Definately shop around, with you FICO score 800, coupled w/what you owe there is now reason you shouldn't be able to refi into a low rate someting like 2.4%... most credit unions (but not all) work through the Credit Union Mortgage Asssociation and I've never been impressed with their IR's....as a PP suggested try PenFed or Navy CU, then research Cardinal Bank and Atlantic Mortgage Capital who are always offering competitive rates....A thought, as tempting as a 15-year fixed is you might look at 30-year fixed but pay it out as a 15-year, yes the IR will be higher but not much given your FICO plus what you owe. The logic in this is that your not locked into paying the set amount of the 15-year....then again, they savvy way you'e managed your $ you probably could afford whatever the 15-year fixed comes out to.

Another vote for shop around. My credit union couldn't even come close to some of the rates we were offered when we refinanced. I was really surprised.

Just shop around. Who knows who is going to give you the better deal.

Anonymous wrote:You should be able to get a quote before paying the application fee. Call around. I just got a great quote from Capital One Home Loans. I also got an okay quote from Quicken Loans.

What was your great quote?

You should be able to get a quote before paying the application fee. Call around. I just got a great quote from Capital One Home Loans. I also got an okay quote from Quicken Loans.

I'm reluctant to pay a $500 application fee to my credit union before having a rate on lockdown. I just don't understand the process...

You just have to shop it. My credit union doesn't seem to have good rates, but some (like PenFed or maybe NASA) seem to be more competitive.

You might check Eagle Bank or Amerisave-- they often have good rates, although sometimes places are less interested in smaller loans.

I'm far from a financial expert, so please bear with me. I'd like to refinance my mortgage from 2003--paid $365K, $155K down, $210K mortgaged at 6% for 30 years in conventional loan. I now owe $105,000 and want to refinance to either a 10 or 15 year loan--house is worth at least $420K and my credit rating is over 800. I'm a member of a credit union--should I use the credit union or larger bank? Should I be prepared to pay an upfront application fee? Where will I get better rates? Thanks for your patience and any answers you can provide.