Refinancing?

[Erin]

Has anyone recently refinanced their mortgage? Currently we have a mortgage with 6 3/8 and are planning to refinance. We only bought the home last August so I believe some of the expenses will be waived because the information is less than a year old. I'm going to start researching rates & terms today, but I would appreciate any input or suggestions from those who have 'been there done that.'

 

[Makavide]

We just finished refinancing this month. We originally bought the house two years ago at 7 percent for 30 years. We now have 5 percent for 15 years. I looked around at various mortgage brokers for the “best” deal. We ended up staying with the same mortgage company. Half the fees normally required were waived since we stayed with the same bank. Since we had already paid for the information with them, for the first mortgage, we didn't want to get charged again by the other places . So instead of having closing costs of over $6000 most places were wanting to charge, closing costs were around $3000.

 

[Erin]

Thanks

Good idea to stick with the same company, I will try to use that as leverage as well. Thank you for responding.