Shopping to refinance home:tips?
Question: We want to refinance our home. We are about to get signed off on, god help >us, our 203K (after two horrifying years of renovation and G-men >breathing down our necks). >We want , obviously, to get the best deal. Is there any way to cut through >the newspaper ad hype and get to the best mortgages? Is there any way to >find out systematically which banks might have deals like no points, etc.? >Also: what’s the deal with no income verification/ no credit checks, etc >(we are in credit card debt up to our ears — that was the only way we >were able to finish our renovation after Contractor #1 ripped us off, and >all our plumbing gave out, etc, etc. Don’t ask.) >All info appreciated. >NOTE: anyone trying to sell me a mortgage on the internet, BEWARE – I can >spam with the best of them — save yourself and your mailbox the >aggravation. I’m only looking for some info/tips here.
Answer: Sounds like you are in a tough spot!
The best way is to pick up the paper and call every mortgage company and bank you can find and ask them about their programs. You need to decide what you are looking for: fixed or variable, 15 or 30 year, PMI or no PMI, what amount can you put down, etc. When you get the person on the phone, be quick and to the point: “Can you tell me about you no points, no closing costs programs?” “What are your current interest rates?” “Do you have any no PMI programs with less than 20% down?” “Do you have any special programs afor people with bad credit?” (To tell you honestly, I have no idea how you are going to be able to refinance into a good program/good bank if you have bad credit – I know of no lenders who do not perform a credit check…..)
If you do not hear what you want, call the next person. Don’t waste any time. This is how I was able to find a great bank who offered a no points, no closing costs program, 30 year fixed loan, with 10% down, no PMI and a rate of 7 5/8.
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