Ready To Refinance---But Who?

GABullDogg · Joined: 30 Jan 2008 Posts: 4 Location: Lawrenceville, GA

Hello,

Since the feds has cut the interest rates again, I believe it will be the right time to refinance my two loans. My first loan is an adjustable loan with interest rate at 7.8% and my second loan is a balloon mortgage with interest rate at a little over 11%. My understanding concerning my second loan is whatever unpaid balance must be paid in full, and I have a little less than five years for that. I would like to refi to a 30 year fixed in order to lower my monthly payments since right now I'm paying a total of $1100-a-month with my current loans. The thing is, which company do I try? Should I go with companies like Ditech, LendingTree, or Countrywide, or should turn to banks like Wachovia? I need some help to decide who to go with before the rates start climbing back up. Thank you.

Zachery

E.T. Home Loan · Joined: 19 Feb 2005 Posts: 74 Location: OUTER FREAKIN SPACE

The FED cuts are not directly tied to mortgage rates. They actually went down due to other economic factors. If you want to gauge mortgage rates you need to look at the mortgage backed securites index (MBS). http://www.investinginbonds.com/MarketAtAGlance.asp?catid=35

Regards,

Envision Lending Group

GABullDogg · Joined: 30 Jan 2008 Posts: 4 Location: Lawrenceville, GA

Thank you, my missunderstanding. Has anyone here ever did a mortgage refi through Ditech? What was your experience---good or bad? What about LendingTree or Countrywide? Would going through a bank like Wachovia be a better way? Need some feedback please. Thank you

Zachery

lokkesmoe64 · Joined: 26 Apr 2008 Posts: 4 Location: all states

banks or brokers are generally giving better costs/rates than a company like ditech or lending tree as they have multiple lenders contact you. I would try a broker and a bank and compare what they offer you rate and gfe. You should save quite a bit on your payment.

thanx
cheryl :)