thunder04

iTrader: (1)

Anyone heard of them? I periodically get letters from them about doing an FHA streamline refinance to lower my interest rate.

My current mortgage is 5.85% 30 yr fixed, and their most recent letter states they offer a 5.199% 30 year fixed with no lender costs.

Should I look into it?

According to the letter they are in Irvine, CA and their website is http://www.trustonedirect.com

I've done a quick Google search and I can't seem to find much "bad" or "good" about them.

thunder04

iTrader: (1)

I called 'em and they sent me a link to their BBB rating, so they seem pretty legit.

By doing the FHA streamline I could lower my interest rate from my current 5.875% to 5.00%. They'll cover closing costs. When all the numbers are juggled and everything is said and done, I'd save roughly $93 a month.

The only true downside I see is that my loan starts over. However, I bought in June of 2009 so I'd only loose roughly ~1 year.

doopstr

Give your current lender a call and see what they can do for you

thunder04

iTrader: (1)

Hmm. That's not a bad idea. Although I'm not a fan of Wells Fargo, I'll give 'em a chance. Calling now.

thunder04

iTrader: (1)

Alrighty...the person who was supposed to transfer me to a refinance specialist screwed up and disconnected my call.

I guess I'll give 'em ANOTHER try...

thunder04

iTrader: (1)

Wells Fargo says the Trust One refinance deal is too good to be true.

I don't know who to believe!

doopstr

Well I dunno anything about them or FHA loans. I know FHA loans have income requirements so if you aren't currently in an FHA loan I bet you could have a problem refinancing into one. Also, make sure they are quoting you the APR and not just the interest rate. Also, how many points are they charging for that rate?

If you are seriously thinking about refi contact a reputable broker in your area. They have access to many banks and options.

thunder04

iTrader: (1)

I currently have an FHA loan, so a streamline refinance is pretty simple. I was only curious, I don't need to refinance...but...if I can save $100 a month maybe it'd be worth it.

NSXNEXT

iTrader: (2)

Get something in writing that says no closing costs and no lender fees.

gr8ness97

iTrader: (5)

Its a trap