Your Questions About Mortgage Refinancing Companies

Chris asks…

Is it more work to refinance with another mortgage company than refinancing with your current lender?

Three months ago my wife and I bought our first house at a 5.5% rate. The mortgage broker who was a family friend moved on to another company. My boss’s husband owns a separate company and can do us a refi at 5.125% which would save us pretty good money. It seems complicated though like our original closing! Would I save time or money by trying to refi through Bank of America (our current lender)? Any suggestions are helpful, thanks!

John answers:

The work involved with your old lender or new lender is about the same, unless you are doing a FHA streamline refi, when it would probably be easier to stick with your current lender. If you have an FHA loan and 20% equity do a conventional refi.

How long are you planning to stay in this property? If you are going to stay in it more than 5 years it would probably be a good move, but anything much less than that you it will probably cost you more than it will save unless with the new refi you will be getting rid of PMI/MMI. If that is the case it would be a smart thing to do for sure. What you might consider is doing a 15 year refi. The current conventional interest rates, with 20% equity is about 4.5% with 0 points. That was the quote I got late last week, and that was for a non-owner occupied property through the Mortgage Minute Guy.

FHA, Freddie-Mac, or Fannie-Mae loans do not have any pre-payment penalties. Judy doesn’t have a clue. $10,000 in refi closing costs? Maybe if your are borrowing $750,000.

Consider getting a quote from a couple of lenders like Ditech and Quicken Loans. Their rates and costs are very competitive.

Laura asks…

Anyone know of any Mortgage companies that will refinance a part-time employee?

I am very disappointed with my mortgage company and since I work a part-time job, no one else will aid me in refinancing for a lower interest rate. My mortgage interest rate went up this year by 2% and as I know they will continue to increase every 3-6 months.
I went from 7.1% to 9.1%. I been at my part time job for a little over a year. I had plans to sell my home this year but early last year the day my sister passed, I was given a letter from my full time job that I am laid off and they were going to let me know 2 weeks from that date but since I had to take a leave, they gave it to me earlier. Have not worked a full time since. Can someone please provide some sound information for I am desperate and do not want to lose what has taken me ten years to keep.

I live in Illinois. SO far I only had one company run my credit and they states that I am at 633, he also advise me to mention this to other lenders and I know not to release my soc. sec number. Since then I have paid off another bill so my score may be a bit higher.

John answers:

Hello there, I used to work as a loan officer for a bank. So I understand your concern and I would like to give you a simple advice. Do not give up. You are probably on an adjustable rate that started changing already and it will continue to increase until it reaches the maximum interest allowed under the contract that you signed with your current lender.

There are many banks that will approve you even if you have no job. The two key factors in any loan are the credit score and the LTV (loan to value) which means the amount of loan you are taking compared with the value of the house. The better the credit score and the lower the LTV the better deal you will get.

My simple advice is to shop around and call as many lenders as possible until you find somebody that will approve you at the proper closing costs and rate. Give the loan officers all the information except your social. You do not want every company to run your credit, that will drop your score. You should only give your social when you feel that the company can help you achieve your goal.

I suggest to start with the big names in the business like Ditech, Quick loan funding, Country Wide Loans. You can find all these mortgage companies online.

Good luck and if you have any further questions feel free to contact me by email,

Richard asks…

Where can i sell Mortgage refinancing leads we generate from our telemarketing companies?

We are a group of telemarketing companies located in India. We generate exclusive leads for refinancing. Currently working with 7 loan officers. I was just wondering how can i find more loan officers who would be interested in purchasing leads from us and close deals quickly.

Any suggestions or queries are welcome at
We generate these leads from our strong team of telemarketers. For cost per lead i would like to send you an e-mail so can i get your contact information.

John answers:

How much per lead are we talking about?? These qualified leads or simply people with a pulse?

Lisa asks…

When should one switch refinance mortgage companies?

John answers:

When you find a lower intrest rate, but check out the
fees first

Maria asks…

Is there any reputable mortgage companies that will refinance people with not good credit?

My husband and I are so tired of dealing with shady refinance people. We know that our credit is not good (550’s) but is there anyway we can still get a halfway decent refinance? We have not had any issues paying our mortgage on time since 2004, but we have hard a hard time catching up on other past due accounts. We want to refinance and get a little money out so that we can hopefully pay off all of our debt and start fixing our credit. I just don’t want to get screwed by junk fees, unneccessary closing costs and a rate that kills us every month. Is this even possible?

John answers:

It is possible with certain lenders. Its not impossible however to have no fees/closing costs. You will face that with almost any lender except a bank who usually has the lowest fees. What does your transunion score look like? If its higher then the other 2 scores, you may be able to get a decent loan with Deutch bank. They base rates only on transunion score. You may also want to try They offer loans for folks with subprime credit. My suggestion, pay down as much debt as you have to raise your score. Best of luck!

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