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Bend3r said:   
gremln007 said:   Can anyone confirm that Penfed's online mortage center quotes accurate closing costs?
Edit:  Not sure what "online mortgage center quote is referring to, as they have some new pages for closing costs estimates which I did not look at.
The quotes on their main page here say they don't include third party fees.  https://www.penfed.org/30-Year-Fixed-Conforming-Mortgage/

  


Sorry, was referring to this: https://penfed.mortgagewebcenter.com/CheckRates

Since many banks and CUs use this "mortgagewebcenter.com", I thought folks would read my mind. 
 

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I've had good experience with zillow-advertised brokers sticking to those costs too. When people don't specify cost components, I assume they are including things like insurance, taxes, and daily interest. Those are often large components of "cash to close", but I don't consider them a real cost of the mortgage. Those are costs you'll incur fairly soon whether you'll refinance or not. And generous collection of those during closing can be a good way to get a big lender credit and effectively get paid for a "no cash out" refinance.

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SlimTim said:   I've had good experience with zillow-advertised brokers sticking to those costs too. When people don't specify cost components, I assume they are including things like insurance, taxes, and daily interest. Those are often large components of "cash to close", but I don't consider them a real cost of the mortgage. Those are costs you'll incur fairly soon whether you'll refinance or not. And generous collection of those during closing can be a good way to get a big lender credit and effectively get paid for a "no cash out" refinance.What you are talking about are "prepaid items." But I don't see how "generous collection of those during closing" has anything to do with getting a big lender credit. The cost of the loan is set by the lender. It will depend on the loan amount and the difference between the current "market" interest rate and the interest rate they offer to you. If the difference is negative (their offer is below market rate), you pay points to make up for it. If the difference is positive (their offer is above market rate), they pay you back some of their profit instead -- that's the lender credit. If you want to pay less money out of pocket for the mortgage or refi, you want a rate that's above the current market rate. The higher the difference in rates, the bigger the credit. You must then subtract all closing costs and prepaid items from this credit to arrive at your "cash to close" (or subtract the lender credit from closing costs and prepaid items, depending on how you want to look at it).

I suspect that when people don't specify cost components, they are talking about lender fees (origination, administration, etc) and third-party fees (escrow, lender's title insurance, notary, etc), not prepaid items.

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I understand it can vary by state, but there are limits on how much actual cash you can take away from a "no cash" refinance closing. But credit that goes toward prepaids doesn't count.

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Just closed on a refinance.
Found the lender on Zillow: https://www.rwmloans.com/ Residential Wholesale Mortgage
Timeline: Applied on 8/15/2016, Closed on 9/20/2016 (so about 1 month)
Rate: 3.25%
Loan Balance ~ $270k
Net costs: About $500 - ($3200 in closing costs with $2700 in lender rebate)
Term: 30 year fixed

The refinance was straightforward. Lender paid for the appraisal upfront. I'd recommend these guys. I think I got lucky with when I locked the rate.

I've used many other lenders in the past: including Cashcall, Amerisave, etc. Cashcall's quote was more expensive, and they don't specialize in balances below $300k.

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Shopping around for the rates. So far I found wells fargo has the best rates 3.375% for jumbo with no points.

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I find Penfed to be much expensive than the other. Looks like lot of folks here like them.

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SummerDude said:   Shopping around for the rates. So far I found wells fargo has the best rates 3.375% for jumbo with no points.
  


just locked on a jumbo and I found Bank of america to have better rates plus got a credit.  at the time i was quoted 3.251 vs 3.4 apr at wells.   only catch is that the lock period was 45 days vs 60.  

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livedog said:   Just closed on a refinance.
Found the lender on Zillow: https://www.rwmloans.com/ Residential Wholesale Mortgage
Timeline: Applied on 8/15/2016, Closed on 9/20/2016 (so about 1 month)
Rate: 3.25%
Loan Balance ~ $270k
Net costs: About $500 - ($3200 in closing costs with $2700 in lender rebate)
Term: 30 year fixed

The refinance was straightforward. Lender paid for the appraisal upfront. I'd recommend these guys. I think I got lucky with when I locked the rate.

