tomkaz

Have you checked out re-financing your mortgage loan lately? Rates are down, waaaay down.

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18 posts in this topic

1 hour ago, EricJ said:

The other thing to consider when refinancing is that you are getting into another full 30 year term. So, the rate modification (for a fee) option is the best way to go. It just reduces the rate for the balance of the term without re-amortizing it. Unfortunately, not all lenders offer that feature. Some have it but do not advertise it.

I wonder how that fee is comparable to re-fi.. just curious..

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1 min ago, makomakoman said:

I wonder how that fee is comparable to re-fi.. just curious..

That really depends upon the lender and whether they even offer that. When I did it, I paid a fee of about $275, filled out a short form and then it was done. I also heard that soon after I did it, my lender no longer offered that option.

 

It is much cheaper than refinancing. All of the fees and third party costs (appraisals, doc fees, recording fees, on and on). A refinance costs a few thousand. Most people roll that into the loan, but then you are financing those closing costs over 15-30 years.

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