky Nielson at B of A at 650-533-8565 or Holly Brand at Wells Fargo 650-270-4800.

Good luck,

Dave Tap Tapper
Web Reference:  http://Teamtapper.com
1 vote
Sandy Thomps…, , 60061
Tue Feb 10, 2015
You should not have to buy down a rate 4.75 assuming you have decent credit. CrossCountry Mortgage is a direct lender. We originate the loans with very few overlays. I would be happy to talk to you. I'm licensed in CA, IL, IN, WI. Click on my picture for contact information.
0 votes
Jack Ferris, Agent, San Ramon, CA
Tue Jan 6, 2009
At Ferris Financial Group, Inc. we have 99 lenders available including most of the banks. We are a Loan broker company. The way we are set up, in some cases we can offer you a more attractive refinance package than your best bank rates where you have already inquired. We can compete with the best banks to place your loan and can probably do it for less than a bank can do it. As a loan broker we our licensed by the Department of Corporations with a Finance Lenders / brokers license. We also our licenced by the Department of Real Estate. If you are interested in hearing more, please call Ferris Financial Group, Inc., Jack Ferris at 925-858-2879 so he can discuss with you what we can or cannot do.

Jack Ferris
Ferris Financial Group, Inc.
email: ferrisfg@aol.com
0 votes
James Testa, Agent, San Francisco, CA
Thu Jan 1, 2009
Hi SF Buyer,

Have you considered working with a mortgage banker? These folks are able to shop the market and the also have a source of money to lend. Its the best of both worlds. I work with a great division of Wells Fargo that handles mortgage banking and I also have several other contacts that I have vetted for my clients.

Please feel free to contact me for their name and numbers. I am happy to share...

Best wishes for 2009!

James Testa
Paragon Real Estate Group
0 votes
Dominique Re…, , 93704
Wed Dec 31, 2008
I realize you would like to go directly to a bank but I would like the opportunity to earn your business. Most of the banks you mentioned above we broker to. I agree with the other posts that 2.5 points is too much for 4.75. I can meet with you at your home or office to do the application or you can always do it online at our website. You are obviously a good shopper and I think you would be happy with my loan package and service.

Dominique Ressurreicao
American Pacific Mortgage
0 votes
Fred Glick, Agent, Mountain View, CA
Wed Dec 31, 2008
Why go direct? As an UpFront Mortgage Broker, I have access to better rates and today I could have done 4.5 with 1.75 points!
Web Reference:  http://usloans.com
0 votes
Dallas Texas, Agent, Dallas, TN
Wed Dec 31, 2008
You need to determine your short and long term goals if you want to sale within a short period of time NO dont refi HOWEVER if you intend to live there then YES, refil does cost money to do so although rolled into back side loan.

Place all on excel spread sheet do number crunching.
Web Reference:  http://www.lynn911.com
0 votes
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