Mortgage Lender suggestions?

[JNieman]

Looking to refinance my mortgage and looking for suggestions on lenders. I currently am with Standard Mortgage and have a loan at 6.55% that they're offering me 3.625% with a "Freddie Relief Refinance" and a few thousand in fees/closing-costs to refinance.

Anyone know of any decent lenders I can shoot an email to and ask for a quote on refinancing, so I can get some options together?

 

[JadeRaven]

My local standard mortgage only had about a thousand dollars in fees.

Can you cross shop a different standard mortgage? They had by far the best rates when I got my mortgage.

 

[JNieman]

My local standard mortgage only had about a thousand dollars in fees.

Can you cross shop a different standard mortgage? They had by far the best rates when I got my mortgage.

I called my current "loan manager" in the NOLA HQ, and he deferred me to the office down the street from me for them to give me a quote. I had previously gotten my mortgage from an office in downtown Lafayette, and the one that quoted me was over here on Pinhook, so I might try that.

The quote I have shows 1,000 loan origination fee,
1,500 estimate for "Title Services and Lenders Title Insurance"
Appraisal Fee $450
Recording Fee $285
Then a handful of $15-$75 fees/taxes.

I really don't feel like paying $15 for a "flood zone determination" when FEMA.gov is pretty easy to get to, and quick. I mean, at our old office we had the flood map printed out on a ARCH-D sheet hanging on the wall for a few parishes for quick reference and, I think, because the big empty wall was ugly.

Anyways, I just figured I'd shop around, too, before committing. I have had no problems with Standard Mortgage, so far.

 

[alpinehyperlite]

I'm in the process of buying in Baton Rouge right now and am at 3.75%. Three days before I went under contract they were at 3.25%. I missed it by less than 48 hrs.

 

[Jack]

Try first NBC

 

[SpeedRacer]

I had a great experience with Integra Lending Group. They're in Mandeville so I'm not sure it helps, but they were straight forward, no BS and went above and beyond to get me a killer deal on our current mortgage.

 

[JNieman]

Thanks all.

 

[Bayoupiper]

Stay as far away from Bank of America as possible!





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[JadeRaven]

I called my current "loan manager" in the NOLA HQ, and he deferred me to the office down the street from me for them to give me a quote. I had previously gotten my mortgage from an office in downtown Lafayette, and the one that quoted me was over here on Pinhook, so I might try that.

The quote I have shows 1,000 loan origination fee,
1,500 estimate for "Title Services and Lenders Title Insurance"
Appraisal Fee $450
Recording Fee $285
Then a handful of $15-$75 fees/taxes.

I really don't feel like paying $15 for a "flood zone determination" when FEMA.gov is pretty easy to get to, and quick. I mean, at our old office we had the flood map printed out on a ARCH-D sheet hanging on the wall for a few parishes for quick reference and, I think, because the big empty wall was ugly.

Anyways, I just figured I'd shop around, too, before committing. I have had no problems with Standard Mortgage, so far.

Yeah I believe I had all of those same fees. Buying a new house I knew I was paying all of the other fees anyway so I only really thought of the origination fee as my cost of the loan.

I think however whenever you change lenders you will have to get a new appraisal, title insurance, etc. Unfortunately Standard Mortgage is just a broker so you don't keep the same lender who could allow you to forgo new title insurance and appraisals.

Coming from 6.55 it's worthwhile to refi no matter what the fees are. They can roll the fees up into the loan and you will still probably end up with a lower payment over the same term.

 

[JNieman]

Yea, I'm only a few years into my current 30, so going for a new 30 with the fees bundled in still lowers my payments dramatically, and the "ROI" on those fees comes in only 2-2.5 years.

After calling around a bit, I just told my Standard Mortgage lady to pull the trigger and am waiting her response.

Thanks for the tips, folks. I'm not a professional project manager, but I do know that a transaction made without multiple "bidders" is bad juju.

 

[Emperor]

Stay as far away from Bank of America as possible!
.

And because of this^! Forget the "personal" touch BS! It's a mathematical numbers game!

Find the cheapest rate! The lowest fees (points)! The least amount of incidentals (appraisals, closing costs, etc.). Even if you have to get it re-fied by Mr. Haney from Green Acres!

Most of your "touchy-feely" personal bankers are going to sell your loan before you get back to the house anyway.

 

[Devilneck]

Looking to refinance my mortgage and looking for suggestions on lenders. I currently am with Standard Mortgage and have a loan at 6.55% that they're offering me 3.625% with a "Freddie Relief Refinance" and a few thousand in fees/closing-costs to refinance.

Anyone know of any decent lenders I can shoot an email to and ask for a quote on refinancing, so I can get some options together?

I bought my house last year. Ace Mortgage in Covington treated us very well. http://www.acemortgagela.com/

 

[olivs260]

Are you refinancing to get a lower payment, or just because of the lower interest rate? If it's not to get a lower payment, you might look into a 15-yr. When we did our re-fi (went from 5.25 to 3.0, I think), we went with the 15-yr. Payment only went up around $150 a month. We were already putting an extra $100/month in, so for $50 more we're saving ~$170,000 in interest

Edit- nevermind, I see you're going for a new 30-yr.

 

[JNieman]

Yea, a 15 year would have gotten me 0.3% lower, but that payment would have been big as I'm only 3 years into a 30 year. So for me, it's both lowering the payment and overall interest, which, in the longer run all come out beneficial.

The only drawback I will have is if I sell the house before the lower-payment-savings overtake the cost of refinancing, which will take 2-2.5 years.

 

[JadeRaven]

0.3% extra is completely worth paying for the 30-year note vs having to pay it off in 15. You can't pay less on a 15yr if you have a bad month, but you can always pay extra principal at anytime on a 30yr if you want to pay off sooner. And really you're likely beating inflation at 3% so there's no reason to pay it off sooner.

 

[mwk1975]

lgthaxton@fairwaymc.com

FAIRWAY Mortgage, Louise Thaxton. Dave Ramsey approved. Did us a great service.

 

[cajun_64]

Abbeville Building &Loan. Had several there and they usually the cheapest. They also keep loans as opposed to selling them.

Or call universal lending and let them find you one


Sent from my iPad using Tapatalk HD

 

[LACamper]

Nice thing about Standard is that they tend to keep your loan. Customer service there is good, they're local, and they speak English when you call.

 

[yamaha0343]

I called my current "loan manager" in the NOLA HQ, and he deferred me to the office down the street from me for them to give me a quote. I had previously gotten my mortgage from an office in downtown Lafayette, and the one that quoted me was over here on Pinhook, so I might try that.

The quote I have shows 1,000 loan origination fee,
1,500 estimate for "Title Services and Lenders Title Insurance"
Appraisal Fee $450
Recording Fee $285
Then a handful of $15-$75 fees/taxes.

I really don't feel like paying $15 for a "flood zone determination" when FEMA.gov is pretty easy to get to, and quick. I mean, at our old office we had the flood map printed out on a ARCH-D sheet hanging on the wall for a few parishes for quick reference and, I think, because the big empty wall was ugly.

Anyways, I just figured I'd shop around, too, before committing. I have had no problems with Standard Mortgage, so far.

I'm in Lafayette also and went with SWBC Mortgage. Their fees were less than a grand, and being a first time home buyer, the guy I worked with was very very helpful. My rate is 3.25.

 

[AustinBR]

PM sent.