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January 15, 2009
refinancing: comparison shopping
We are going to refinance our 30 year mortgage that we took on a year ago at 6.375% We were advised to just go to out bank, Wells Fargo, and not the mortgage broker we worked with. Does this make sense? Should we be comparison shopping between other banks or mortgage brokers? Thanks!
Comments
I went to both. Wells (who has the current note) came in much lower on my 2-fam. Exact rate TBD but, but close to 5 was possible for me. Plus conforming amount went way up, and up further for 2-fam.
Posted by: Johnny at January 16, 2009 8:52 AM
Talk to Billy at Wells Fargo Mortgage. He helped me refinance my brownstone in 06 and just dealt with him for a 1 family in Ridgefield Park, NJ. Both times he was very helpful throughout the process and kept me in touch of the rates so I could lock-in at the right time.
BLERIM AHMETAJ ( Billy )
(914) 285-1466 Tel
(800) 224-8809 ext: 1466
Blerim.Ahmetaj@wellsfargo.com
Good Luck,
A.S.
Posted by: adamkidron at January 16, 2009 9:57 AM
You do not need your mortgage broker for refi. I understand they want to make money too but the bank can take care of that for you itself. Don't waist cash in a recession
Posted by: karo25 at January 16, 2009 11:34 AM
Go with whoever gives you the best deal - rate plus points plus closing costs.
Sometimes your current mortgage holder can assign your current mortgage to the new one so you don't pay the mortgage tax again. And sometimes they won't.
Posted by: jfss at January 16, 2009 6:49 PM
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