Can anyone recommend a good mortgage lender? Is Rocket Mortgage (formerly Quicken Loan I believe) reliable and trustworthy?

Are there any other online sources for mortgage refi's that are good to go?

Or is it best to go with a major bank - I know we hate them all.

Thanks!

Loan Depot

The name is cheesy, but there are many reasons they get really good reviews:

Competitive rates

When I refi'd in Aug '20, never once did I have to resend them something I had previously sent. My employer moves me every few years and not resending stuff was a first for me.

Very quick and efficient. When I did mine everybody I knew was 45ish days, but mine was 30 days.

Used a mobile notary so "closing" was at my dining room table

So far, they haven't sold my mortgage.

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Ego is the anesthesia that deadens the pain of stupidity

DISCLAIMER: These are the author's own personal views and do not represent the views of the author's employer.

What state are you in?

I just went through a lady (Maureen Martin) in San Diego (i forget who the lender is). (I would strongly recommend avoiding Anthony Lyons BTW).

I know I was not her only client and at the same time, I felt I was her primary concern (VA loan) and things went very well with lots of comms and quick responses when I had questions.

I did a refi over the summer and after looking at many options I went with Rocket. They were on the ball, sent a notary to my house for closing which took 30 minutes, and their rates matched the best I could get anywhere. Process took less than 30 days from beginning to end. I ended up with a 15 year fixed at 1.9% which will save me about $90k in interest over the life of the loan. Their fees were in line with other lenders.

quote:

Originally posted by DaveL:
I did a refi over the summer and after looking at many options I went with Rocket. They were on the ball, sent a notary to my house for closing which took 30 minutes, and their rates matched the best I could get anywhere. Process took less than 30 days from beginning to end. I ended up with a 15 year fixed at 1.9% which will save me about $90k in interest over the life of the loan. Their fees were in line with other lenders.

Whether you go with Rocket or not, do the 15 year fixed and get out of debt.

If you are/were military check out Navy Federal Credit Union. Just closed on my refi in November and I can say it was pretty straight forward.

I'd check with a local smaller or community bank near you too.
My last refi of a commercial building was done that way and since they know the local market they were a fraction of the various fees while still being slightly lower than larger banks.

I ended up using my local connection, but I started out shopping rates using Better.com and LoanDepot.com. I was impressed with both services, actually.

You just go on, fill out your information and they assign you a personal broker who becomes your point of contact. No more dealing with a big faceless website... much more like dealing with your local bank. Their rates were great and actually better, initially, than my local broker who has done about 5 loans for me. She ended up being basically the same as they were with rates and points so we went with her but I was pretty happy with both web services.

quote:

Originally posted by mutedblade:
If you are/were military check out Navy Federal Credit Union. Just closed on my refi in November and I can say it was pretty straight forward.

Surprising as this sounds, the lady I noted above was able to get me a VA loan 0.15% lower than NFCU.

Varies state to state.

If you can get a recommendation of a good mortgage broker in your area, he or she can give you good guidance as to what lender is good and can meet your needs.

Thanks everyone.
While we’re still researching options, including local credit unions, it sounds like the online options are not to be feared

Union Savings Bank in IN, OH, KY, PA.

I just closed yesterday on a 13 year (balance of the 15 year I got 2 years ago) at 2.5%.

Previously I had 3% from January 2020. I probably should have refinanced a little while ago when rates bottomed out, but I'm fine with what I got because rates just went up a quarter point after I locked it in.

Fees were $285, nothing else. No points, no fees baked into the principle. I've used these guys for many years. They didn't even have to send an appraiser. But you do need excellent credit and a fully conforming loan with at least 20% equity.

quote:

Originally posted by Jimineer:
Thanks everyone.
While we’re still researching options, including local credit unions, it sounds like the online options are not to be feared

I still say it depends...

I get calls and emails from those online lenders daily. My company, and every company I know in my state won't perform appraisal services for them. Then months later I get calls from the borrowers and have to explain why their online lender can't get an appraisal for their loan. The stories I hear are people who've been told to hold for months, and it takes several months for the lender to admit they can't do the loan.

Just be aware. I know it's common practice in the lower 48, but in non-disclosure states and other areas where appraisals aren't the average 12 hour job for a couple hundred bucks, these lenders can't get an appraiser to work with them.

We initiated a refi with Navy Fed, and they told me to shop around and bring them the best loan sheet I could get so they could match it. I hit a bunch of the online vendors (rocket, etc) and got several decent loan sheets. Navy Fed's initially offered rate wasn't good, but they matched the lower rate and points without issue. And, they were awesome to deal with.

When I look for mortgage financing or refinancing, I look for simple APR with no origination fees or points. Points and origination fees simply increase the loan interest without most people realizing it. Also, they complicate breakeven period calculations that lets you know how many months you have to stay in the loan just to start realize any savings compared to the old loan. And any loan with origination fees or points can be translated into a simple interest loan.

After that, the other items I remember are: who pays for the appraisal fee and how much, documentation and title fees.

My wife is a Loan Processor for Fairway Independent Mortgage.

They don't advertise like Rocket or Guaranteed Rate, instead they rely on local offices to build rapport in the communities. They still can do online/remote lending if preferred though.

Worth checking to see if they are in your area.

Did a refi with rocket last year. Took about a month. Rate was very good, process was fairly easy.
Fill out some online forms, submit documentation online. Notary came to my house for closing.

We closed on a refinance of our mortgage with Better.com just over a year ago. Converted from a 30 to a 15 year loan. I did pay some points, but calculated out the total cost vs previous loan and other options and it was best for us. I did not take any equity out. Process was pretty painless, they sent a notary to the house for closing.
Of course, the loan was immediately sold to another servicing company, but so far no problems other than almost daily emails suggesting we refi again (when rates are higher)

Credit unions are a good option for many depending on your residency.

We’ve used Penfed for several loans and have been impressed with their online speed and pricing.

www.Penfed.org