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How do I truly find the best re-fi option with all the bait and switch?

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harringtonk Joined: 18 Sep 2009 Posts: 1 1.46 Dollars($)	Posted: Fri Sep 18, 2009 11:11 pm    Post subject: How do I truly find the best re-fi option with all the bait Like 0 Dislike 0 What questions should I be asking before I re-fi? Points or no points...? What do you recommend? Closing costs should average what for MA? Is $3K reasonable? What do I need to know before signing? Does 4.375% no closing, no points seem like a fair rate? Should I be getting rates from banks or mortgage brokers? What are the pro's and con's? Details: Purchased a Single Family House in MA in 2004 for $379K. Currently owe $280K. Estimated value $350K per B of A on 9/10/09. Credit 770 per B of A on 9/10/2009. Household income $241K. Only debt besides mortgage, one student loan $19K, $250 monthly payments. I am seeking a 10 year fixed mortgage, currently have a fixed 30 year at 6.125% with B of A, Please advise, this whole process is confusing!
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12357 Location: bloomfield, ct 55.04 Dollars($)	Posted: Sat Sep 19, 2009 6:02 am    Post subject: Like 0 Dislike 0 4.375% with no costs is a spectacular rate and likely to be unobtainable. if you have that sitting on the table from a lender, it would be silly not to pounce immediately. i really don't feel there's more to add here. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
sunnyca2009 Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)	Posted: Sun Sep 20, 2009 7:09 pm    Post subject: Like 0 Dislike 0 4.375% with no closing is really great rate Go for it
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12357 Location: bloomfield, ct 55.04 Dollars($)	Posted: Mon Sep 21, 2009 8:49 am    Post subject: Like 0 Dislike 0 i guess there was... _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
eric1 Community Expert Joined: 04 Jan 2009 Posts: 1511 226.89 Dollars($)	Posted: Tue Sep 22, 2009 5:44 pm    Post subject: Like 0 Dislike 0 Yeah I have more to add...I am skeptical. _________________ Eric JFree Rate Quote, Stated Income Loans FHA RATE QUOTE Mortgage Rate Quote

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