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What is the best way to compare refinance offers from a couple of lenders ? Do we ask for good faith estimates

And what should I look for? by Looking2refi2013200 from , California. Aug 16th 2013 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,626 contributions

The best comparison tool is the "Initial Fee's Worksheet".. and it's the easiest to understand for folks who are not in the mortgage business. DO NOT COMPARE APR's.. The APR rate is very deceptive and the rules are completely different for banks vs. brokers.. the broker can have a lower interest rate, and lower fees, but have a higher APR than a bank. Compare the rate and the fees associated with that rate for a true comparison.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Aug 16th 2013
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Joe Metzler (JoeMetzler)
#19 ranked lender in Minnesota - 3,876 contributions

It is easy to become overwhelmed by the various fees and interest rates. Don't bother with APR, and stay ONLY with a local company. There is nothing on the internet you can't get down the street. The best way to compare is to fix the big variables. For example, DON'T ASK the lender "what is your rate?" TELL the lender what rate you want a quote for, and make sure the loan amount is the same with everyone. Now the only variable is the cost, which is then easy to compare. With that done, now the hard part... almost without fail, the guy quoting the best deal is the guy you should run as fast as possible away from. It is likely not real. Every legitimate lender should be pretty close on costs. Finally, work only with a local LICENSED mortgage professional. 80% of Loan Officers are really just application clerks. Here is a good link to an article on how to tell if your loan officer is licensed or simply registered. http://joemetzler.com/lendershopping.htm

Aug 18th 2013
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Yes you can request good faith estimates, but these are never concrete numbers, as your loan has not been locked. You will find that many GFE's will greatly differ from company to company. Compare the fees for the interest rate that you have chosen and pick the loan officer that you feel is the most trustworthy. Good luck!

Aug 16th 2013
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Rates literally change hourly now so what someone quotes today may not be good tomorrow. It happened today when rates litteraly went up .125% with good economic news. Get a referal from someone you trust. That is the best way.

Aug 16th 2013
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Bryan Horn (bryanhorn)
#878 ranked lender in California - 19 contributions

call or apply online with your most trusted bank or get a good referral from a friend...If you get bad service or denied, i'll be glad to assist you. Bryan Horn 858-805-5347

Aug 16th 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

get a Goof Faith Estimate and compare APR's

Aug 16th 2013
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Today and yesterday have been volatile with most lenders posting one to two midday price changes. Both Thursday and Friday saw rates up and down then up. However, on most days, the best strategy is to call several lenders on the same day and get estimated fee sheets for the exact same rate. For more information see: http://www.yourfhaguru.com/become-a-rate-shopping-genius.html.You can also call me at 858.451.1481

Aug 16th 2013
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Blake Kleckner (BlakeK)
#388 ranked lender in California - 257 contributions

GFEs can be very confusing. The APR calculation from one lender to another can be vastly different, especially between banks and mortgage brokers, consequently, comparing them could be very misleading. The least confusing way to compare refi offers is by looking at the interest rates, and also the total amount of your new loan. Assuming the IRs are the same, the only difference in the loan amounts should be the loan costs. If you are going to be paying them outside of the loan, all that should be added to your current loan's balance are the fees associated with the payoff of your current loan, interest to the old and new lenders for the appropriate days for each (approximately one month's interest in total), money to fund an escrow account if you have one, some money for homeowners insurance if your policy is near the expiration date, and possibly money for property taxes if they haven't been paid. None of these are considered loan costs. If you plan on including these non-loan costs and the loan costs in your new loan, then little, if any; money out-of-pocket will be needed. Once you have decided about how the loan costs will be paid, compare the new loan amounts from each lender. If they're close, any of the lenders should be acceptable to you. If they're not, some analysis of the differences in the loan amounts is in order, and questions should be asked. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to answer any questions you may have about this topic. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 42 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

Aug 16th 2013
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Samantha Taylor (samantha)
#365 ranked lender in California - 29 contributions

Most of the lenders now have their own websites where you will find a no obligation quote form. You can fill out that quote form and submit it. You will be able to get the quotes from them in your e-mail. This will help you know the rates and terms that the lenders will offer you. They can even send you the details of your closing costs. Once you get them in hand, you can start comparing them in order to find out the best refinancing option for you.

Aug 18th 2013
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