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Refi question

Old 03-02-2016, 03:06 PM
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Looking to refi home to get rid of PMI. Loan amount exceeds Fannie and Freddie conforming limit but due to area still qualified for a conventional loan. Loan to value should be below 80% on appraisal due to substantial improvements and increase in property values. Not looking for any cash out just best rate.

Anyway my original lender who I trust I don't think is offering the best rates right now. Looking for advice on best way to find lender. Have never done the online thing, not sure what to look for. Any advice appreciated. I know all the ins and outs just want to know best way to go about finding the best rate without any BS or bait and switch crap.
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Old 03-02-2016, 03:19 PM
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Wife and I used Quicken a year ago this month and it was fast smooth and painless, you might call a local relator and ask for their loan folks if you would like local brick and mortar.

John
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Old 03-02-2016, 04:07 PM
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I'm not set on brick and mortar. I had a run around with that too. Online is fine as long as I'm not paying for an appraisal only to see the rate bump up (when it was supposedly locked) or some other crap. I have exceptional credit. Fico was actually 849 a few months ago. i know that doesn't seem real but I'm lower now, who knows why, still 830.
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Old 03-02-2016, 04:13 PM
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Like I said, we were amazed at how painless the process was with Quicken. we had BOA before and I promise you we would both get called back to back with them trying to sell us some BS option.

None of that any longer.

Folks on here have posted positive and negative about Quicken and that is fine, all I know we were very pleased.

John
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Old 03-02-2016, 05:00 PM
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Quicken was very smooth. Used my phone to send over some docs and with in a week or so they had an attorney at my house to close. They initially did not have the best terms but after providing them a gfe of an better offer from a competitor they gladly matched. Would use them again.
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Old 03-02-2016, 05:08 PM
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I have a mortgage broker. He is a buddy of mine. He knows what I have. When rates tick down he will call me and say "time to re-finance....I can get your rate down with no out of pocket cost to you and $0 increase to your loan amount". I need to fill out paperwork, he takes care of everything else.

The advantage is he can shop me anywhere.

Good luck!
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Old 03-02-2016, 05:24 PM
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I've used quicken. yes, nice an easy.

But I've learned my local Credit Union is much much easier. Buying waterfront condo with two 40' boat slips, with the building 1 foot above 100 year floodplain presents all sorts of issues to most lenders. 3.175 at 15yrs no points, no fees, 20% down.

Credit union - easier than Quicken.

And then, bought a second condo with a 40' slip on the other side of the state - took longer for the seller to get their chit together than it took for the CU to make the deal table-ready, since they "knew" me by then. 3.0 at 10 years, no points, no fees 20% down.
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Old 03-03-2016, 11:58 AM
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Greetings,

I work for Quicken Loans, 12+ years now in IT, and happy to refer any THT member that wants to get a refi or purchase with us. Big benefit of me referring you is It'll save you some money getting referred so just PM me the following: Name, State, Refi or Purchase, Email, Phone and I will put you into our automatic system. I think right now anyone I refer gets $500 off closing costs. So a good chunk of change to buy some fuel or some new boat gear!

Hope that helps.

-Keith
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Old 03-03-2016, 12:06 PM
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If I recall from years ago, Once I hit that 20% I think it was then, I called them and then sent a letter ,they just stopped the PMI payment with out a refi.
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Old 03-03-2016, 05:37 PM
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We used our local credit union. No closing costs.
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Old 03-03-2016, 05:39 PM
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You don't need to refinance to get rid of PMI
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Old 03-03-2016, 05:56 PM
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Originally Posted by BACKTOTHESEA View Post
You don't need to refinance to get rid of PMI
I have Wells Fargo. They require 75% loan to value off a new appraisal, 80% loan to value off current. And they send the appraiser. I know that won't end well. They have no reason not to screw me and I may not really be below 75% currently if appraisal was legit.
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Old 03-03-2016, 05:58 PM
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Originally Posted by Striper In View Post
If I recall from years ago, Once I hit that 20% I think it was then, I called them and then sent a letter ,they just stopped the PMI payment with out a refi.
Yes but I am not there. At 85% or so but improvements on property and increased home values in my area I believe would put me below 80% for refi purposes.
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