We qualify to re-fi!!

[richmond282]

We went to talk to a mortgage broker last night about refinancing. We are able to get a 4.75% interest rate on a 20 year fixed!!! Our new mortgage payment will be $5 more than our current 30 year mortgage. We are shaving 8 1/2 years off our mortgage. It will save us $95,000!! I just thought I'd share. I knew the budget board crowd would be proud!

 

[Tink901]

That's Great!! Congrats!!!

 

[grannychamp]

Congratulations that is really great news.

 

[HayGan]

Did you start the process before last night or was last night your first conversation with the broker? A loan package has to be submitted to the lender before approval can be received.

I'm not trying to be a Debbie Downer but just help you realize that this is a process and a broker can not tell your at the first meeting if you will definitely be approved for this or not. There are many unscrupulous brokers out there who will still tell you what you want to hear and then change things (not in your favor) during the process. I'm not saying that your broker isn't telling you the truth just that on a first meeting a broker can't give you a definite answer.

Just be careful and don't agree to anything you are not comfortable with. Don't be afraid to speak to other reputable brokers. Good luck & I hope everything works out for you

 

[JoanneNC]

Grats - We just closed on our refi yesterday afternoon and will enjoy our 15 year mortgage.......

 

[mom2princessj]

congrats...that's a great rate!

We were going to refi with Wells Fargo and their EASY 3 step refi... what a joke! I asked so many questions when they took our application (btw we've had our mortgages with them for over 10 years now) and the guy assured me it was all just formality and I'd have to submit paystubs/bank statments and we'd be all set. totally not true...they wanted SO MUCH MORE information and documents than I could have ever imagined and our credit scores are high 700s with NO LATE PAYMENTS TO THEM (or anyone else for that matter) EVER and we even have a car loan with them too. We did one of these refi's a few years back and it was really, really easy. We submitted the paystubs/bank info and they pulled our credit and it was done. So when they started asking us for all of this extra info this time we just said forget it. We have a good rate anyway it was just a way to save a few extra hundred per month. We currently are working with another bank to get our accounts out of wells fargo. Honestly we've had nothing but headaches from them and we are excellent customers. we had trouble with our last mortgage...the closing almost didn't go because of their stupidity so I've actually been looking for a reason to switch.
I do wish you well and hope you have good luck in your process!

 

[ADisneyQueen]

I will second that Wells Fargo are idiots. Our closing with them was a nightmare-and almost didn't happen. We worked with a lady in Erie, PA. I will never use them again.
I'd like to refi too. What kind of closing costs are involved? I am clueless.