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user3732309

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Refinancing with an out-of-state institution

Hello all,I currently have an 5.375% FHA-backed loan that I would like to refinance to the current rate of 3.25% or so.  In the past year I've been receiving many invitations to refinance my loan through the FHA streamline program, but since most of those offers come from obscure banks in the middle of nowhere I just throw the papers away as spam mail.  I inquired at my local credit union about the streamline program, but since they don't participate in it I went ahead and started a regular refinancing application with them anyway.Very recently, however, I received another one of those refinancing offers, but this time from a credit union that I'm certain is legit, Emery Credit Union based in Ohio.  I responded to this offer to request more information, and thus tonight I sit at my table with two good offers for refinancing; the one from Ohio is definitely the best of them.One of the struggles that I have is the issue that doing business with a banking institution from out-of-state (Ohio vs. my residence in Virginia) is something that is new to me.  I am a little weary not knowing whether there could be laws that would prohibit me from refinancing, selling, or otherwise getting me in trouble later.  Another thing of fear is one of their requests for color copies of my driver's license and social security cards (at closing); is this something that would normally raise a red flag on everyone else's mind?A little help and guidance from experienced individuals would be appreciated.Thanks.

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