My experience in mortgage refinancing

Last year I took a couple of my personal financial information to my bank. My girlfriend loan from the bank told me they could "lock" 5.375% interest on a mortgage again.

I was told that at least I would say Get the rate to 5.375% is not applied or points that I would get a mortgage with 4.875%.

A "point mortgage is a mortgage payment to debtors to obtain a lower rate on the bond. Thus, for a loan of $ 300,000, for example with a30 years would have been paid, a point cost me $ 3,000 in addition to normal closing costs.

He said he would "try their best" to me a lower rate from the moment the government representative of the total credit granted reduced rates.

Your bank employee told me they had Why a mortgage for 4.5%. This has made my mouth watered for the possibility of a lower rate than me. I did not ask if it contains all points to mortgage the castle was 5.375% at zero points.

I alsorequest a quote from my friend and insurance agent for 5.1% no points.

What does blocking "in a" mortgage? This means that your mortgage company agrees to give a certain interest rate for a mortgage again, if everything else falls into line.

30 days later ...

I received the papers for the lock-in a few days. My bankers are locked in at 4.875%. 5.018 This represents% APR (APR),.

I saw the prices since Ireceive these papers. At this time, the price offered is still very good (not able to find a lower rate somewhere else). Should I discuss my situation with two other big banks.

The total estimated closing costs of $ 5,415.00 as shown in my good faith estimate.

Some of the charges, the loan process are:

Guest fee: $ 400

Credit Report: $ 16

Cost: $ 300

Underwriting review fee: $ 150

Management Fee: $ 250

Document preparation fee:$ 55

title fees: $ 1,115

The total estimated cost of closing: $ 5,415, including colon

After a long negotiation and research, and simply luck, I nailed a mortgage at 4.25% with two full points. I am sure that my credit may have something to do with the outcome they had.

The best snacks from this experience: If you have a good credit rating will be fierce and I have loyalty to anyone. Negotiate hard to get the optimal speed.