no cost refinance
Question: We elected to escrow taxes and insurance, even though we were not required to do so. The weird thing about that was that they would not just transfer our escrow balances from one loan to the other. We had to fund the new account at closing, then they sent us a check for the balance of our old account.
Answer: Try a no cost refinance, I closed on mine Friday, snagged a 6.5% fixed for 30 years, no closing costs. Took 15 minutes at closing, all I had to do was sign papers. The going rate is 6.0% with points and closing costs if you want to get the lowest rate possible.
In my case I combined what was left of my 80% original first mortgage and my 10% second mortgage into one 1st mortgage. I was at 78% loan to value ratio with the paydown of the two principles and appreciation of the house.
Working with the people were great. Here’s the company I used: http://www.nocostmortgage.com/
Oh yeah, I also get to do my own escrow for taxes and insurance!
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Filed under: Home Equity Loan
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