Which Refi company to use?

[Susie]

1. No cost? No idea. If I did, we wouldn't hang onto our 4.375% mortgage: it's just low enough not to be worth closing costs to refi.

2. No. Mortgages (purchase and refi's) are for pretty standardized terms, so you can't do a 13 year mortgage. If you pay extra each month though, you can pay off the new 15 year term early, in 13 or less.

[mrsjuleshs]

We had a HORRIBLE experience with Wells Fargo. It took MONTHS and tons of back and forth because of their inability to get anything right. And the last straw, the closing company was an hour late for closing.

[juliahenry]

We went with a small local company and had a great experience. We looked for a small bank and got great service and z really good rate. Before we had even closed, they had sold us to Wells Fargo, but the actual recess of closing was still with them and its been fine so far.

I don't think they would do a 13 year term, but you could pay extra to be done 2 years early. Our renegotiation saved us over $200 a month so it's really worthwhile for us. Check out the numbers they are quoting, do some math and see what you'll save. It could be significant.

[juliahenry]

Oh, and ours wasn't "no cost" but the closing costs were low enough that there was a huge $$benefit to us to pay them and refi. We rolled most of them into the loan amount and are still saving several thousand dollars a year.

Call a bank and get a rough estimate if loan rates, then spend some time with an online calculator. It should be clear.

[holly116]

It's not impossible to keep the shorter term.

We refinanced last year (same situation, 12.5 years left on a 15 yr) and kept it at 12.5 years. The rate was the same as the 15 year but we were more concerned with not lengthening the term. We went with a small local bank. It's at least worth asking if it's possible.

[kellygreen]

We're in Wisconsin; we are in the process of refi'ing with a no-cost mortgage broker (Accunet) for the 3rd time. We locked at 3.125% for a 15 year term. The last two times, our mortgage was with Wells Fargo.

[Deleted]

I locked in on Saturday with Wells Fargo at 3.25. I am paying all closing costs. They told me it is a 90 day close. I was already with WF so this is just a streamline FHA refi.