TFCU Refinance

I check their mortgages rates and they seem so low (they are actually). My question is how are the closing costs compared to other banks and if you roll the closing costs in and you don't put the 20% down do you have to pay a PMI?

I would refinance for $350,00 but I could sell my house for at least $500,000.

TIA

Re: TFCU Refinance

We refinanced with them about 3 years ago (I wish we had today's rates!). I didn't research closing costs at other banks but I found TFCU very reasonable.

As for PMI, we had it at our old bank but not with them bc our house appraised for high enough that the loan was under 80% of the value. If your estimates are accurate, it would be the same for you.

They were a little bit of a PIA at first, they kept pushing us off. Our application actually almost expired bc THEY took so long. If you apply, make sure you know when the application expires and stay on top of them. In the end, it was worth it!

Re: TFCU Refinance

FYI, when you refi you need to look at the effective interest rate, meaning what you're really paying after the points/fees. Teachers buries the rate buy down, when you look at the GFE it usually winds up being a huge amount of closing costs. I analyzed 2 client’s refis & both wound up being cheaper with another bank when you look at the effective rate. Make sure you ask them what their rate buy down is.

ETA: Def have your accountant or someone look at the paperwork for you and run the loan amortizations for you

Message edited 1/11/2012 12:57:52 PM.

Re: TFCU Refinance

Two family members of mine did mortgages with TFCU and it was a serious nightmare. I think I would prefer to go elsewhere for a little bit higher of a rate than deal with them.