Johny Utah Posted May 16, 2009 Report Share Posted May 16, 2009 Where is the best place right now to get a Mortgage refi 30 year fixed with lowest closing cost? Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted May 16, 2009 Report Share Posted May 16, 2009 We got 4.62% fixed 30 years with Chase for our new house. That's conventional w/ 20% down, so you'd need to have 20% equity to do it. You should probably just shop around, call some banks and take a look at current rates online. You may be a bit screwed if you don't have 20% equity in the place though. Quote Link to comment Share on other sites More sharing options...
smokin5s Posted May 16, 2009 Report Share Posted May 16, 2009 call the bank that you currently are financing through and ask them if they have any refinancing deals... I know that Indymac just sent me something where there is no closing costs to refinance through them (my mortgage is currently through them) Quote Link to comment Share on other sites More sharing options...
MrMeanGreen Posted May 16, 2009 Report Share Posted May 16, 2009 Don't do a refi, do a "loan modification". You don't have to go through the BS of closing costs, another home inspection, etc. I just did one and dropped to 30yr fixed at 4.25% and didn't cost me a dime. Quote Link to comment Share on other sites More sharing options...
Bam Posted May 16, 2009 Report Share Posted May 16, 2009 Don't do a refi, do a "loan modification". You don't have to go through the BS of closing costs, another home inspection, etc. I just did one and dropped to 30yr fixed at 4.25% and didn't cost me a dime. Did they check anything? I just refi'd in January to 4.75% but because I'm not working now I wonder if they'd check anything or just do it? Another .5% would be sweet. I'm w/ BofA by the way, my refi costs in january were approx. $1700. But it was definitely worth it to go from 6.625% to 4.75% as it saves me $150/month. Quote Link to comment Share on other sites More sharing options...
Johny Utah Posted May 16, 2009 Author Report Share Posted May 16, 2009 Don't do a refi, do a "loan modification". You don't have to go through the BS of closing costs, another home inspection, etc. I just did one and dropped to 30yr fixed at 4.25% and didn't cost me a dime. Who did you go through? Quote Link to comment Share on other sites More sharing options...
Johny Utah Posted May 16, 2009 Author Report Share Posted May 16, 2009 Don't do a refi, do a "loan modification". You don't have to go through the BS of closing costs, another home inspection, etc. I just did one and dropped to 30yr fixed at 4.25% and didn't cost me a dime. Just checked with my lender. I have to be behind on payments in order for them to do a loan modification. I guess I can only refi then. Quote Link to comment Share on other sites More sharing options...
MrMeanGreen Posted May 16, 2009 Report Share Posted May 16, 2009 I had never missed a payment, I just called and asked for a mod because my income level had changed due to a wage decrease. All they did was run my credit, send out a notary, and I signed some papers. My mortgage is through Homecomings Financial/GMAC. Quote Link to comment Share on other sites More sharing options...
Bam Posted May 16, 2009 Report Share Posted May 16, 2009 I had never missed a payment, I just called and asked for a mod because my income level had changed due to a wage decrease. All they did was run my credit, send out a notary, and I signed some papers. My mortgage is through Homecomings Financial/GMAC. Lucky bastard, well on the loan thing. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted May 16, 2009 Report Share Posted May 16, 2009 let me check on monday with someone at work, because she just got like 3.875 on a refi. might have been lower. i know it was definitely 3.XXX though Quote Link to comment Share on other sites More sharing options...
Johny Utah Posted May 16, 2009 Author Report Share Posted May 16, 2009 let me check on monday with someone at work, because she just got like 3.875 on a refi. might have been lower. i know it was definitely 3.XXX though Wow that is really low. That would be great. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted May 16, 2009 Report Share Posted May 16, 2009 im sure you have to be super qualified to get it. and IIRC, her husband does something with real estate, so maybe he had a hook up. ill check monday though...she should be in. Quote Link to comment Share on other sites More sharing options...
Johny Utah Posted May 16, 2009 Author Report Share Posted May 16, 2009 im sure you have to be super qualified to get it. and IIRC, her husband does something with real estate, so maybe he had a hook up. ill check monday though...she should be in. Ok cool, Thanks Quote Link to comment Share on other sites More sharing options...
Bam Posted May 16, 2009 Report Share Posted May 16, 2009 You can get any rate you want....but you gotta pay for it. She probably bought the rate down via points, which is sometimes worth it but varies on each situation. I could've gotten 4.5% with a point, but the up front cost would have taken 4 years to recoup, and since I don't plan be here that long, I didn't do it. Just an FYI. Quote Link to comment Share on other sites More sharing options...
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