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Non-poll Money: Refinancing Mortgage/Financial Advisor
I'm considering refinancing our mortgage. I have a ton of questions, all of which basically come down to - is it a good idea for us.
I'd like to talk to someone about things like:
- Here's our credit scores
- Here's our recent credit activity
- Our current interest rate vs. what we are likely to get now
- What I'd like to accomplish by refinancing
- Etc - basically, give them all the details and the whole picture
Would I talk to a financial advisor about this? Or a mortgage loan person? It just seems like a financial advisor would be more likely to tell me the truth about what's best for us. But I've never had one, so I don't know what exactly they do. Or is this just something I'm supposed to decide on my own?
And ... how much am I looking at for advice like this? Couple hundred? Thousand? Couple thousand? I have nooo idea!
TIA!
Re: Non-poll Money: Refinancing Mortgage/Financial Advisor
I was just talking with the lender I refer my clients to about this. You will want to talk with your current lender or a mortgage lender/broker. Find out exactly what all the fee's are going to be and if they need to be paid up front or can be rolled in. If you want to email me I can send you her info and she would be happy to discuss your options over the phone at no cost or obligation. findyourwayhomeinaustin at gmail dot com.
Rates are doing really well right now so it is a great time to refinance if you have a higher rate and have been in the house for awhile.
I agree w/ Risa, but I would add talking with at least two financial advisors. They have different methods and different resources and you would be better served gathering information from two or more sources. When we did this on our last house, we compared the builder's lender to our financial guy's offer. We liked the terms of the other offer, but the builder had a better interest rate; financial guy was able to match the interest rate so we got the best of both worlds.
Financial advisors will also be able to help you with a big picture and give you the information you need to know.
Oh, also, check with your bank on what rate they would give you.
WF worked with us last time and gave us perks for financing w/ them since "we" have been banking with them for over 20 years, had CDs there, etc.
ETA: advice shouldn't cost anything. We paid a % fee on the price of our house at the end and it was under $1k.