PSA: Regarding Refinancing

28michelle

I am in the process of refinancing through Amerisave. With enough equity in your house & a good enough credit score, you may be able to get NEGATIVE fees meaning that you will get "money back" which can be used toward closing costs & other prepaids (taxes escrow, etc.).

I am getting 3.875 with about $3.5K to use toward closing costs & taxes. in the end I will pay nothing out of pocket (except for $460 for appraisal & $12 for credit check) & will even have some $ to use toward taxes escrow. Note: I won't get any actual money back to put in my pocket, but I'm hoping that the amount I have to lay out for escrow, etc will be less than the amount that I will eventually get back from the escrow on my original mortgage (w/ BoA)

Anyone looking into refinancing, check Amerisave.com

ddelo23

28michelle:

I am in the process of refinancing through Amerisave. With enough equity in your house & a good enough credit score, you may be able to get NEGATIVE fees meaning that you will get "money back" which can be used toward closing costs & other prepaids (taxes escrow, etc.).

I am getting 3.875 with about $3.5K to use toward closing costs & taxes. in the end I will pay nothing out of pocket (except for $460 for appraisal & $12 for credit check) & will even have some $ to use toward taxes escrow. Note: I won't get any actual money back to put in my pocket, but I'm hoping that the amount I have to lay out for escrow, etc will be less than the amount that I will eventually get back from the escrow on my original mortgage (w/ BoA)

Anyone looking into refinancing, check Amerisave.com

thanks!

Scianc22

You can get this with any lender. You take a higher rate to get the credit. I always suggest evaluating both options rolling costs into the loan v receiving the credit bc rolling them in is more often cheaper in the long run