Question on mortgage companies

So I am wanting to refinance and get a set 30 year rate. I went through my home town bank to build my house. I have been looking around and see a lot of diffent company's on line, one is better mortgage and they seem to have decent rates. I called to ask if they had a office I could stop in and talk to someone but they said unfortunately they do everything on line. I just dont know about doing business with 100 grand over the internet seem like I could get screwed. So should I find a company close so I can go talk face to face or is it fairly normal for people to just refinance over the internet?

I just used Flat Branch mortgage and they did a great job. Good rate, did 95% of it online using their secure portal. Went to the office for closing. They are a Midwest company from Columbia, MO. I would highly recommend. I know they have offices in Oklahoma also. Nice dealing with a human being and they had great customer service.

I refinance though a realtor or broker or whatever he was. Locally, though plaza home mortgage. For lower rates, not bad deal with , better local banks, get behind on payments like I have been with plaza, a month behind, 35 per cent time in last 3 years. They call lot from collections. Get behind on payments with local bank. Much worse, I had second mortgage for 5 years an hate payments, made them on time until my long work at job went out bussiness, got behind a little sometimes. This at local bank., They would shut down an freeze my bank acct until at least made half payment every time it due or past due I pay off an never want another 2nd mortgage again, lot ppl loose there homes on 2nd mortgage

what ever you choose escrow your own taxes and pay your own insurance.

expect that your mortgage will be sold every year or year and a half and you will send the check to the new company name.


mortgage companies have a way of putting in the least possible effort and putting the labor on the city like sending your tax money in one check payable to the city and that one check is for every mortgage they hold in town with a list of names and addresses and let the clerk figure out how much each property is actually paying.

they also like to wait till the last possible day to pay everything. my insurance guy called me up and said you know your insurance ends next week , I start calling the mortgage company and asking why havent they paid they have my money, they mail the check on the last day because you get a 2 week grace period on the insurance.

I actually talked to Quicken loans last week. 15 year at 3.5, $3500 closing cost. I told them get the closing cost on down and I might consider it. I never really considered refinancing. I am actually strongly considering it. I told Quicken I'm going to shop around. They have left a message everyday since then. Persistent little buggers! I'm in a 30 year at 4.5% through Chase. I pay about $200 extra a month now. Our taxes and insurance are in escrow. We've not had any problems, yet.

We also did no escrow and closing costs were around 2500.00

Matt I'm not sure if they are in your area but I just did my first property deal with Old Nationa Bank. They checked my credit and came back to me with a loan rate and offer. We went back and forth. In the end I am well below 4%, and a flat closing fee of 300 dollars per 125k borrowed. No other built in or added costs.
If your credit numbers are up in the 800 range the options and avenues out there are endless.

Osky

I just split the closing cost with my lender.

Thanks for all the feed back. Osky my number are around 750, I dont use credit cards and dont borrow much money except for this house I built and a few small auto loans. I dont want to go the escrow. I will check out the places y'all have suggested. I dont guess it's that bad just staying with the bank, I just would like to get a 30 year fixed rate. I would like to get below a 4.5% but I am not sure I can get that right now. Wonder what the rates will do in a year?

Matt you should easily get a rate at 4 percent or lower, especially if your paying costs. That includes a 30 year.

Osky

I think it federal law that ins an taxes have to be in escrow. Mortgage company don't want a phone call from. U saying my house burnt down an i forgot to pay my homeowner's insurance

been escrowing my own taxes and paying my insurance monthly for 18 years , lenders would like you to believe they need to hold on to your money because it puts millions more in their accounts to use as they see fit until the day they have to pay the taxes. on top of that if your escrowed amount is more than your tax bill they are happy to hold onto that amount for another year. they can ask for proof of insurance saying you need to show them your insurance is paid up for the next six months or a year.


I have also kept my loan with my local credit union for the last 14 years , I got really tired of being sold to another division of the same company every 6 months so they could cook the books for the share holders.

I never had to pay taxes or ins. to the bank, but maybe it's changed.

I suggest you checkout Freedom Mortgage Corp. I have been with them for 14 years. They did a refinance twice with no closing costs to lower my interest rate. It's now down to 3.25%. They have never sold my mortgage but do recalculate escrow requirements yearly as taxes and insurance change. They handled everything except closing online. For closing they sent a Notary Public (with a stack of papers) to my house.

Farm Credit Services

I refinanced my 30 to a 15 after rates dropped and the payment stayed the same. Had the bank take half of the payment every other Friday and payed the loan off in 10 years. Made extra principle payments each month too when possible. Look into a 15 year loan for a lower interest rate.

I second that - look at a 15 year note - at 100k it wont be bad and likely at least a half point lower interest.

current refi rates in Oklahoma look to be around 3.2-3.3 for 15 year

Just locked in our refinance yesterday with our local bank. 15yr at 3.125%

Lowered our monthly payment by almost $200

Any of you all that's refinanced lately care to say what the closing costs were?

X2 If your loan qualifies to go threw them, they are the way to go.