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Originally Posted by rahl
I like this idea. Should I try to start a bidding war then between multiple lenders?
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There can't be much of a bidding war when the spread between highest and lowest rate is only a few tenths of a percent.
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Originally Posted by rahl
Did you ask them to waive the fee's or you would look elsewhere?
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I responded to a mailing, told the loan officer that I was shopping around, and they offered to waive the fees. When I bought the house in 2004 (as a distressed property--it was a wreck) I took over an existing 6.x% 30 year mortgage that was verging on foreclosure. In 2009 I refinanced a pay off balance of about 130K on an appraised value of 360K, and went from a 30 year mortgage to a 15 year, so Wells Fargo was definitely reducing their exposure. I had a perfect payment record with them, and my credit score was 823.
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Originally Posted by rahl
I really don't know if it's worth refinancing if I have to pay thousands of dollars in closing costs all over again.
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No, it's not. Especially if you're only going to be in the house for ten years AT THE MOST. The real difference in cost to you will most likely be the difference in up front costs. And it depends on the size of your mortgage. The smaller the mortgage, the more the fees matter. The larger the mortgage, the more the % rate matters.
I wouldn't try to take the 8,000 cash out. It would reduce your apparent equity and generally muddy the water, especially with trying to take your cosigner off the loan. Between the 8,000 and losing the cosigner, the bank might look at this as an increase in their risk.
Lindy