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refinancing

who else has refinanced their house?  Ben and I are going to as well but i'm just starting my research now.  we currently have a 30 year traditional loan and we'd like to get a lower interest rate and switch to a 15 year traditional loan.

who did you refinance with? if you don't mind my asking

Re: refinancing

  • Because the value of our house dropped so drastically (hence why we're keeping it instead of selling it!), we are upside down in our mortgage- meaning we owe more than it's worth. Because of that we had to refi through the bank we have our mortgage with. We kept our payments the same but cut about 7 years off the loan. It's definitely worth it. Also, we opted to not pay anything, rather rolled the fees into the payments- we did this bc we knew we were leaving soon and didn't want to put the money down that we had saved for a new house!
  • imagequeensteph17:
    Because the value of our house dropped so drastically (hence why we're keeping it instead of selling it!), we are upside down in our mortgage- meaning we owe more than it's worth. Because of that we had to refi through the bank we have our mortgage with. We kept our payments the same but cut about 7 years off the loan. It's definitely worth it. Also, we opted to not pay anything, rather rolled the fees into the payments- we did this bc we knew we were leaving soon and didn't want to put the money down that we had saved for a new house!

    gotcha. and because you were keeping your mortgage with the same company thats prob why you didn't have to have the house re apraised right?

  • I guess so!

  • imageamccul20:

    gotcha. and because you were keeping your mortgage with the same company thats prob why you didn't have to have the house re apraised right?

    The need for an appraisal depends on a lot of things including how long you've had your existing loan and how much equity you have.  You might not need an appraisal even if you go with another company. 

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  • We're doing it with Wells Fargo.  My parents just did it with them, too, and a family friend is our consultant so we didn't shop around.

  • We did it through Atlantic Pacific Mortgage and a guy named Patrick Nolan.  He's one of the top rated mortgage brokers.  My loan was through Bank of America and they weren't really willing to do much for me.  I owe more than my house is worth too (I'm guessing because we didn't have to do a reappraisal).  And he lowered our payments by over $200 a month.  Of course we have a new 30 year loan, but since we aren't staying here that long I didn't care about adding the 3 years back on to it.  It cost us nothing out of pocket.  I highly recommend him.
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  • I am getting ready to refi too.  I shopped alittle but so far New Penn had the best rate for me.  I am stuck with PMI and they offer an option to pay a fee and not have the monthly cost.  The guy is Nick Natale.  He has been awesome so far. Very patient and thorough with me.
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