Quote:
Originally Posted by Paul Huryk
My wife and I have a 4.0% 30 year from Wells Fargo that was put in place in September 2015 - I'm sure we could get 3.75% now. We did put down over 25%, which of course fixes the PMI problem. Wells turned around 3 months later and sold our mortgage to some other company, typical for solid loans.
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I worked for a bank/mortgage company and they sold my mortgage to someone else within 3 months. They now do subservicing which is a large market so no matter where you get your mortgage, expect it to be sold to someone else within the first year. It really comes down to the rate, points discount and if you have to pay pmi to figure out what the real cost is. We paid extra every month to pay down the loan faster and then refi'd after about 8 or 9 years and paid off the mortgage in 19 years. If you can afford it, pay an extra $100 to $200 a month that goes straight to the loan and not any fees, interest or taxes and you can really accelerate your payoff. The actual rate isn't as important as everything else combined.