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- May 25, 2012 at 5:12 am #250687
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.
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.*
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
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
Thanks in advance for any and all advice
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