With no points, any reason NOT to refi?

[Deleted]

There are still fees associated--$500 ish for an appraisal, etc.

Probably at least $1500 or so--so you'll just have to see how long it will take to save that much and see if you'll stay in the house longer.

[aurora]

Jan 7, 2013 12:20:13 GMT -5 @kcpokergal said:

There are still fees associated--$500 ish for an appraisal, etc.

Probably at least $1500 or so--so you'll just have to see how long it will take to save that much and see if you'll stay in the house longer.

We didn't have an appraisal for our 2nd (most recent) re-fi, and our mortgage broker comped all other fees plus gave us $500 toward pre-paids. Since it lowered our rate by 1.5%, there really was no reason not to. I might not bother for 1/4% and extending the loan, though.

[katb]

How do you guys find these deals with no fees or no closing? I have gone to our mortgage company (Bank of America - who I detest for a number of reasons) and receive no help. sometimes some seems helpful on the phone, but no action is done, even after numerous calls. I tried Quicken but no one would do no closing costs with us. We have an FHA but I really want to refinance into conventional. We have @30 - 35% equity in the house, but we are at 5.25% and we pay the MIP of $78 which would drop if we refinanced into conventional. By my calculations, even at 4%, I would save $300 a month. I just can't stomach paying $3500 in closing at and then all the other upfront fees when I know there is a deal some where out there for me..

[aurora]

We had a mortgage broker recommended to us by a friend when we first bought the house, and we also shopped around some then. The deal she got us was so much better than anywhere else we tried that we didn't even bother to shop around for either refi. For this second one with no CC, we just called her and asked how things looked and she offered.

I know in theory it should be possible to do better than a broker (that whole middleman thing), but in practice I didn't find it so.