Moving from an ARM to a fixed rate loan. Seeking advice on the best process.?

I have been in my home for 3 years and I need to try and refinance my main mortgage (I have a 2nd as well). October 1, 2007, my ARM rate jumps from 5% to 7%. I have refinanced my last home, so I know the process somewhat, but I am a bit terrified this time around because it looks like even with moving to a fixed in the high 6s, my monthly out of pocket cost is going up about $1000. So I am looking for ways to ensure I am getting the best loan possible.





I went to my bank who said that they can get me 7.19% fixed with no points and no closing costs or 6.5% fixed with no points but with closing costs (which will cost me around $12,000, but would be wrapped in and financed over the 30 years - ugh!). I am thinking about doing the Lending Tree application but I don't really want to field 10 different mortgage reps' calls over the next 3 days. I think it's worth it if I can get a better deal, though. Right?





Any advice on best practices for this scary process would be helpful.Moving from an ARM to a fixed rate loan. Seeking advice on the best process.?
I would definitely shop around, but don't use lending tree. Just go to a few different banks or a few local mortgage brokers to get different quotes.


The absolute best place to start is to ask your friends and family if they have someone they've used that was worth recommending to you. After that, I'd say to try your local chamber of commerce/bbb for listings there.Moving from an ARM to a fixed rate loan. Seeking advice on the best process.?
It sounds like your bank is offering you a great deal! Lock it. If you are going to be in that house forever, pay the costs. If there is a chance you might move, do the no cost. Rates are going nowhere but up.
If your rate goes no higher than 7%, the two loans your bank offered don't make any sense to me. If it can go substantially higher, I would consider it. And taking those Lending Tree calls might be worth it.
Unless your loan amount is $800K or more, your local bank is not even offering you a true ';no points, but with closing costs'; scenario. $12K is 1.5% of $800K, which is a fair estimate of closing costs for that size of loan. My question to you, is what is the size of your loan in respect to that gross figure for closing costs???





If you need professional advice, email me here or at work.





Work Email: ahamilton1@1stmetro.net





-Alexander
the price for no closing costs is higher that the 12 k


read the this article and see for yourself. there is a better way to get a great rate and term. this is the only site i have found that i can find this information. they gave me the best rate and i have had friends go to them with no problems!


with the stuff they reveal i doubt many brokers like them.





I'refinanced with them they came in the best of all 4 i had





the best i have found was directlendingplanet
Skip Lending Tree. Stay local.





But start shopping.





$12K in closing costs (without any origination or discount points) is outrageous, unless you're financing $1 million or so.





Ask around to people you know, see if you can find a few good referrals to loan officers they trust. But still shop several.
Call Home Dream Loans , they are so good in this , ask for Giovanna Gallo
bad bad bad noclosing cost laons are bad!!!!





lending tree sells your info to many brokers





bad idea lending tree is a marketing company plain and simple. you ll get tond of callls emils not what you wnat and not what you need to get valid ideas


read the truth about no closing cost loans and see if you still think its a good deal





go to a good source


directlendingplanet.com is a directlender!