July 26, 2012.
Being in the local real estate and property management business here in Fairfield County, Connecticut for close to 20 years I am constantly asked to recommend mortgage companies.
Mortgage originations are available from a number of different companies:
- Local banks to national companies.
- Mortgage brokers.
- Mortgage bankers.
- Internet mortgage companies.
This week I have did a comparison of a few companies for a conforming $417,000 refinance mortgage, primary home, 740+ credit score, greater than 80% LTV, no money out type of loan. Below in the chart you will see the breakdown of rates, fee’s, Principal and Interest payments.
All of the below companies said the process of the refinance loan would take 30 to 45 days depending on the lender.
Tip ~ if you are just beginning to look at mortgage rates for your area a good benchmark to use for mortgage rates and fee’s is at BankRate.com.
When looking at the cost of a mortgage it will break down into four groups:
- Mortgage rate.
- Bank fees and Appraisal fees.
- Attorney Fees including title work and insurance.
- Prepaid items including taxes, insurance and pre-paid interest (depending on closing date)
Group 3 and 4 will be the same with any lender, but not group 1 and 2.