Refinance - Lender Recommendation

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jenniferlea

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We missed the Refinance boat last year :(.  This year we are watching rates and will mostly like refinance when rates are low again.  Thanks in advance trusted TI for your advice!

1. Who are the smart and savvy loan officers in So Cal to work with?

2. We will be refinancing from the traditional 30 year fixed to a 10 year or 20 year since we will most likely move by then. 
Who stays in their home for 30 years these days?

3. Is the Trump administration going to help or hinder mortgage rates in 2017?  When are the changes coming?
 
I highly recommend Soylent green is people for all financing needs

jenniferlea said:
We missed the Refinance boat last year :(.  This year we are watching rates and will mostly like refinance when rates are low again.  Thanks in advance trusted TI for your advice!

1. Who are the smart and savvy loan officers in So Cal to work with?

2. We will be refinancing from the traditional 30 year fixed to a 10 year or 20 year since we will most likely move by then. 
Who stays in their home for 30 years these days?

3. Is the Trump administration going to help or hinder mortgage rates in 2017?  When are the changes coming?
Click to expand...
 
I highly recommend Jin.  I found her through Zillow when I was looking to purchase my home in Irvine.  We ran into a few minor issues -- bank wanted all of my banking transactions documented -- but Jin was patient and helped me explained everything.  She helped with my purchase and also refinancing about a year after the purchase because the rates dropped.

jin lin <jinlin1788@gmail.com>
(626) 833-8367
https://www.zillow.com/lender-profile/JinLin5/
 
Some refinance recommendations:

1) Before acting on any "low rate referral" remember that all lenders go into and out of the market. Whomever was competitive last year might not be today.

2) Razor thin profit margin Internet Lenders tend to have best conforming refinance pricing. The only caveat is that if they have best rates and terms around, and 10,000 applications flood through the doors all at once, what might your personal service level be in that environment? Are you OK with a 90 day refinance process if it means .125% lower in rate compared to someone who can close in 30 days?

Who to check with?

A) Your Bank. Why? Some Banks have pricing incentives based on your relationship at present and what you might be able to do by enhancing the level of products you have with that Bank.

B) Another Bank. Why? Some Banks have pricing incentives based on bringing new accounts from Bank A to Bank B.

C) A Mortgage Banker. Why? Banks cannot fund every loan. They tend to really chase the cream of the crop and anything below that high threshold you'll find a Bank's interest level falls way off. Example: A Mortgage Banker might fund your loan through Wells Fargo at better pricing than Wells Fargo was going to give you. Why? Because if Wells Fargo direct has a FICO threshold at 780 for best pricing, and you're at 750 - still a good score - Wells wants the Mortgage Banker to do the loan, then buy it from them to service. Later on, if you've been making your payments to Wells and things go sour, Wells can push the loan back to the Mortgage Banker and clear off of Wells's books.

Why not a Broker? Because a Mortgage Banker has most of the products a Broker has, and often at a better negotiated price than a Broker.

When comparing all lenders, be sure to confirm that the price you are being shown is without mandatory impound/escrow accounts. That's one piece that often comes up at zero hour approvals if not addressed early on.

So... I'm curious.... If you aren't planning on keeping a home more than 10-15 years, and if you want to pay it down faster, the pricing premium between fixed rates and ARM loans (7/1 - 10/1) tend to be about .25% to .50% lower. Why not take a 30 year ARM at a lower rate, and pay it like a 15 year mortgage? Sure, you run the risk of rates being higher in year 7 or 10, but your balance will be so much lower that any possible rate increase could be offset by the lower balance. Just theorizing here, as ARM loans are NOT for everyone. Choose wisely after hearing all sides of the discussion.

My .02c
 
I have used multiple online lenders and all of them closed much faster than my refi with a "big bank".  30-40 days vs. 50 or so.  For my last refi, I just went with the cheapest lender that zillow mortgage showed and was pleasantly surprised how smooth of a transaction it was.

Bottom line is to shop around and make sure you have all your documents ready.
 
Soylent is your only choice when it comes to any loan application.  Have gone though 2 refi with him and am a very satisfied customer.
 
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