Hi everyone,

Class of '03 here. Whoop!

Ok, the Fed just adjusted interest rates. Does anyone recommend their bank as far as refinancing? I currently have Chase (not happy). When the Fed lowers again I want to shop for a new bank. Any positive recommendations?

Thanks!

Andrea Knight '03

The refinance mega thread on r/mortgages has people routinely post about ease transacting with farmers bank of kc. They post their rates online without having to log in. At least something to monitor while checking out other options.

What type of loan do you want to refi? And what state?

All the big banks are hard to deal with. Brokers, including me, offer better service and usually better pro.

aggie_wes said:

---

Whoever has the lowest rates and cheapest fees. They are going to sell the loan within 45 days of it closing anyway, so what does it matter?

---

And, whoever they sell you to is probably going to suck.

Not necessarily advocating for them (I'd use a broker and go with whoever has the lowest rate), but Frost won't sell your mortgage.

Just got quoted with a 4 handle on a home mortgage. Four.

Oh boy is the economy going to catch fire in 2025.

— Spencer Hakimian (@SpencerHakimian) September 24, 2024

Are we buying this? I'm a bit skeptical that it's clickbait.

Diggity said:

---

Just got quoted with a 4 handle on a home mortgage. Four.

Oh boy is the economy going to catch fire in 2025.

— Spencer Hakimian (@SpencerHakimian) September 24, 2024

Are we buying this? I'm a bit skeptical that it's clickbait.

---

I got something in the mail from intelliloan offering 4.75%. Looking at the fine print it seemed to be a 15 year and I didn't care to call to see if it was legit or just a bait and switch.

But does raise the interest of reaching out to my broker and seeing what's out there.

You can certainly get a rate quote in the 4's. Does it make sense with the cost it would take to get there on a 30 year fixed? Not likely. That is what I hate about this kind of of marketing. If it takes multiple discount points to get there does is it really worth talking about?

But, yes, you can there for 15 year terms or lower, but would still require some buy down but MIGHT make sense for some.

Jay@AgsReward.com said:

---

You can certainly get a rate quote in the 4's. Does it make sense with the cost it would take to get there on a 30 year fixed? Not likely. That is what I hate about this kind of of marketing. If it takes multiple discount points to get there does is it really worth talking about?

But, yes, you can there for 15 year terms or lower, but would still require some buy down but MIGHT make sense for some.

---

FWIW, the letter I got specifically said no points to buy down, even no lender fees. Again, I figured it was some kind of bait and switch, but just passing along.

Also, very important to point out there is no such thing as the "RATE". Everyone situation is different and there are many factors that contribute to what a rate you might qualify. Everyone seems to understand credit will play a part in it the rate quote but so does loan to value, what the loan is for (purchase, Rate/term refi or cash out), and of course if it is a primary or second home/investment property. Also, loan size would factor in as well.

So, it goes without saying when you see these types of claims they are likely the best case scenario with 60% loan to value, 800 credit on a rate/term refi on a primary home with a 500k+ loan size. and in this case with a boat load of discount points to buy the rate down into the 4's.

Here are the LLPA charged for different credit scores and loan to value ratio's: https://singlefamily.fanniemae.com/media/9391/display

Yeah. I get them too.

My brother had three lenders competing this week after the cut. One had higher fees, but told me one could've gotten him to 4.99/30 yr conventional yesterday, I didn't ask all the details. He was locked in at 6.2 two months ago.

SteveBott said:

---

What type of loan do you want to refi? And what state?

All the big banks are hard to deal with. Brokers, including me, offer better service and usually better pro.

---

Hi Steve, What is your website? TX and refinancing the mortgage. Thanks!

Scientific said:

---

My brother had three lenders competing this week after the cut. One had higher fees, but told me one could've gotten him to 4.99/30 yr conventional yesterday, I didn't ask all the details. He was locked in at 6.2 two months ago.

---

How did he do this please? A website, a broker?

My web site.

https://www.megamerica.com

Email me at steve@stevebott.com or call 512-415-8256

Agree with all of this.

These teaser rates annoy me as well.

again, you can GET 4.99% right now. BUT, really you always get any rate you would like. BUT, the rate is only one part of a rate quote. In most cases the buy down will not be a terribly wise decision unless you just want to have the lowest rate on the block issued in 2024.

I have locked in many borrowers in the mid 5's the few weeks before the fed funds cut with zero points. To buy down to the high 4's would increase their payback period from 12-24 months, to more like 70-84 months. Does not make sense in most cases . But, if that is what you want to do you can do it.

Try Best Rate Mortgage in Frisco or Barton Creek Lending in Austin. Mortgage brokers are your better bet than big banks and much easier to work with

Dr T and the Women said:

---

Furlock Bones said:

---

it's jarring when i see people under 50 that still think that going to the big bank is the best way to obtain a mortgage.

---

I guess I will just have to feel bad about the 2.375% rate I have with Wells

---

no that's great. but, not really what i meant in my post. the OP said, "I'm shopping for a new bank."

I am saying I am surprised by the mentality of I have been with X Bank for years and do all of my banking with them. But, it's time to shop around for another big bank. It's 1 thing to have a relationship with a local bank in business.

But, for the most part, these big banks could give a rats you know what about your account. People should be using a good broker to shop a bunch of rates. Doesn't mean you cannot also get a quote from your current big bank.

I used UWM, they give the best rates. If you're interested, I'll get you my guy.

UWM is a wholesale lender. They on occasion have very good rates, and other times they try to increase there margin by raising rates and some brokers do not shop. It all depends on what wholesaler has the best rates at anyone time.