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mortgage refinance

By Terry Savage on July 28, 2020 | Housing / Real Estate

Hi Terry! I have a 4.25% mortgage and I want to refinance it for a 15 or 30year mortgage. I currently hold a 30year mortgage of which we are in year 8 so I really want a 15 year if affordable.
main question is Rocket Mortgage or Quicken type of mortgages that promise no closing costs a better deal than a big bank like Chase or a local regional bank like Centier in Indiana?
we got our first mortgage in 2003 from Centier at 6.00% then they sold it to Chase and we refinanced with Chase about eight years ago to 4.25%. we owe about 90,000 still.
thank you for your help…we appreciate it.

Terry Says

You want a competitive rate — no closing costs. Your bank should tell you right away what your rate would be on a 15 year mortgage for that amount — IF you give them your credit score, the value of your home, and the amount you want to refi. They will try to drag you through the process — but just ask them to be specific on the current rate.

And yes, try Rocket Mortgage or GuaranteedRate.com. They are very efficient — at a time when most lenders are swamped with refis. So you want to be LOCKED in to that promised rate at the time of your application.
My source for mortgage info is Leslie Struthers at GuaranteedRate.com (Leslie@rate.com). You don’t have to use my name — I get nothing out of this. And I know her team is swamped, too, because it took her a few days to return my call last week! But she is good!

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