Here is a little informationt hat might save you thousands. First off, if you have a mortgage through your local bank and you are looking to lower your rate make sure you contact them FIRST. A little know fact is that most Banks offer a streemlined rate refinance that can cost their customers from 0 to 200 dollars to cover certain paperwork. I mainly see this when my clients have obtained their mortgage previously from a bank BRANCH.....and not the Mortgage Department. If you obtained your mortgage through your local Branch then this might be a good option for you. Second, if you currently have a VA loan then make sure you have the lenders you talk to look into refinancing your VA loan as a VA loan and not a conventional loan. I won't bore you with details but certain rebates and premiums offered to the lender can offset a lot of costs involved in refinancing if your lender structures the loan correctly. If you want cash out, there is less of a chance of it being a benefit only because of the funding fee rewuired by the VA. Make sure you ask your lender. Third, FHA is a complicated process that most lenders don't like but it is very profitable and a great refinance for borrowers who currently have an FHA loan. Make sure to mention if you have an FHA loan and get an estimate on what an FHA refinance would cost and what rate you could qualify for. And last...SHOP SHOP SHOP............put the effort and time into getting several quotes from lenders. You shouldn't need to fill an application out every time. Providing a lender with general information should be enough to get a good idea of what programs/rates you could qualify for. If a lender seems irritated or short with you because you refuse to fill out an application then that should be a good sign as to what to expect int he future. _________________
