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Answers (4)
- Doug Hutchins, "90 day rate locks"
- Contributions:721
Ask your lender if they still own the note (many sell the loan to the secondary market and simply "service" the loan---collect payments, handle tax escrows--for Fannie Mae or Freddie Mac).
If they do own the loan and have not sold it off, ask if they'll do a loan modification. For a relatively small fee (less than the cost of a refi) they might modify the loan to a fixed. (don't expect any cash out though)
If they've sold the loan, you'd need a refi. Unfortunately, the cost of placing a new loan on the property is the same for the lender..so you probably won't get any discounts even though its the same property..same borrower etc. They still have to appraise the house, process the loan, obtain title insurance etc. One note--skip the "no closing cost" deals...the lender has to make a high enough premium to cover those costs--i.e.--you're paying a higher rate for the benefit of having the mortgage company pay for the closing. You're much better off adding the costs to the new loan amount, and keeping the rate as low as possible.
If they do own the loan and have not sold it off, ask if they'll do a loan modification. For a relatively small fee (less than the cost of a refi) they might modify the loan to a fixed. (don't expect any cash out though)
If they've sold the loan, you'd need a refi. Unfortunately, the cost of placing a new loan on the property is the same for the lender..so you probably won't get any discounts even though its the same property..same borrower etc. They still have to appraise the house, process the loan, obtain title insurance etc. One note--skip the "no closing cost" deals...the lender has to make a high enough premium to cover those costs--i.e.--you're paying a higher rate for the benefit of having the mortgage company pay for the closing. You're much better off adding the costs to the new loan amount, and keeping the rate as low as possible.
- Bentley Advisors
- Contributions:294
They can do a "no-cost" refinance which actually only means that the costs are paid for by an excessive rebate (i.e. commission) received from the lender. The tradeoff is a higher rate which is how the lender can afford to payout a larger rebate. Your loan agent has to make money and so do all the 3rd parties involved such as title, escrow, appraiser, etc. Everyone will get paid...it's just a matter of how.
- John Clayton, "jonsd2000"
- Contributions:2
I have a great refinance comparioson calculator that I can send you. It will show you various savings on different sceanrios. Where are you located? Fee free to e-mail me anytime!
- fhaloansspecialist
- Contributions:4
That would be a question for your current mortgage company.
I am thinking of refinance with my same mortgage co. will i have to pay all closing as with new loan
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