On Apr 8, 12:50*pm, Augustine <evan...[at]mailinator.com> wrote:
- quote -

Try Zillow.com for anonymous interest rate bids. After you receive
several bids, you can contact the lender that has the best mix of
interest rates and closing costs. I have tried the service in the
geographic area that I am interested in and got several good bids.

- quote -

Long term rates probably won't go any lower with inflation staying at
current levels.

--
Ron

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On 2008-04-08 21:15:18 -0700, joetaxpayer <joetaxpayer[at]nospam.com> said:

- quote -

As I understand it, your present lender usually assumes that many
people just want to get the new loan with a minimum of fuss and bother.
These busy people will hesitate to shop elsewhere and will accept
somewhat higher rates for the privilege of staying put with the current
arrangement. Not only that, but also, if you have already obtained a
few quotes from other lenders, you can take them to the present lender
and ask, "Can you match this?" and very often they will match it.
Undoubtedly there are exceptions. But for a more professional and
knowledable discussion of these matters that I can supply, check out
the web site link I put in the previous post:

http://www.mtgprofessor.com/

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Don wrote:
- quote -

Why is that, Don? If the current mortgage holder has any interest in not
losing the loan, and will change the terms for little to no fee (as my
prior anecdote suggests) why not pick up the phone?
Joe

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On 2008-04-08 10:50:39 -0700, Augustine <evandro[at]mailinator.com> said:

- quote -

No! Your current mortgage holder is the worst place to begin. You can
save a lot by shopping around among other lenders. Here is an excellent
web site that has a lot of useful information about mortgages, how to
find the best rates, how to avoid tricks and scams, etc.:

http://www.mtgprofessor.com/

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John A. Weeks III wrote:

- quote -

I was about to suggest calling the current lender. John, you are right
because most mortgages are sold, and that first guy has no interest in
the note. I happened to have a mortgage (on a rental) that was still
held by the bank. There were 25 years left on a 30 yr mortgage. One
call, and a $595 appraisal, and processing fee, and for just about the
same payment, it dropped to 15 years remaining.
Lucky? Yup. But it was worth the phone call, even against the slim odds.
Joe

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On Apr 8, 10:50*am, Augustine <evan...[at]mailinator.com> wrote:
- quote -


First you said the mortgage rate has fallen significantly. Then you
said the rates are not that (far) down. So which is it? I think the
mortgage rate has indeed not fallen that far down. But still it
should be lower than your current rate. Certainly check with several
mortgage companies in your area and see what you are offered. Your
current mortgage holder is indeed a good starting point.

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On Apr 8, 1:50*pm, Augustine <evan...[at]mailinator.com> wrote:
- quote -

Who is the loan with? GMAC tends to give existing customers a break
when refinancing (on closing costs). I have not seen other banks
offer this.

I would try a site like lendingtree or lowermybills.com and see what
shakes out. You will usually be put into contact with multiple banks
through one interface. I have used both without issue in the past.

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In article
<608b02e6-e03f-404f-ad33-759c88daae8e[at]v32g2000prd.googlegroups.com> ,
Augustine <evandro[at]mailinator.com> wrote:

- quote -

A current lender seldom will give you a good refi deal. You
nearly always have to find someone else. A good place to start
looking is the Bankrate web site.

-john-

--
================================================== ====================
John A. Weeks III * * * * * 612-720-2854 * * * * * *john[at]johnweeks.com
Newave Communications * * * * * * * * * * * * http://www.johnweeks.com
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Now that the mortgage rates haven fallen significantly, I suspect that
it's time to start thinking about bringing my mortgage rate of 6.59%
down. I've got 16 years left on it, so a 15-year fixed is a fine
proposition, provided that the closing costs are low.

I an thinking on starting by calling the current loan holder and
asking for a rate reduction, hopefully at no out-of-pocket cost.

The problem is that the rates are not that down, especially
considering the low Fed's rate. What would be the best course of
action at the moment?

TIA

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