Advice on my Refinance Quote

Mar 31, 2020 18 Comments

Recently got this from Quicken Loans on changing my 28 year remaining (30years initially) to a 15 year refinance

How does this look?

Originally, I got 4.875% Mortgage rate for my 30 year loan and wanted to cut down interest rate down and build up equity faster with 15 year loan.

looks like the new interest is 2.99% for the 15 year

Advice on my Refinance Quote

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TOP 18 Comments
  • Loan cost 13K 😳😳😳
    Mar 31, 2020 2
  • AMD
    GDKa06

    Go to company page AMD

    GDKa06
    OP do some homework. These rates are way too high for the current market and charging you an origination fee on top is a joke. Reinforces my impression that Quicken loans is shit. I was rate shopping recently to refinance and they always turned up with a ridiculously high quote. (I even got trapped once with their promise that they can match another quote and let them run a credit check and they came back with a shitty quote). Do no go with them. Shop around. You can do a lot better.
    Mar 31, 2020 0
  • OP
    Any places you guys recommend to work with?
    Mar 31, 2020 3
  • Data Foundry / Sales
    salesstrat

    Go to company page Data Foundry Sales

    salesstrat
    Loan costs are absurd. Find a couple mortgage brokers. Don't have them run your credit. Share your details with them. Shop the rate a few times a day. The lender credits change throughout the day based on the spreads in the market. I just closed a 30yr at 3% with a $3200 lender credit which covered the loan costs ($1100 origination) title costs were roughly $1600. That's it. I usually don't do business with anyone that charges a origination fee. It's BS. But they gave a credit to cover it. A 15 year when I locked was 2.5%. Your rates seem higher because you may be at a Jumbo balance. I was as well but I paid down to a conventional which got me to a better rate.
    Mar 31, 2020 3
    • Data Foundry / Sales
      salesstrat

      Go to company page Data Foundry Sales

      salesstrat
      Origination, underwriting; this is a fee some lenders try to charge you for processing the loan. Jumbo loans are above conventional loan limits. Conventional loans Freddie Mac and Fannie Mae will purchase, there's more liquidity for those loans making them cheaper. For most areas a loan is a Jumbo loan once it is higher than $510,400 for 2020.
      Mar 31, 2020
    • PayPal
      axcN86

      Go to company page PayPal

      axcN86
      Can you please share where to look for these mortgage brokers
      Apr 6, 2020
  • Go with bofa. I recently closed and they gave me much better rate than quicken loan with zero closing cost. Ask all your agent for apr quote with lender credit or zero closing cost. That helps comparing apples to apples
    Apr 1, 2020 2
    • I got quote from BofA. Does 7/1 ARM have higher APR due to variable rate after 7 years? From what I see in my quote, discount points are -0.766% ($3500) that will pretty much cover closing costs right? Rate I got is 2.75% and APR is 3.066%. I am not sure how to compare this APR since there is no closing cost but still APR is significantly higher than interest rate. Would you mind sharing your closing costs or tell if the $3500 will cover closing costs?
      Apr 1, 2020
    • Ask them for quote for 15 years. That’s the best I have seen so far w.r.t interest rates and all loan cost . I got same rate with 3750 as lender credit with zero closing cost plus 950 as an Expedia employee as bofa has some tie up with them and then 600 for being bofa platinum member. Adding all of it I chose bofa . Plus i don’t like talking to lenders on phone and giving all info. Bofa u can get that feel of talking to real banker.its personal preference. Your quote seems to be decent one. From what I have seen if u have good credit history mostly all lenders give u similar quotes. It matters a lot and makes big difference for those with struggling credit and for them going with quicken loan or other private lenders makes a big diff. If u have good account history with bofa and decent credit score (740 + at least ) go with them.
      Apr 1, 2020