Refinancing?

[AndreaDM]

Has anyone refinanced lately and if so, with whom? Did you refinance with your current lender or with someone else? I know we need to, and are currently with Wells Fargo. Are there any advantages to refinancing with them, or should we look to other lenders?

 

[daughtersrus]

Has anyone refinanced lately and if so, with whom? Did you refinance with your current lender or with someone else? I know we need to, and are currently with Wells Fargo. Are there any advantages to refinancing with them, or should we look to other lenders?

We're with Wells Fargo as well. They sent us an offer to refi with no costs at all. Everything is done via Fed Ex. We opted not to do it this time (we did it about 6 years ago) because we only have 7 years left. I don't want to go back to a 15 year mortgage. I know that we could do it and pay extra every month but we've got a pretty good rate and our balance is pretty low that we decided not to. Probably not the best financial move but one that we're happy with.

Call Wells Fargo and see if they will offer you something similar.

 

[moonpie85]

We just refinanced with Wells through their no closing cost close at home program. It was fabulous! Highly recommend. Very simple and its saving us thousands in the long run not to mention the extra 200 a month

 

[seashoreCM]

Shop around. See who includes some of the closing costs versus who does not. Compare the interest rates too.

Usually you can find a lower rate where you have to pay all of the closing costs which needs more analysis to evaluage but if the rate is the same, having the bank cover some of the closing costs is better than not.

 

[DawnM]

We just refinanced through First Internet Bank of Indiana. 15 year, 3.35%, $2,600 rebate (which covered close to all of our closing costs.)

Not sure what the deal is now.

Dawn

 

[DISNEYSIX]

Has anyone refinanced lately and if so, with whom? Did you refinance with your current lender or with someone else? I know we need to, and are currently with Wells Fargo. Are there any advantages to refinancing with them, or should we look to other lenders?

Start with your servicer Wells Fargo because your loan may be eligible for the HARP (Home Affordable Refinance Program). This loan program allows homeowners whose loans are owned by either Fannie Mae or Freddie Mac to refinance up to 125% loan to value without having to worry about mortgage insurance (as long as you are not paying it now) or the need of an appraisal. The closing costs can be either rolled into the new loan amount or paid with a slightly higher interest rate. Great program that is set to expire June 2012.

 

[mafibisha]

Start with your servicer Wells Fargo because your loan may be eligible for the HARP (Home Affordable Refinance Program). This loan program allows homeowners whose loans are owned by either Fannie Mae or Freddie Mac to refinance up to 125% loan to value without having to worry about mortgage insurance (as long as you are not paying it now) or the need of an appraisal. The closing costs can be either rolled into the new loan amount or paid with a slightly higher interest rate. Great program that is set to expire June 2012.

So does this program only work with your current lender?

 

[DISNEYSIX]

So does this program only work with your current lender?

If your loan is owned by Freddie Mac, then you need to go thru your servicer for the HARP but if your loan is owned by Fannie Mae, then any lender can originate your loan under this program. To find out if your loan is owned by one of the GSEs, just google Freddie Mac lookup tool or Fannie Mae look up tool and input your info.

 

[mafibisha]

If your loan is owned by Freddie Mac, then you need to go thru your servicer for the HARP but if your loan is owned by Fannie Mae, then any lender can originate your loan under this program. To find out if your loan is owned by one of the GSEs, just google Freddie Mac lookup tool or Fannie Mae look up tool and input your info.

Thanks for the info!

Ours is Freddie Mac but I don't like our lender. I was hoping to go somewhere else