I've used many other lenders in the past: including Cashcall, Amerisave, etc. Cashcall's quote was more expensive, and they don't specialize in balances below $300k.

  

Did you have to escrow?

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No, no need to escrow. Although if it would have made a difference in the rate or the rebate, then I would have escrowed.

As I understood it, it made no difference. (although come to think of it, I should have checked again to make sure)...

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Any folks that have a VA loan and are looking to refinance. Just did a stream line refinance for my VA home loan with NBKC. Went from 3.75 to 3.25 and only took 22 days to finish with 0 out of pocket.

Closing cost was 4292.43
Lender Credit was 4398.00

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Amerisave.com is my favorite. Their rates are among the lowest. I could only find one credit union .25% slower, star one cu with a 2.5% 5-1 ARM. They publish their rates live without requiring your personal info to spam you with. They also offer reverse points so you can end up with 0 closing costs. Also they counted my capital gains as income which many banks wont.

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antiandrewling said:   Amerisave.com is my favorite. Their rates are among the lowest. I could only find one credit union .25% slower, star one cu with a 2.5% 5-1 ARM. They publish their rates live without requiring your personal info to spam you with. They also offer reverse points so you can end up with 0 closing costs. Also they counted my capital gains as income which many banks wont.Have you checked Zillow or bankrate mortgage pages? Because if you haven't, you aren't qualified to make such statements. I've been checking amerisave for a few years, but since I discovered zillow, they haven't been close to the lowest rate+fees for me.

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Locked with Amerisave 4 years ago but they were so slow, eventually went elsewhere. I'd stay away as many people seem to echo their slow service even still today. Also, since banks on Zillow are killing their rates, really no reason to use them at all.

I locked this morning with a bank found on Zillow, RWMI, and they seem to have great reviews on yelp, zillow, elsewhere so hope it works out. Loan amount $250k and received 2.75% @ 15 yr with $2.5k lender credit (after fees), which should pay everything including taxes & insurance.

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I am looking for a 7 year fixed rate mortgage. All the rate search sites show 7/1 30yr ARMs, but no one seems to list 7 year loans. Anybody know where to look for these?

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NAD said:   Locked with Amerisave 4 years ago but they were so slow, eventually went elsewhere. I'd stay away as many people seem to echo their slow service even still today. Also, since banks on Zillow are killing their rates, really no reason to use them at all.

I locked this morning with a bank found on Zillow, RWMI, and they seem to have great reviews on yelp, zillow, elsewhere so hope it works out. Loan amount $250k and received 2.75% @ 15 yr with $2.5k lender credit (after fees), which should pay everything including taxes & insurance.

  I tried various combinations on zillow however RWMI does not show up. I was looking for a loan amount a bit less than 250k. What am I missing?  

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Many lenders and brokers only serve a subset of states, rheas. Location can also affect specific rate offers, so you always need to research to get a feel for the best market rates in your location.

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Banks advertise on Zillow so if they're particularly busy, they will either temporarily raise their rates, or stop advertising, to slow volume.  You could just try to phone them directly to see how they compare - make sure to mention Zillow though as some banks give those customers slightly better terms or rates.

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Thanks Slimtim and NAD.

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RidicuRuss said:   I am looking for a 7 year fixed rate mortgage. All the rate search sites show 7/1 30yr ARMs, but no one seems to list 7 year loans. Anybody know where to look for these?
  
The demand for these loans is going to be slim, so there's almost no supply and competition is scarce.  How about a 10 year loan from Third Federal with $295 closing costs, or a 15 year no-cost refi off Zillow marketplace?  You can always pay extra and I'd bet if you shopped around you'd get the same rate with less problems than if you insisted on getting a 7 year loan.  Or check locally for a "Finish line mortgage" or fixed rate 7 year home equity loan.
 

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