[quote=moneymaker]Here’s 2 questions for HLS or others in the industry here, should I approach my current mortgage servicer for refi or go somewhere else first? Can I shop them without giving out too much personal/financial info? Ok 1 more question, how long should a refi take? Seems like it was quick last time I did it, but am reading others are saying 3-4 weeks.[/quote]
When you refi, the old loan gets paid off and you are creating a new loan with a new term to be sold into a future bond portfolio.
A servicer does not own your loan. Some have a different division that offer refi’s.
You can check wherever you’d like to.
Many times the current servicer has terrible pricing but people just assume they are getting special treatment.
Pricing changes daily and often intra-day.
Today is a good day.
You can get a quote with basic info, but if it’s not accurate it could affect net loan pricing.
Credits to cover closing costs are a % of the loan amount. There’s more dollars on a $417K loan than a $100K loan. There is not one rate for everyone.
Credit score & equity are factors on every loan.
Regardless of these factors, there are many other possible hiccups in getting approved.
At the moment it can easily take 6 weeks or more to complete a refi. Purchases get priority.
Doing something is better than doing nothing. There is never a reason to not refi to a lower rate at no cost.
If there is a cost, you can do the math.
Not understanding this can cost $50k-$100K or more in wasted interest over the long run.
