Here’s a sneak peek at some that were offered to me when I signed up on their website. The offers are sorted by rows and the columns have the particulars of each offer. P&I savings represent the percentage savings the offer represents over my current principle and interest costs.
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To be perfectly honest, I’m not that impressed! I plan to check with some local banks and mortgage companies because I’ve just had two friends get mortgage refinance loans at 4.25 percent with no points. I have a high 700′s credit score so I feel confident I’ll get a better offer than any of the five listed above. Would you believe that one offer, which I didn’t bother to list, was at 6.5 percent? Please …
Right now, with the current lowering of mortgage interest rates, banks and other lenders are swamped. If you decide to use the Lending Tree link (above), there may be a few days delay in getting some offers to you.
Bear in mind, too, that Lending Tree initiates a SOFT PULL on your credit report, obtaining your score only. This shouldn’t lower your credit score, so don’t worry about investigating what your options are.
{ 1 comment }
Your personal credit score and the performance of your current mortgage aren’t the only things banks consider when they offer you refinancing. They also have to consider who owns your mortgage. Many times, when mortgages are sold to other financial institutions, there are stipulations on how they can be modified. Refinancing could incur fees the bank must pay to the owner of the loan, and the current influx of money into the industry from the government means rules are only getting more strict (some large financial institutions are suing due to a stipulation like this right now). That might also have something to do with the dismal offers you’re seeing. But by all means, continue to comparison shop!
Admin 's reply:
January 17th, 2009
I think we’re talking about two different things. My mortgage wouldn’t be sold to another institution, rather it would be paid off and there isn’t any pre-payment penalties on my mortgage. Also, the bank that issued my mortgage is the same bank that currently owns it.
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