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Old 09-05-2012, 07:46 AM   #1
cindermomma
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Another refinancing question......

Hi there! We currently have our mortgage through Wells Fargo at 6% interest. We have wonderful credit, but waited to refinance because we thought we might move. Well, that hasn't happened and we are tired of our rate!

Called Wells Fargo yesterday and they quoted me 3.5% for 15 years and 3.7% for 20 years. It will cost $1800 to be wrapped up in the loan and $400 out of pocket for an appraisal and credit reports. This sounds expensive - is it??? They wouldn't do a streamline for us on the phone.

Anyone know of better deals to do this? Thank you!!!
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Old 09-05-2012, 08:06 AM   #2
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the appraisal and credit report are unavoidable.

you might want to shop around to see if another lender has a better combination of rates and fees.
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Old 09-05-2012, 08:20 AM   #3
cindermomma
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Thank you for the quick reply! It helps knowing that the appraisal fee is unavoidable. I am off to check rates!

Anyone have good recommendations of their mortgage companies? Thanks again!
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Old 09-05-2012, 09:19 AM   #4
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Check with your local credit union.
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Old 09-05-2012, 09:39 AM   #5
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If you have an FHA loan you can do an FHA streamline refi with no appraisal.
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Old 09-05-2012, 10:39 AM   #6
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We just refi'd this summer. We used a mortgage broker who shopped around for us and we were able to drop our rate from 6.25 to 3.75 and only paid about $300 out of pocket because of an incentive the new bank was offering.
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Old 09-05-2012, 11:10 AM   #7
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We are in the process of refinancing right now. Since we will change lenders, we'll also have to come up with about 8 months of escrow money (taxes and insurance) for the new loan. We will be paid back by the old lender after it closes. So, we're looking at more than $8000 at closing.
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