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Does anyone have any advice on refinancing your mortgage? I know about the online calculators you can use, but I was wondering if anyone has some advice of things that might be good to know.
A friend at work that used to work in the mortgage business says you shouldn't refinance unless you can get 2 points lower. What do you think? We would be about 1.6-1.8 % lower
We talked with USAA. From looking online I was prepared to pay approx $3000-$4000 in closing fees etc. I calculated that we'd even out in a little over 2 years on those fees. When DH talked to them though it was going to be more like $10,000! Some of that are escrow startup funds - we have funds in our current escrow but we wouldn't get then back until after closing. USAA will roll a lot of those into the new loan - but what is the point of refinancing if the new loan is going to be $10,000 higher than it was!
Does anyone know any good places to refinance with? Thanks!
We are in the middle of refinancing under the Homeowner Affordability and stability plan. We are not in any kind of foreclosure situation. We are going through the same financial institution that we got our original loan and we do not have to provide proof of income or pay any fees. Apparently, because we've always made our payments on time and we have not had any real changes to our situation (ie we're both still employed by the same people, have roughly the same income) they will use our previous appraisal and just file under this plan.