Anybody refinanced their house?

Dwana
I'm thinking of refinancing my home. I need infos on dos and don'ts. theres so much loan companies out there, how do I know which one is best? my insterest right now is 6.25. thanks in advance

Bok
Stay away from online lead generation companies like lendingtrees and loweringbills. They sell your information over to brokers throughout the nation for a profit. The average 30 year fix if you have pristine credit and income is around the same rate you have now. Average time a refinance can close is 15-30 buisness days. Some maybe faster some may take longer depending on lender guidelines. Check with your local broker or bank in your area for a good rate. If you should need anymore help or advise contact me.

Brook
We did several years ago when interest rates were much lower. We were told then it takes 3 yrs to recoup the costs. So if you're not intending to be in your home more than 3 yrs, rethink the refinancing.If you are planning on staying put, examine carefully all out of pocket expenses and how much it will actually lower your interest/monthly payment. With the rising cost of insurance and property values, our payment is just now back at where we began.

Emogene
It depends on where you live, but I'm sure you'll get a much higher interest rate. Although there's is program called pick a payment, or payment option arm, that allows you to make really low payments, a lot of people choose this program, check to see if they have it in your city. It usually takes about 2-3 weeks to fund, but it depends if you have good credit and if you give your broker all the conditions needed in a timely manner. Just be aware of how much the loan officer is charging you, cause they sometimes really get out of hand!!

Bethanie
It's going to be hard to beat 6.25% fixed.