Still time to refinance my house? Who should I contact?

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UNIGuy4Cy

Well-Known Member
Nov 11, 2009
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Hey fanatics was really still thinkin about refinancing my house. We bought it 2 years ago but are paying 5.25% interest. Is it too late to refinance? If not who should I work with. Thanks for the help!
 

CysLoveChild

Active Member
Dec 8, 2011
118
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Ames, IA
Contact your current lender if you like them. Otherwise most big banks will offer you about the same options. If you are curious, go to wellsfargo.com and you can dig around alittle or request free info.
 

1100011CS

Well-Known Member
Oct 5, 2007
15,717
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Marshalltown
There's another thread about this with some good suggestions. I'd link but no search on the mobile app. I recently refinanced with aim loan and was happy with them.
 

Cyclones01

Well-Known Member
SuperFanatic
SuperFanatic T2
May 23, 2008
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Urbandale
If you're in Des Moines, Tyler Osby at Fairway Independent Mortgage was our lender. He's very easy to work with.
 

trevn

Jerome Tang Surveillance Team
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Apr 10, 2006
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Hey fanatics was really still thinkin about refinancing my house. We bought it 2 years ago but are paying 5.25% interest. Is it too late to refinance? If not who should I work with. Thanks for the help!

There's still plenty of time to refi as rates are at an all-time low. You should be able to drop your rate nearly 2% (or more if you go the 15 year route). There are a ton of good options out there for financing. I'd take a look at a couple of banks for sure and compare fees. Don't overlook a "small" community bank either.
 

twojman

Well-Known Member
Jun 1, 2006
7,090
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Clive
There's still plenty of time to refi as rates are at an all-time low. You should be able to drop your rate nearly 2% (or more if you go the 15 year route). There are a ton of good options out there for financing. I'd take a look at a couple of banks for sure and compare fees. Don't overlook a "small" community bank either.

My wife and I are refinancing right now, we locked a couple of weeks back, I wish we would have waited a couple weeks. We locked a 20 year at 3.625% but it is at 3.5%. What is great about Luana Bank in Polk City? No fees, that's right $0! Nothing, zip zilch. The rate is a few basis points higher then you may get somewhere else but zero costs are great.

They will not escrow anything though (taxes, hazard insurance etc....)
 

UNIGuy4Cy

Well-Known Member
Nov 11, 2009
9,275
356
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How how are the fees through Tyler Osby? Is this a company that will then sell my mortgage to another bank?
 

SwirlingFloater

Active Member
Dec 19, 2008
709
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West Des Moines
How how are the fees through Tyler Osby? Is this a company that will then sell my mortgage to another bank?

Fees aren't to bad and you see what everything is up front. We went with a no cost refinance that shaved 1.125% off of our interest rate from buying our house last year. We could have shaved another .375% off if we wanted to pay closing costs, etc. but we chose to not throw out of pocket cash at it for closing this time but still improved our interest rate.

They do sell your loan, but I have never had any issues with that.

I have bought 2 houses directly with Wells Fargo, one with a different mortgage broker and 3 houses with Tyler Osby. I like working with Tyler because he is extremely thorough, communicates consistently trough the entire process and always responds quickly if you have questions.
 

Jambalaya

Well-Known Member
May 29, 2008
4,383
106
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Hey fanatics was really still thinkin about refinancing my house. We bought it 2 years ago but are paying 5.25% interest. Is it too late to refinance? If not who should I work with. Thanks for the help!
Don't believe advertisements so much.

Make sure you ask about an 'origination fee', and 'points'.

some banks charge both for a low rate, or at least origination fee

don't pay an origination fee. In eastern Iowa, for example, Hills Bank and U of Iowa Credit Union do not charge an origination fee
 

JY07

Well-Known Member
Aug 20, 2009
1,613
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DSM
How how are the fees through Tyler Osby? Is this a company that will then sell my mortgage to another bank?

i'd look at it more like an insurance agent shopping around to find you a deal; he wouldn't own your mortgage and sell it

if you do go through a loan officer, i'd still consider checking out a few banks... when i talked to him last year his numbers made no sense for what i was looking to do
 

AllBig12Drinker

Active Member
Dec 7, 2009
708
36
28
West Des Moines
Closing on our refi today through ING. After numerous hassles I have been through trying to refi (self employed for less than 2 years) we did the refi in my wife's name. We started the process two weeks ago. All done on line and very easy. Never had to meet with anyone.

Not sure what the rate is today but we did a 5/1 arm at 2.65%.

I was looking at a 10 or 15 year around 3% but ING didn't offer exactly what I wanted. I did some calculations, if you pay additional principal on the 5/1 arm to match what your payments would be on a 10 or 15 year at 3% it works out to almost the same interest expense and payoff date.

Edit: Closing cost was $1,100.