Mortgage refinance using online lender

[ceejay]

Anyone ever do a mortgage refinance using one of the various online lenders as opposed to a local lender? If so, how did it work and compare? Any words of advice on things to consider that might not be obvious?

 

[Salmon River Solutions]

I did this last year to start my business, refinance with cash out. We used an online lender, went smooth. Was pretty convenient, and they sent out someone to take signatures.

 

[kentuckybowman]

i used quicken loans years ago when i had a mortgage and they were great and most competitive. stay away from amerisave, far away.

 

[mlgc20]

Started working on a refi today for a 10 year fixed. My current lender offered me 2.125% with $10K in closing costs. Went to a random online broker and got the same rate with $2K in closing costs. Make sure you shop around.

 

[go_deep]

I got quotes from 2 online options, both were about $3,500 closing costs, same interest rate. Just for kicks I called the local small town bank, they beat both online mortgage companies by .5% and the closing costs were only $1,400.
Shop around, never know what you'll find.

 

[EastHumboldt]

I’ve refinanced with quicken a couple times and they were great. Just make sure with any lender that you read the loan summary carefully before signing. I didn’t read it carefully on my last refi and even though my monthly mortgage went down $100 or so I missed the fact that I had bought a point and thus added about 8K to my note. (No such thing as free lunch)

 

[WeiserBucks]

I used Freedom Mortgage earlier this year, smooth as silk, highly recommend. My local lender strung me along for 4 months and accomplished nothing, Freedom Mortgage closed on my refi in less than 30 days from the first time I called them.

 

[Michael Rankin]

I just finished a refi in Oregon with a local credit union. They Paid me a 1/4 or 1/2 point credited towards fees (it was $1060.00 credit)don’t remember which one, 15 year mortgage 2.6 APR, with around $1200 out of pocket costs not counting escrow prepaids(property tax/insurance). That was the best overall deal I found looking online and several online places.

 

[Runningwater]

I've used Costco twice over the last 10 years. Both times they matched me with a lender that kicked the others I'd contacted's tails.

 

[Jd259]

I used owning Corp. online and it was the easiest refi/ mortgage I’ve ever done and no one could touch their rates but they do have some pretty strict terms you have to meet to get their best rate but if you can meet them I don’t think anyone can beat them the biggest term is you must have 40%+ equity in your house so if you meet that I’d give them a look I signed and closed in 10 days and they sent a notary to my house to sign.

 

[Hunt_Jefferson]

I just finished with Better.com. Was really easy, everything was online and they sent a notary to the house to sign the final paperwork. Couldn’t find anyone local that could beat both the fees and the rate, even got them to waive the appraisal.

 

[fatbacks]

Used quicken… I think they are now rocket mortgage.

Both times they’ve been great.

Like others said, read the fine print.


Sent from my iPhone using Tapatalk

 

[hunterjmj]

Went with rocket mortgage last summer for a refi and it was so smooth. 2.99%, 3,500 closing and no appraisal fee. 30 days from the time I called them to when we closed.
Used a local guy on the original purchase and it was a nightmare. The guy didn't communicate worth a crap, didn't have continuity of my name throughout forms, lost e-mails, etc. Several people I know recommended rocket and I'm glad they did.

 

[spike camp]

Anyone ever try and refi without a certificate of occupancy?
Not sure if possible, but just curious.

 

[unclericco]

I just finished a refinance at 2.25% yesterday with a lender that I found on Lending tree. I've refinanced twice since the rates started tumbling and had a fantastic experience using online lenders. Much better than local lenders in my case.

 

[JohnB]

For anyone considering taking a look at Lending Tree FYI I just logged in to get an estimate and have been receiving a spam phone call every 5 minutes for the last hour. Use a fake phone number, its friggen ridiculous.

 

[hunt1up]

For anyone considering taking a look at Lending Tree FYI I just logged in to get an estimate and have been receiving a spam phone call every 5 minutes for the last hour. Use a fake phone number, its friggen ridiculous.

I did the same thing and it was a mistake. The calls and emails started within 30 seconds and went on for about 2 weeks. Never again.

 

[Yellowknife]

Last time around I got quotes from my local Credit Union and two online places. I then used the online quotes (including Quicken) to negotiate with the CU. Worked well and I was able to get a more competitive rate and closing cost + the in-person service.

I've generally found that if you are an established client with good credit score then quoted loan terms aren't set in stone. Counter offer if it seems warranted.

 

[bozeman]

I did what Yellowknife did....online quotes and went to local bank. They matched rate and lower closing costs, saved several thousand......

also, setup weekly payments and just enough extra each month to make one extra monthly payment per year.......you wont notice it from your bank account, but will save $$$ in the long run.......just some advice.

 

[EastMT]

I just finished up with Quicken/Rocket. We moved to an area that had no national banks, only local credit unions. That’s great if you have a relationship with them, but attempting to move 1700 miles and buy a house on a brand new acct just wasn’t feasible for us.

Rocket tried to sneak in some points fees that we didn’t need, large down, perfect credit, didn’t mention it they were just there on the original paperwork. I was like hold on, I can get this rate without points, they agreed. Easy to communicate with, closed the day after we got here, no appraisal, very easy.

I’ve also used lendingtree, that went smooth as well.