Anyone know of a good deal for a Refinance?

[CyinCo]

I want to get in on the low rates. My mortgage is less than 1 year old and rates are 1 point below my current rate. I went to Wells Fargo, my current mortgage company, and they wanted nearly $4,700 for closing (including 1/4 point buy down). No way am I dishing out that much for closing. Doing a refinance should only cost about a $1,000 for closing or less. I shouldn't have to buy down points to get a 4.75.

If anyone knows of a closing cost special with good rates, let me know.

My wife and I have excellent credit scores so qualifying won't be an issue.

 

[jakemcilroy]

Veridian had 4.65% the other day. My wife is meeting with them today. We bought in October 2006 at 6.25 so we're looking at it as well. Wells Fargo robs you.

 

[CyinCo]

Veridian had 4.65% the other day. My wife is meeting with them today. We bought in October 2006 at 6.25 so we're looking at it as well. Wells Fargo robs you.

Any idea what closing will run with Veridian? Is it a fixed price? Or do they do a percentage fee of the loan amount?

For as long as I have been a WF customer and and as many of their services as I have used, they NEVER have done anything to show they appreciate my business. When I asked for a better savings acount rate, the best they gave me was 0.25%! I went to INGdirect and got a 10 times+ rate. I moved all my savings to ING.

WF doesn't care about their customers.

 

[jakemcilroy]

I'll let you know after we meet with them today...

 

[AIT]

WF can kiss my ***. For as long as I have been a customer and and as many of their services as I have used, they NEVER have done anything to show they appreciate my business. When I asked for a better savings acount rate, the best they gave me was 0.25%! I went to INGdirect and got a 10 times+ rate. I moved all my savings to ING.

WF doesn't care about their customers.

QFT. I've only had student loans with Wells Fargo, but that's been my experience with them, and the experience of just about everybody I've talked to.

 

[agcy68]

Most closings that I have seen cost $1600 to $1800; add your point deduction onto that if you are pursueing. Veridian has our current, but probably not our refi. I have also heard that rates might drop a quarter point or so heading into Feb.

 

[drmwevr08]

I also havent had any luck with USBank lately. They have my current loan and I now have two officers there that wont return my emails. Think I'll try First Natl across the street.

 

[ncclone]

I was quoted 4.75 yesterday. All closing costs are rolled back into the mortgage. Only out of pocket costs would be the $300 for appraisal. This was a local company in Raleigh. I didn't bite as I feel they will gone more.

 

[mustangcy]

I refied at 5.25 a month ago...big mistake obviously. I would wait because the feeling is that rates are still droping. I might even refi in a month or two again if I can get down to at least 4.50 or lower. I went through Central Iowa Lending (mic hayes) and he seemed to take care of me.

 

[BryceC]

I also havent had any luck with USBank lately. They have my current loan and I now have two officers there that wont return my emails. Think I'll try First Natl across the street.

I've got a buddy that works at first national and I know they have pretty low origination cost.

I know a lot of people that have gotten good deals at Veridian as well.

 

[CyinCo]

Thanks for the info people. I've got a few ideas now to pursue. I'm going to shop around some.

 

[balken]

Thanks for the info people. I've got a few ideas now to pursue. I'm going to shop around some.

Don't be afraid to check with some local banks. They are often competitive with the larger institutions.

 

[ISUFan22]

Our checking/savings and one CC is with Veridian. Have been with them for quite a while now (back when they were John Deere Credit Union).

Nothing but good things to say about them. I actually was in a Dale Carnegie seminar with the manager of the branch on University a few years ago. Small world.

 

[Cydkar]

I've had very good experiences with WF. I would have no problem with going somewhere else but I've had 2 mortgages and a home equity loan through them with good rates and normal fees. I'll try again in the spring so we shall see.

 

[tec71]

I just refinanced with Veridian. I think my total closing costs ran $1300. I didn't pay the point buy down on the interest rate. The gap between the two didn't make enough pay back. it was only an 1/8 of a point at the time. Veridian will also roll all your closing costs in (except for the appraisal and attys fees, all but like $350) not that I recommend that.

 

[jakemcilroy]

Veridian will loan you 95% of the assessed value of your house. That # is the real key and that will be what effects your closing cost amounts.

Closing costs could be anywhere from $700 to $4000.

If you go through with it, don't like the assessed value of your house and don't want to pay the closing costs, like tec71 said, you're only out the $350 or so.

We'll save about $90 per month to refinance right now, but our original loan was an 80/20 and we're hardly touching the principle on the 20% right now.

 

[erikbj]

Last week I got 4.375% at Bank of the West, my closing costs and paying down was around $4K - but I am saving $350 / mo - not a big deal.

I wanted to get a 15 year, but the rate was 4.25% - not really worth it.

 

[ISUFan22]

Checked with 'em myself (Veridian) - closing cost estimate is about $4000k for us - with buying down that rate as they quote on the home page of their site.

With finishing the basement, it's possible we could roll in our 2nd mortgage and have enough equity to avoid paying PMI. If so, it'll be very worthwhile for us to refi.

 

[dmclone]

A lot of the time you can get the best deal through your current mortgage company since they usually don't have to do a new appraisal but from my experience, Wells is expensive. I worked for both Principal Mortgage and Wells Fargo mortgage.

 

[Ficklone02]

Thanks guys.....this is also timely for me, although I'm not looking to refinance, I'm looking to purchase an investment property. One that I will live in so that I can still get personal interest rate.