Home and Auto Refinancing my home...

58-4ever · 02-22-2009, 03:59 PM

So, I need some advice. I'm trying to refinance my house, but I'm unsure about which company to go through. The reason for this is strictly to get my ex's name off the note and get my wife's name on the note. I don't need any extra cash, and I realize I'll have to eat a bunch of closing costs.

Hopefully there is an expert or two out there that can help!

**DeezNutz** · 02-22-2009, 04:11 PM

Closing costs can be negotiated.

02-22-2009, 04:14 PM

[email protected]

That's not me.

I'd also shop with a guy who is on here, Bill Lundberg.

Stewie · 02-22-2009, 04:16 PM

Refinance through your present mortgage holder. It's usually called "streamline refi" or something. Other lenders require redundant paperwork that your present lender already has and won't require.

Hoover · 02-22-2009, 05:34 PM

I'd call that Obama guy

**Saul Good** · 02-22-2009, 05:40 PM

Quote:

Originally Posted by Stewie

Refinance through your present mortgage holder. It's usually called "streamline refi" or something. Other lenders require redundant paperwork that your present lender already has and won't require.

I don't think that is the case anymore, at least with a lot of companies. I tried to do that about 6 months ago with my lender, and they required everything that any other company would have. They said that current market conditions made them stop doing the streamlining.

I went ahead and shopped it and saved a bundle.

SenselessChiefsFan · 02-22-2009, 08:22 PM

Quote:

Originally Posted by 58-4ever

So, I need some advice. I'm trying to refinance my house, but I'm unsure about which company to go through. The reason for this is strictly to get my ex's name off the note and get my wife's name on the note. I don't need any extra cash, and I realize I'll have to eat a bunch of closing costs.

Hopefully there is an expert or two out there that can help!

I am a mortgage consultant. When you call around, act like you are going to lock that day. If you say you are shopping to lock in a week or so, many will quote a lower rate than they are actually willing to do. Then, they go with a higher rate when you call back saying the rates went up. They may have actually gone up, but they may not have... and they may not have gone up as much.

You should be able to get a lower rate. You may even be able to get some closing costs paid, or roll them into the loan.

There are a lot of games that mortgage brokers play.

Just shop around, and make sure to compare good faith estimates.

excessive · 02-22-2009, 09:07 PM

I'm certainly not an expert, but I just did a refinance about a month age. I went through my current company, Wells Fargo, and they did a stream-lined loan (not sure if that's what they called it) for about $700 less than the other two lenders I was comparison shopping them against.

I'm not sure where your loan is, but rates are pretty tempting right now. I ended up paying points to buy down another 1/2% from the going rate, dropped to 4.75 on the new loan from 6.5 previously. It'll take me about 19 months to recoup the cost. If I'd had waited, I'd be getting basically the same rate today without paying the points.

Lots of pressure from the loan officers to say those magic words: lock it today. If it's a bank or other major lender, you can always check their websites to get the current rate. They post the new rate at 10am K.C. time, and most of the major companies are going to be offering the same rate. It's the APR you have to look at. You'll notice that even though the companies are offering the same rate, the APRs will be different. Not a lot, maybe .15 or so. The closing agent explained it to me--I just can't remember what she said, something about how costs are financed.

Good shopping to you.

58-4ever · 02-23-2009, 12:03 PM

I really appreciate all the advice... I'm shopping around this week and I hope to have a company picked out by the end of the week!

**Gonzo** · 02-23-2009, 12:07 PM

Pioli Zombie · 02-23-2009, 12:45 PM

send me all the paperwork and i'll take care of it. If you would, it would make it so much easier for me to handle everything if you fax me over a form called Power of Attorney signed and notorized. its nothing, just red tape stuff. thanks.

**SAUTO** · 02-23-2009, 12:48 PM

Quote:

Originally Posted by Pioli Zombie

send me all the paperwork and i'll take care of it. If you would, it would make it so much easier for me to handle everything if you fax me over a form called Power of Attorney signed and notorized. its nothing, just red tape stuff. thanks.

Hog's Gone Fishin · 02-23-2009, 01:07 PM

sounds like it would be much easier to just OFF your ex and dump the body in the nearest river.

02-22-2009, 03:59 PM
58-4ever The Collective Unconscious Join Date: Sep 2005 Location: The OP Casino cash: $9450422	Refinancing my home... So, I need some advice. I'm trying to refinance my house, but I'm unsure about which company to go through. The reason for this is strictly to get my ex's name off the note and get my wife's name on the note. I don't need any extra cash, and I realize I'll have to eat a bunch of closing costs. Hopefully there is an expert or two out there that can help!
Posts: 10,436

02-22-2009, 04:14 PM	#3
Phobia Guest Casino cash: $	[email protected] That's not me. I'd also shop with a guy who is on here, Bill Lundberg.
Posts: n/a

02-22-2009, 04:16 PM	#4
Stewie MVP Join Date: Oct 2006 Location: West of the Equator Casino cash: $-1830099	Refinance through your present mortgage holder. It's usually called "streamline refi" or something. Other lenders require redundant paperwork that your present lender already has and won't require.
Posts: 13,871

02-22-2009, 05:34 PM	#5
Hoover Rufus Dawes Jr. Join Date: Aug 2000 Casino cash: $-2161821	I'd call that Obama guy
Posts: 18,023

02-22-2009, 09:07 PM	#8
excessive Starter Join Date: Aug 2004 Location: KCMO Casino cash: $9556885	I'm certainly not an expert, but I just did a refinance about a month age. I went through my current company, Wells Fargo, and they did a stream-lined loan (not sure if that's what they called it) for about $700 less than the other two lenders I was comparison shopping them against. I'm not sure where your loan is, but rates are pretty tempting right now. I ended up paying points to buy down another 1/2% from the going rate, dropped to 4.75 on the new loan from 6.5 previously. It'll take me about 19 months to recoup the cost. If I'd had waited, I'd be getting basically the same rate today without paying the points. Lots of pressure from the loan officers to say those magic words: lock it today. If it's a bank or other major lender, you can always check their websites to get the current rate. They post the new rate at 10am K.C. time, and most of the major companies are going to be offering the same rate. It's the APR you have to look at. You'll notice that even though the companies are offering the same rate, the APRs will be different. Not a lot, maybe .15 or so. The closing agent explained it to me--I just can't remember what she said, something about how costs are financed. Good shopping to you. __________________ "I've been known to party some, but I ain't ever hurt no one. Been ashamed of things I've done, especially when, especially when, especially when I'm stoned." D.A.C.
Posts: 402

02-23-2009, 12:03 PM	#9
58-4ever The Collective Unconscious Join Date: Sep 2005 Location: The OP Casino cash: $9450422	I really appreciate all the advice... I'm shopping around this week and I hope to have a company picked out by the end of the week!
Posts: 10,436

02-23-2009, 12:45 PM	#11
Pioli Zombie Banned Join Date: Jan 2009 Location: olathe,kansas Casino cash: $10004900	send me all the paperwork and i'll take care of it. If you would, it would make it so much easier for me to handle everything if you fax me over a form called Power of Attorney signed and notorized. its nothing, just red tape stuff. thanks.
Posts: 11,077

02-23-2009, 01:07 PM	#13
Hog's Gone Fishin Fish are scared of me Join Date: Nov 2001 Casino cash: $-1539523	sounds like it would be much easier to just OFF your ex and dump the body in the nearest river.
Posts: 40,649