Refinance Home?

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Lift_hard_eat_big
Lift_hard_eat_big Posts: 2,278 Member
in Chit-Chat
Has anyone refinanced their home loan? Were you able to have fees waived at all? I have a rental property that I'm trying to refinance and was quoted almost $3K in fees?!
Granted getting a lower rate would save me nearly $20K in interested in the long term, I was wondering if those internet commercials I see regarding waiving fees are bogus scams.

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  • MzBug
    MzBug Posts: 2,173 Member
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    First talk to your current lender. When we did ours they rolled all the fees and such into the mortgage payments. With everything it dropped our payments by $425.00 a month. Do some research on ANY company that is making offers that sound too good to be true, but there are some legit ones out there.
  • djc315
    djc315 Posts: 585 Member
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    Shop around. Now is the time to do it.

    And even if you can't get fees waived, 3k now is better than 20k over the years. That's a 17k net savings. I say it's worth it.
  • Chapter3point6
    Chapter3point6 Posts: 1,233
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    It is nice to hear positive stories from other homeowner's, but the only thing that matters is your specific situation and what the "good faith estimate" reveals. Speak to your current mortgage company and asked for a GFE for a refinance. Then SHOP AROUND for the best deal. You can read up on GFE's below.

    Companies that "waive" fees are just making up the difference in a higher interest rate than they would otherwise charge. Still might be a good deal for you, but the GFE is what you need to focus on.

    http://en.wikipedia.org/wiki/Good_faith_estimate
  • RunIntheMud
    RunIntheMud Posts: 2,645 Member
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    I'm looking into refinancing mine, but I have a VA Loan, so it has different rules. A couple of the guys in my office went with a certain company and there were no fees, and no appraisal, but because it was the VA Interest Rate Reduction Loan.
  • codapea
    codapea Posts: 182 Member
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    I don't know if the H.A.R.P. program has ended, but if you have a Fannie Mae then, yes, many of the fees are waved. We refinanced this year through the H.A.R.P. program, but we had a Freddie Mac loan and still had to pay some closing costs, but they were reduced and we only paid about $1,600. We also got one month no mortgage payment, so that made the costs $600 really. Call around to all your local banks and mortgage companies to see who has the lowest interest rates and see who will accept you. You can apply through their websites, too, and they will call you right away. Don't go through one of those radio add lenders. And ask about H.A.R.P.! There is a website you can go to to find out if you have a Freddie or a Fannie, but I don't remember what it is. Maybe you can google it.
  • Lift_hard_eat_big
    Lift_hard_eat_big Posts: 2,278 Member
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    Thanks for the replies and advice. I'll look more into it via other lenders than the primary lender.

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