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!
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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!
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.
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.
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.
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
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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