I have recently started looking for options to refinance my home loan. While going through different websites such as quicken loans, better.com etc I came across options from multiple lenders. I am not totally sure how to guage how good a lender is apart from the refinance cost and interest rate. Can I go with any lender who provides the best interest rate with least cost to refinance ? I am little skeptical in going with unknown lender. What can go wrong with a bad lender? Some of the lenders which had good rates for my profile were: AmeriSave mortgage Loandepot LLC #mortgage #housing
For refinancing you should never pay any closing cost
False, the costs are real and if you don't pay on the side they will roll them into the loan and pay interest on them. No closing cost is a marketing gimmick! Title insurance, escrow etc. are all provided by 3rd parties that need to be paid. The only one you can avoid is the appraisal cost.
These days brokers give you credit to cover that havent paid a single penny for last few refinances
Agree.. didnt pay a penney in closing cost.. got lender credit to nullify the CC... rate and apr are same so nothing is baked there as well... go for LoanDepot, they are the best right now
How did you convince them to pay 0 closing cost. I am being told that it's not at all possible since it involves not just the lender fees but other fees like escrow, title, appraisal etc
I didnt had escrow with them ( thats on me so i dont count it in CC)...for any other fees ( appraisal, title, origination etc) they gave lender credit ...PM me if u need lender info
Go with least cost and better interest rate. They all want business so if u tell them other competitor is charging you x amount of money for closing cost they will try to give you some credit back as well. For Better.com they have promotion if you are AMEX card holder you will get free appraisal and $2500 credit on your statement.