refinancing tips and best practices ?

Question

I see various Ads for range of interest rates regarding refinancing .

how much closing cost and fee differs between no name lender VS big lenders like chase, well Fargo, BOA etc ?

what do you prefer based on your experience ?

Account Closed · Answer

@Ron Singh

I try to stick with lenders that I've done business with in the past and I know who their appraisers are. Sooo many people get caught up in trying to save 0.25%, when in reality, a crapy appraiser could screw the whole deal. Just something to keep in mind. Closing costs and interest rates aren't always the most important thing.

Asim Sheikh · Answer

@Ron Singh - Since MOST of the fees associated with closing costs are the same between lenders (i.e, title, taxes, attorney's fees, recording, etc.), the main thing that differentiates one lender from another is their closing cost fee.  I would think that this is not the only thing that's most important to consider, as you should also look at the stability of the lender and whether they will continue to be in business in a few years.  Good luck!

Asim Sheikh · Answer

@Ron Singh - even if a lender files bankruptcy, the mortgage is sold to another lender as a part of the process, and the terms of the mortgage would not change.

Ron Singh · Answer

@Asim Sheikh

why not go with a lender which has less probability to survive any uncertainty. ultimately they file bankruptcy and your mortgage goes away.

Ron Singh · Answer

@CJ M.

so far based on my research, best bet looks like going with individual mortgage broker or smaller lender / credit union  instead of big banks I.e (wf,boa,etc)  as they have higher closing cost and not borrower friendly.

refinancing tips and best practices ?

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