I'm looking to refi my townhouse. I currently have a 20yr conventional mortgage with 12.5 years remaining. With the interest rates now ~4-4.25% and a 10 year loan I can have a similar payment as my current loan. My current bank does not want to go less than 15 years. Can anyone here do a 10 year loan? I live in North Carolina, looking to borrow less than 70k and have close to 50% equity in the place. I'm not interested in paying points. Please post contact info or pm me if you need more specific details. Thanks, Bill
Interesting. I been hearing Wells Fargo get a bad rap for a while now, but the lady I've been talking to about my situation has been pretty helpful. Makes me feel better that others have had a good experience. I hope their fees and rates are good though...
I've been with them for six years, original loan and two refis. I've had to call them a few times with questions about the refi. Other than the last time I called it was a nightmare each time. Waited forever and got fabricated answers. The last person I talked to actually explained things thoroughly and pointed out that I should shop around for homeowners insurance. That being said the price was right and their refi is free and relatively painless. Made their crappy customer service worth it I guess.
Is there a penalty for paying the 15 year loan off early? If not why do you care if it is a 10 or 15 year?
Someone that I trust is a fellow (maybe ex) racer named Bill Baragona. He goes (went) by CUDA on this board. When I was looking for a transponder a few years ago, he had one for sale: make offer in the classifieds. I said "how's $250 sound" and he replied "sounds like too much. How about $150?" I called him up when I was refinancing this year and he was really helpful going over my loan with me. Once I told him the terms I was offered from my local credit union, he told me that there was no way I was going to find a lower term and to lock it in. Seems to be a very trustworthy and knowledgeable guy, so I'd give him a shot. His phone number is in this link: http://forums.13x.com/showpost.php?p=2609771&postcount=12
John Wines 704-564-3359 Atlantic Bay Mortgage Over 100 clients of mine have used him including a bunch of Bofa and Wells bankers
Bill is a stand up guy and he can corner low! :up: I met him when I first started racing... I never knew he was in the mortgage industry, or I would've called him!
No penalty for paying off early but interest is calculated for fifteen years. The amortization table will be set up with more interest in the early stages on the fifteen year versus the ten year. Essentially a fifteen year mortgage payed off in ten would cost more than a ten year mortgage payed in ten.
