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Has anyone refinanced a mortgage?
Posted: Mar 23, 2012
I have heard that it may be a good time to refinance to a lower interest rate. Has anyone done this? I am wondering about interest rates, where to go, recommendations, precautions. TIA;
I did and it - depends
[ In Reply To ..]on if you have to pay closing costs and how much lower the rate is. I was told by a mortgage broker that I have dealt with for years that you should only remortgage if the rate is at least a half percent lower. There are a lot of companies that pay closing costs and no appraisal fee. That is the one you want. Just read the whole contract very thoroughly before signing anything. When we did it it saved me about $125 a month. We are looking in to doing it again. AS far as where to go, you probably get things in the mail regarding refinancing or go online and research.
Online companies - sm
[ In Reply To ..]I have seen some good rates, but I am nervous that companies might not be reputable. Is there a way to check that out?
Well, you could - check with the
[ In Reply To ..]Better Business Bureau. You could do an internet search on the company, perhaps something like "complaints about blah blah blah and see if it brings anything up. Go to their website and see how professional it looks. In today's world, everything is a crap-shoot. I don't know, I just don't put any cash up front. Any costs go in the mortgage and then I know it's on the up and up when my previous mortgage is paid off. If the company pays off my previous mortgage and I put up no cash, Then they put the cash out to buy my mortgage from the previous place and I pay them back each month and verify my statements each month. Don't really know what else to tell you.
Thanks - It just helps
[ In Reply To ..]It just helps to hear from someone else who has done this and hasn't had a terrible experience with it. Nice to have an extra $100 a month these days!
we recently did too - sigher
[ In Reply To ..]We went with our current bank. We went from a 30-year to a 20-year, our interest rate is 1.25% lower and our monthly payment went down about $100. DH did all the legwork and I know he made multiple phone calls to multiple people and through it all wondered if we were doing the right thing. We were.
We did years ago (9) when the rates kept - sm - IDMT
[ In Reply To ..]dropping, we already had 6.5 so finally got 4.5. Went from a 15-year to a 10-year, so about 1 more year and we are done, that will be a happy day!
I have no clue what rates are now but shop around, but we went to our bank for the refinance. But if you can find someone with no closing costs, will save you a bundle. I think the bank had the mortgage for about 3 months then they sold it to Citimortgage, with whom we have not had any issues with at all. They pay our taxes and house insurance on time too. Been very happy with them. Guess that is something we will have to get used to doing though next year, fun.
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