Layout:
Home > Refi ongoing efforts

Refi ongoing efforts

August 10th, 2016 at 09:49 pm

This is so not my favorite thing to do, but the thought of bringing our mortgage payment down to a reasonable level keeps me going.

The 2nd broker sent me some kind of quote, but it was so confusingly structured all I could tell was that the interest rate was 3.75%. He'd felt hard to communicate with, constantly pushing me to submit an application and schedule an appraisal, so I decided to just ignore him as an option.

I called Quicken but they would charge more than the 1st broker I talked to for a 3.5% interest rate loan.

I had a testy exchange with the first broker because I asked him to consider helping me out on interest rate or closing costs based on what I was seeing online. He asked to see itemization of rates I was seeing online and I sent him what AIM was saying. He kind of went off about how it wasn't a "real" offer (which he hadn't explicitly asked for) and how shady brokers blah blah blah. I wrote a terse email back saying I'd get a "real" offer from the site and get back to him.

I submitted an application with AIM. Near the end I got freaked out that closing costs were $10K instead of $7K and tried to cancel but it wouldn't let me. I spoke to a broker and he said the $10K would include escrow funding. I no longer had the itemization in front of me, but when he calls me later to go over the options I'll make sure of that. Because the monthly property insurance estimated was half of what I actually pay, so it might be more than $10K. Of course that was for a 3.175% loan, so I'll see what their total costs are with an accurate property insurance estimate and at 3.5% so I can properly compare with the 1st broker's quote.

The 2nd broker emailed me back to follow up, so I just said I'm not interested in refinancing for a rate higher than I already had, so I'd be waiting to refi if that was my only option. If he gets back to me with a 3.5% offer, I'll ask for itemization the way broker #1 and AIM have provided so I can do a comparison.

Feeling unsure about any of the choices so far, but I'm reluctant to try any other brokers/sites that haven't been recommended to me by someone who knows more about this. I feel very ignorant in this area and worried that I'll get cheated or waste a lot of time and money on something that's not going to work out.

2 Responses to “Refi ongoing efforts”

  1. Petunia 100 Says:
    1470876007

    Ask on the Bogleheads forum if members there have any experience with Aim loans. I bet you'll get lots of responses and then you'll have a better idea if you want to consider Aim or not.

  2. ceejay74 Says:
    1470881747

    Thanks for the tip! All positive opinions on there. I asked them some questions, because I'm afraid it only worked for them because they knew to anticipate other fees and costs and such that I in my infinite ignorance wouldn't know were coming.

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]