Looking to refi to a 15 fixed

B

Bill

Guest
I settled on my home in February of 2018, a 30 year fixed loan of $227,950 at 4.25. Have been able to pay some extra towards principal, so balance is now 203k.

Credit scores are very good. 760 or so.

Just got an estimate for a refi at 2.5 percent. Origination charges with Quicken Loans total 2,025. First item is .375 points. $900 Processing and $350 Underwriting fee. APR on estimate is 2.708 %.

Any thoughts are appreciated.
 

OneHugeMess

LoanSafe Member
May 30, 2016
587
53
28
I settled on my home in February of 2018, a 30 year fixed loan of $227,950 at 4.25. Have been able to pay some extra towards principal, so balance is now 203k.

Credit scores are very good. 760 or so.

Just got an estimate for a refi at 2.5 percent. Origination charges with Quicken Loans total 2,025. First item is .375 points. $900 Processing and $350 Underwriting fee. APR on estimate is 2.708 %.

Any thoughts are appreciated.
Quicken Loans is notoriously expensive, probably because they have huge overhead from their advertising expenses. You need to get a quote from another lender.

Try giving this guy a call -- he usually can beat anyone's pricing. https://lo.primelending.com/erik.sandstrom/
 

giacona

LoanSafe Member
May 18, 2009
38
0
6
Be very careful with Quicken loans. A friend of mine was working with prime lending did his application over the phone with prime lending and also received a verbal quote and everything was supposed to be emailed to him. He claimed he never received the email.

He panicked due to the rates moving around and went with quicken loans. Quicken loans charged him a deposit for the refinance, and he has to call them every time. They never get back to him,.It's a huge call call center. At least with prime lending or another mortgage company you deal with usually 1 person and if you need anything you reach out to them directly.

Last time I spoke to my friend he told me he found the email from primelending in his spam. It's too late for him to change course at this time, but I believe prime lending had a better deal for him