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Refinance - Heard From My Broker

July 24th, 2012 at 11:20 am

My broker got back with me and said that he will know something this evening or tomorrow morning at the latest on the loan. He's got to shop it to see which lender will work the best. He said with my credit score that my rate should be between 3%-4%. Right now my rates are crazy! I am at 6.35% and 8.75% with my current 80/20 loan. My appriasal he said should be between $400-$425 which is great. I paid $500 for an apprisal back in 2010. He said that would be my only expense out of pocket. Everything else would be rolled into the loan. He said we can shop my homeowners insurance to bring that down. I am also wanting to lower the term on the mortgage. Stay tuned!

3 Responses to “Refinance - Heard From My Broker”

  1. creditcardfree Says:

    Those rates are definitely better than what you have. Good luck!!

  2. snafu Says:

    Acknowledging we have a different system, can you compare broker rates with those offered on-line?

    If you are planning flights in the future, is it possible to re-open cancelled Credit Cards or open new ones without negatively impacting your credit score? You will need CC to facilitate travel & hotels.

    I don't want to frighten you or others reading these blogs but it's truly important to have proper wills. That horror in Colorado has scared us all.

  3. Jerry Says:

    If you can lead those rates down through the broker, then it could be worth it. Having the insurance that you can roll the out of pocket costs into it, as well, is just icing on the cake. Good luck!

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