What have you heard about them tv mortgage lending companies

[FarmboyBill]

Or what experience has anybody had. They sound good, so im worried. They say their intrest rate is down to 4 1/2 %. Im paying 8now. If they were on the square, I might have to check them out. I see theres fewer and fewer of them on tv now.

[Txrider]

They can't be too off the square these days.

I just refinanced to a fixed 15yr at 4.2 a while back, rates are lower now.

Just watch the costs they throw in, that's where they can stick ya. Likely not going to be a better time time to refi for a years.

[Danaus29]

We talked with one of those companies once. Because our loan would have been much less than their usual loan they would have charged us nearly 3 times the advertised interest rate.

[sgl42]

mortgage rates have recently hit new lows, so you should be able to get low rates from anyone, not just those that advertise on tv.

if house prices have dropped in your area from when you took out your original loan, you may not have enough equity to refinance.

lastly, in some cases (such as tx i believe) refinancing a home loan changes the loan from non-recourse to recourse. recourse means, if the lender forecloses on your house and cannot sell it for what the loan is worth, they can come after your other assets to make up the difference. in some states, they have several years in which they can do so too. something to consider in times of job insecurity, falling real estate prices, and general societal chaos.

--sgl

[Patt]

Just about everyone has interest rates that low or lower now. Talk to whoever currently holds your loan and let them know you are considering refinancing, that what we did with ours back a few years ago and they refinanced us to a 15 yr loan at 4.65%

[sleeping_gecko]

I would second those who said to check local places, including asking the lender your loan is with now (telling them you'd like to refinance, asking them if they can do something for you).

When we bought our house last year, we got a 15-yr fixed mortgage in the low 4's. We went with a locally-based credit union, and have been very happy with it! Of course, YMMV.

[Maura]

Go first to your local banks and credit unions. By local, I mean it is owned by the people in your area, not part of a large corporation. These banks are the most likely to want to help you out and will be there tomorrow as well as today.

[stef]

As others have already said, I would encourage you to visit local financing sources.

There's a reason why these tv offers have fine print so small no one can read it.

They're in the business of making money for themselves, first and foremost!


stef