Author Topic: How to find the best refi-mortgage deal?  (Read 1039 times)

tinylittlemonkey

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How to find the best refi-mortgage deal?
« on: January 05, 2018, 10:35:12 AM »
Hello! I also posted this in my case study but I was hoping to get some additional solid advice on how to find and choose the best refi for my mortgage. I want to refinance so that I can lower my interest rate but, more importantly, make a gigantic cash payment on my student loan before refinancing it.

Stats on my home:
Mortgage - $450 (includes escrow and insurance)
Owe: $57,400, Interest is 4.5%
Value: $140,000

This is my preliminary search:

boarder42

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Re: How to find the best refi-mortgage deal?
« Reply #1 on: January 05, 2018, 11:28:41 AM »
call lots of places around you many brokers will offer no cost cash out REFI's they recoup the cost by giving you a slightly higher rate than normal - this is one place where  you should just make lots of phone calls and find the best rate you can.

tinylittlemonkey

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Re: How to find the best refi-mortgage deal?
« Reply #2 on: January 05, 2018, 11:43:43 AM »
call lots of places around you many brokers will offer no cost cash out REFI's they recoup the cost by giving you a slightly higher rate than normal - this is one place where  you should just make lots of phone calls and find the best rate you can.

@boarder42 So you're saying only look for the lowest interest rate possible?

boarder42

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Re: How to find the best refi-mortgage deal?
« Reply #3 on: January 05, 2018, 12:07:37 PM »
look for the total lowest cost each one should give you an APR which includes any of the fees to process the loan - thats what you compare.