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refinancing your mortgage

Forum: Financial Planning and Budgeting


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April 7th, 2009, 09:29 AM
Mega Super Mommy
Join Date: Aug 2005
Location: Texas
Posts: 4,649
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!

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April 7th, 2009, 10:17 AM
~Jess~'s Avatar Platinum Supermommy
Join Date: Oct 2005
Location: Central California
Posts: 16,959
I'm a big fan of Ditech.com. We've done a couple loans with them now.

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April 10th, 2009, 09:04 AM
Mega Super Mommy
Join Date: Aug 2005
Location: Texas
Posts: 4,649
OK, I'll check them out. Thanks!

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April 27th, 2009, 09:42 AM
Momofapeanut's Avatar Platinum Supermommy
Join Date: May 2007
Posts: 2,715
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.

Here's some details:tg-33: Homeowner Affordability and Stability Plan

There are a few things in order to qualify for this: you need credit scores about 620 and no delinquencies, made payments on time, same financial situation (same jobs/income), there is a debt to income ratio limit too and you need to have a frannie or freddie backed mortgage which you can verify here: Making Home Affordable - Home Affordable Refinancing - Home Affordable Modification

Anyway, this is what we're trying to do. We hear back today if we can make it happen! It will drop our rate from 6.625% to 5%.
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