Best sources to shop for home refinance lender?

[dr.girlfriend]

I've always used bankrate.com in the past...the first few times I was able to get Wells Fargo to match the best rate from bankrate. I liked WF because they service their own loans, so even if your loan gets sold around your payment info never changes. The last time they couldn't match my rate, and I just went with the lender who offered it on bankrate. That was a bit of a pain because the loan was sold around and I had to keep updating payment info, but it finally landed on a place that services its own loans so hopefully it will stay there. 2.5 - 2.75& is historically pretty damn low for a 15-year...I refi'd about 10 years ago to 2.75 and it was the lowest I had seen for the past decade until the last few weeks!

[tripleshot]

We’re in the middle of a refinance and I checked bankrate and nerdwallet, called our current lender, and called a local credit union. The credit union beat them all by a lot with no points.

[MrsE]

Sept 6, 2020 15:57:12 GMT -5 tripleshot said:

We’re in the middle of a refinance and I checked bankrate and nerdwallet, called our current lender, and called a local credit union. The credit union beat them all by a lot with no points.

Ditto.

[flygirl]

I checked nerdwallet, my regular bank, my credit union and then got a referral fora broker who has access to multiple lenders. I ultimately used my credit union who matched anyone else’s rates.

[5thofjuly]

After running all of the national calculators, our hometown credit union was lowest by like 2/3rds of a point.

[litasail]

We're using better.com right now. It's been very smooth.

[memenee]

s/o refinancing - are there rules of thumb that indicates whether or not refinancing is worth it?

I usually handle this kind of thing but I’m swamped with work so dh took the lead. I just don’t have the time right now to sift thru everything to ensure it’s a good deal. We currently have twelve years left. We would move to a 15 year at a lower rate and even with closing costs we would be paying approx $300 less per
Month. What am I missing? TIA

[tripleshot]

memenee, I’ve heard that the rule of thumb is reducing your rate by 1% and a break even point of 30 months or less. Some calculators don’t take into account saved interest, and only look at how much your monthly payment is reduced. In my case, that doesn’t factor in because our payment isn’t going down by much but our rate is. We’re going from a 30 to 20 year. I think this is the calculator that I liked. www.nerdwallet.com/mortgages/refinance-calculator/calculate-refinance-savings

[memenee]

Sept 8, 2020 19:21:52 GMT -5 tripleshot said:

memenee, I’ve heard that the rule of thumb is reducing your rate by 1% and a break even point of 30 months or less. Some calculators don’t take into account saved interest, and only look at how much your monthly payment is reduced. In my case, that doesn’t factor in because our payment isn’t going down by much but our rate is. We’re going from a 30 to 20 year. I think this is the calculator that I liked. www.nerdwallet.com/mortgages/refinance-calculator/calculate-refinance-savings

Thank you very much!