Refinancing home

[Dolphin]

We have the option to refinance our home mortgage. What are some of the question we need to ask? What other issues? I know it will be a fixed rate. This is the first time for us and I don't want to get "taken" if you know what I mean. We are really ignorant on this and the lingo is like a foreign language.

[Bill Fisher]

a general rule-o'-thumb is that if you aren't reducing your interest rate by 2%, you aren't really improving your sitiuation very much in-the-long-run by refinacing.........

now iffin you were talking 'bout re-fiing a 30yr to a 15yr! (and can afford the payments)......
you'd prolly be saving 6 figger$ over the term o'the loan

most companies'll have lower rates on their short loans vs the long term.....

always worth looking into

also shop shop shop around for the best companies/best rates when re-fiing......

pick-and-choose your timing too.......... rates are always changing, don't jump in until you see sumpin in your comfort zone, or at least hold off for that appx 2% improvement i mentioned

this may, or may not be good advice for you......... i personally don't like giving any financial advice unless i know someone's age, financial goals, and current financial situation

[Red]

Dolphin, as for a Good Faith Estimate to include ALL the costs...Bank fees, Title Co. fees (estimated) including the Title Insurance Policy, survey, appraisal, etc. Weigh the costs on the Estimate with your savings at the reduced interest rate or the reduced term.

Bill Fisher is not way off regarding a 2% rule of thumb.....But I have one client with a $750,000 balance on his mortgage. He only needs about 1% or even less in order for the savings to outweight the costs.
Red

[Seahuntress]

Dolphin,

I can help you. Please give me a call at the office or on my mobile. I'm a member of this board. I stay too busy, and have missed some wonderful 2coolfishing get-togethers.
Lets see what rate you are at now. Let me put you on a lower fixed rate, and put some cash in your pocket, or to consolidate bills- Or home improvement. I'll be straight up front with you and honest. Let me help you.

Carla Lamb
Loan Coordinator
Innova Mortgage LLC.
11767 Katy Freeway. Ste 425
Houston, TX 77079
(832) 598- 9100 office
(979) 429-1955 mobile
(281) 679-7577 fax
Web:www.innovamortgagellc.com

[fishin4food]

There are many things to consider when refinancing your home. How long you plan to be in the house and how long you have paid on your current mortgage are two huge factors. Also, you should look at your reason for refinancing. Are you trying to get out of paying mortgage insurance, want a lower monthly payment, or would you like to decrease the term of the loan to pay it off faster? The most important thing when dealing with a broker or a lender is to make sure the GFE reflects ALL of the fees associated with the loan. Like Red stated, make sure it includes all 3rd party fees as well as yield spread premium which the state requires Mortgage Brokers to disclose. YSP is compensation the broker receives from the lender for selling an interest rate above par. Ask how long the interest rate can be locked for, and what the policy is for having to go beyond the lock expiration date and who will be responsible for paying the fee to the lender. PM me if you would like further advice, I own a mortgage company in NW Houston and have been in business a long time. I'd be glad to answer any questions that you have. Good luck!!