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Any recs on banks as I look to refinance my mortgage
Purchased my home 4 years ago, paying 3.625% interest on 30 yr fixed mortgage. I stalled on refinancing and I'm finally pulling the trigger on starting the process. I'll be going back to Chase, my current bank, to see what they can provide. I also know I should be shopping rates and services. But this is where I'm stuck. As I do a basic search I find names of mortgage companies I've never heard of before and there are more than a dozen of them. Which do you recommend that has the best rates and great services (good online platform, friendly, fast, maybe some perks). Also what's the best most efficient way to go about this? I'm worried I'll be spending way more time than I can tolerate for each quote I get! Thanks for sharing any recs you have.
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Refi is a commodity product and competition is fierce so I bet Chase will do what they can to keep you! Having said that, I would also look to a mortgage broker since they have access to multiple channels to quote great rates. Also check Costo and their approved lenders if you are a Costco member. Some friends have raved about Costo lender's rates and low closing costs.
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@Carole318 I had no clue Costco was a lender or had a network of lenders. Thanks for this tip!
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S
I went with Cardinal Financial and I'm based in Texas. Great service and the best rate for us (unsure if they service outside of TX). I've heard that credit unions offer great rates as well but unsure about their online capabilities. Get at least three quotes too.
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@Sanjana238 Great feedback to get at least 3 quotes! Whole heartedly agree.
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A
Add Better to your list-a new online mortgage platform. I went with them, all online, fast and low rate! Highly recommended.
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@Alexa504 Never heard of them and will look them up! Did you encounter any unexpected fees? Was it all online, did you have to speak with any one?
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G
I would also go to your network of friends & family, neighbors, coworker and others you trust to round out your list. Chances are high someone has also refinanced!
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We refinanced with our original bank, BofA. I got 2 other quotes because my top priority was to get the best rate I could. BofA was able to pull through and beat other quotes by almost a quarter point. Their website is clunky but they have good customer service.
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