Re-fi Question

This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 7 years, 2 months ago.



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    Anonymous

    Well, interest rates for 30 year fixed have finally fallen a full one point lower than the rate at*which we bought our house 18 months ago. We’re seriously thinking about doing a re-fi but know NOTHING about them.
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    So here’s my situation: When we were originally shopping for loans, we had a bit of trouble obtaining one for the full amount that we needed. I finally contacted a* mortgage broker who was able to get us the full amount from Sun Trust, albeit at a rate 1/4 point higher than most other lenders. Since then, our borrower profile has remained pretty much the same (actually income went up a bit) in terms of good credit rating and average monthly expenses. Furthermore, we put more than 20% down on the house and I know it will appraise for the same or higher amount than we paid for it.*
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    I don’t know if getting a loan now is any harder than it was at the beginning of 2011 or if Re-Fis are harder or easier to obtain than* an original purchase money loan. So with all that in mind, should we
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    1) Go back to our mortgage broker who was good but not great
    2) Check with Sun Trust (who are not known as friendly to consumers) to see if they’ll cut us a deal
    3) Try the on-line loan route
    4) Other
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    Thanks in advance for any and all advice



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