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Talk to me about refinancing

Especially if you have done it. We want to possibly refinance our mortgage. When we bought our house almost 4 years ago the housing market was pretty decent so we got a good interest rate, but we would like to lower our mortgage amount. Please tell me how you start this process, are there any cost involved, and what are the major pros and cons. Basically, explain this to me like I'm 5. TIA!
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Re: Talk to me about refinancing

  • I have nothing to add, but I would like to know this as well! It's something that we've been discussing...
    "Always have faith in God, yourself, and the Cowboys...'-Eddie Sutton

  • It's been about 3 years since I did it, but the process is very similar to buying a house. You apply for a loan, prove your income/financials, get an appraisal, etc.  I got several quotes when I did it,  and the costs varied a bit. I ended up pa
  • imageWendyToo:
    It's been about 3 years since I did it, but the process is very similar to buying a house. You apply for a loan, prove y
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  • You might crunch the numbers.  Unless you are going to see a decent change in interest rate it probably isn't worth it.  You might find that tossing an extra $100 (or other amount) at the monthly payment would be more beneficial than actually

  • It was about a two year break even point for me. long-term I have saved money, but I had to refinance to get the loan in just my name either way. 
  • We refinanced after we finished our renos.  We used Quicken Loans and they were freaking fantastic.  We didn't have to pay any closing costs which made it worth it but if you have to pay a ton in closing it may not be worth it.  Use excel t
  • imageHorsePig:
    We refinanced after we finished our renos.  We used Quicken Loans and they were freaking fantastic.  We didn't
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  • imagedrillerswife:

    imageHorsePig:</st
  • We closed on our refinance yesterday, so I feel like I can reply now.  We refinanced with Quicken and they were fabulous--great communication, our online account was set up ASAP so I could look at documents/info at any time, quick responses any ti

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