[snuggly mama]

Dh and I would like to refinance our current mortgage in order to get rid of our PMI and lower our monthly payments. We don't want to take any money out, so we're just refinancing what we owe on the house. Dh's credit score is good, though our debt-to-income ratio isn't great. How do I shop around for a good rate? We used a mortgage broker for this mortgage (2 yrs. ago), but I'd rather not do that again. I would prefer to use a bank that has a branch near us, since it would be convenient to make payments in person if necessary. Any ideas?

 

[HydeParkB]

If any of the local banks have an online rate watcher service, sign up for that. I let a 5.5 % slip away in December. I signed up for the rate watcher and when the rates when there again in February, I pounced on it. We wanted to stay with the same bank because they are local and don't sell off their mortgages. I'm a little hesitant to do such a large transaction with on online company.

 

[*green*faery*]

Hi mama~

We are going to refinance soon too. Our debt is pretty high, so we are taking out enough to pay off our debt. It makes sence to do that if you can. It makes the intrest tax deductable (intead of just paying up to 25% intrest to creditors) and for us it will eliminate the $400+ per month just to make minimum payments. I read that the best thing to do is get a copy of your credit report, then search for the best rate and do not give them permission to pull up your credit, just e-mail or fax them the copy you have. That way you won't add a bunch of inquires on your credit. Good luck mama~

*erin*

 

[snuggly mama]

I got the preapplication paperwork from our local bank, and I'm going to look on some of the websites today to see their rates. Hopefully, we'll qualify for a regular loan.

 

[RubySweet]

We ended up just going through the same place as our original mortgage. We got as good/better rate than our local banks plus they do somekind of streamlined refinance for their customers so the process itself was a lot easier.