Mortgage Refinancing

  • john23
    St. Paul, MN
    Posts: 2578
    February 27, 2012 at 8:50 pm #1276010

    Is there an IDO preferred mortgage broker?

    Honestly, I’m looking to refinance my 30 yr into a 15 yr and would appreciate recommendations. I’m with Wells Fargo now, but I would like to shop around the refi. Thanks!

    dandorn
    M.I.N.N.E.S.O.T.A.
    Posts: 3207
    February 27, 2012 at 9:02 pm #1043658

    PM Sent

    Mike W
    MN/Anoka/Ham lake
    Posts: 13294
    February 27, 2012 at 9:08 pm #1043661

    Calvin is with Wells Fargo.

    Buzz
    Minneapolis MN
    Posts: 1814
    February 27, 2012 at 9:54 pm #1043672

    You may need to think carefully, depending on your current interest rate, it may be to your advantage to start accelerating your payments using a 15yr actuary table rather then refinancing and incurring additional closing costs.

    Just my 2 cents.

    john23
    St. Paul, MN
    Posts: 2578
    February 27, 2012 at 10:10 pm #1043680

    I checked it out, Buzz. I’m at 5.5% on my 30 year with 28 years left. Going to 3.125% on a 15 year saves me over $3,500 in interest in the first year alone vs. simply increasing my payment to the amount I’ll pay on the 15 year.

    Chuck Melcher
    SE Wisconsin, Racine County
    Posts: 1966
    February 28, 2012 at 12:05 am #1043717

    May be old news… but when we set up our 15YR note (term is irrelevant) we did it with our credit union and found a cool option. Instead of paying one time per month, we have two amounts deducted each month. Same cash outlay, but by having a half payment applied biweekly, and actually applied to the loan and not sitting in some other account, it makes a big dent in the long run amount actually paid. Cost ya nothing, no more out of pocket, but because money is being applied to the loan more often less interest accumulates. I think it took a solid year or more off the term of the loan.

    When we looked at 15 vs 30, it was an easy decision, if the larger payment isn’t going to be detrimental in the future.

    john23
    St. Paul, MN
    Posts: 2578
    February 28, 2012 at 12:47 am #1043736

    Cycleguy:

    Steve Vick
    New London, MN
    Posts: 428
    February 28, 2012 at 4:24 am #1043813

    I strongly recommend you give Anna a call from Tradition Mortgage. We have purchased two homes and refinanced two times with her. She is great to work with! We are closing on our second refinance soon and she makes the process easy, lets you know what your best options are and really looks out for your best interests! I wouldn’t hesitate to call!!

    Anna Whitehead, MMS
    NMLS # 367436
    952-252-4708
    Fax: 952-252-4709
    Tradition Mortgage

    ptc
    Apple Valley/Isle, MN
    Posts: 614
    February 28, 2012 at 12:07 pm #1043854

    I’d call Wells Fargo. Since they already have your mortgage, they may be willing to do a no cost refinance. I have had them do this for me 2 times. They just called and lowered my interest rate after a short closing. In both cases it did not cost me a dime, and my total mortgage amount was not changed.

    They do this to keep customers from going to another bank via a refinance.

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