Where do I start with a refinance?

[Deleted]

I feel like I don't know anything about it although I actually refinanced the house last November. I started with Quicken Loan, whom I felt sort of ignored my "wishes." At first, I was worried about the appraisal. When the appraisal came in at $40,000 worth of equity and $100,000 loan, I felt the guy was refusing to budge on looking at lower interest rates. The "best" he could get me was 4.25% even though rates were at 4% of lower, which was the same loan/rate he could get me if the appraisal didn't come in.

I ended up refinancing with Chase in a no-cost refi that brought my 5.75% loan to 4.5%.

However, the rates have dipped below 3% on the type of loan I really want . . . 15 year fixed. I have been sending Chase $125 a month to turn my 20 year into a 15 year, but I would rather just have the 15 year fixed. I don't need the flexibility. In fact, I want a 10-year fixed so doing the 15 year is enough flexibility.

But WHERE do you start? And how do you balance origination fees, points, etc. with other "quotes"?

You guys have great suggestions so please help.

[Peace Of Mind]

If you are required to get another appraisal (they may accept the one from last November but I doubt it) get your house looking its best. It shouldn't matter but it does these days.

Find your title insurance that you have so you can get the discount/proration.

Get all of your W-2's (2 years), copies of your two last paychecks, checking/saving/retirement accounts together for proof of income and savings. Make sure you have at least 3-6 months liquird cash to cover the mortgage as well as the money for closing costs.

Latest statement for both mortgages.

Latest pay stub for a 30 day period with YTD earnings.

Latest 401K/investment statements.

Copy of home insurance and tax bill.

Owners title policy (schedule A and B) this should be with all your closing paperwork when you closed on your home.

Survey

Warranty Deed

Driver’s license

Be sure your consumer debt is low if possible by paying your credit cards (if you pay them off monthly do that before you refinance).

I'll try to think of more and add it to this post.

[Deleted]

Thanks, POM. But I was mostly thinking of where do you start to find a LENDER? I know how to get all my docs in order. The title insurance probably wasn't redone since Chase was refinancing its own mortgage. They also didn't require an appraisal, again because it was them.

But they didn't give me the best rate either, even though I asked. It was 4.5% with no costs or 4.25% with a few thousand. I went with the no-cost to leave my options open.

Do I just start hitting the local CUs? I don't know really where to start finding another lender.

[Peace Of Mind]

Oh! Sorry! Did you mention you were looking elsewhere? That may change their attitude.

Yes, I would call Wells Fargo, BB&T, local credit unions... in your area. I would also check Bankrate.com

Do you know your credit score? Right now 15 year mortgage are in the low to medium 3% for people with good credit but I've not heard of anything below that for a fixed rate! Are you doing a cash out refinance or just changing your loan term? Add about .25% if you are doing a cash out.

I'm leaving my first answer for others who may want to know that part.

[Peace77]

Check your credit report for errors.

So far, we're satisfied with our mortgage from Bank of America.

[midjd]

Bankrate is probably your best bet to see what's out there.

FWIW, I have mine through Provident Funding (original and refi) and have been very happy with both the rate/closing costs and service. Probably not YM-approved, but my process was - go to Bankrate, find lowest rate, apply, accept. Luckily I ended up with a good lender

Also depends on how important a brick-and-mortar lender is to you. I do everything I can online or via phone so it didn't really matter that my lender was based in (I think) Colorado... but if you want a local branch, best to check those first. My boss is in the process of refi-ing through Chase, they don't have the BEST rate, but he likes the convenience of being able to stop by and talk to someone whenever he wants.