Any feedback on refinancing (not jumbo)?

[sonrisa]

Are you getting anywhere near the advertised rate?

We bought in late 2010 (which was the low point for our town - we got lucky). Our mortgage was conforming at the time but the limit has since dropped so if we refinance it is now non-conforming. We are considering putting up cash to bring it down to the conforming limit and refinancing at a lower rate. We have fantastic credit. So far we are getting very different information from banks when we contact them versus online. For example, Citibank was advertising a rate that was more than a full percentage below what they quoted over the phone. The clueless representative even insisted the conforming limit is 417K instead of 625K so that cash in wouldn't make a difference (perhaps where ever he is located that is true, but not in the bay area).

If you refinanced a larger loan, but not jumbo (ie. between 417 and 625 in a HCOL area) what kind of rates did you find? Which bank did you use and what was your experience?

Thanks!

[Deleted]

We're about to get a loan on our new build. We're getting 3.5% with 0 points on a 30-yr fixed. It's a new house which we currently have a construction loan on. US Bank considers it a refinance because we already own the lot/house (our names are on everything).

[sonrisa]

Thanks, dori :-) I don't think we've looked at US bank yet.

[dapotato]

have you talked to a mortgage broker that is local to you? ours was very knowledgeable in the lowest rate products that worked for our specific area. he was also great in helping us figure out if/how to stay under the conforming loan limits and % down in order to get numbers best for us.

[spankswife]

Different situation (harp 2 refi) but I can't reccomend Regions bank enough! Their rates are very competitive and they are super efficient. Took about 38 days start to finish for my refi and they scheduled my closing at my hotel lobby while I was away on business. If you want my contact let me know, but their service is impeccable!! Btw we closed in May 15 yr @ 3.375% (I was at 6.5%) and their 30 yr was under 4. I think they have gone down even more since then.

[oukapu]

We just closed at 2.75%