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  1. #1
    Deal GURU
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    Default Question about refiancing

    We bought our house 1 1/2 years ago with 100% financing. One of the mortgages
    is an ARM,
    ( and it does cost an arm and a leg), so the time is now coming to refinance.
    We did not
    get very good customer service when it came to buying the house the first time,
    but that is a
    differnt story, and I am not really sure how to go about refiancing it for both
    a lower rate and
    hopefully fixed rate. Do you pay closing costs when you refinance? Should we
    have a home
    inspector come in and tell us what should be fixed b-4 we refinance? What else
    should we
    do?
    I really have no idea what to expect when it comes to this, so any help would be
    greatly
    appreciated.
    Thanks,
    Deanna
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  2. #2
    Deal GURU
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    Re: Question about refiancing


    From what I know when a friend did a refinance, they did not need an
    inspection or closing costs. Now, in order for them to get a much
    better monthly price, though, they did put down almost $15,000 in
    cash payment towards the principle of the house.

    I don't know that this is neccesary, though. I do know the longer
    you pay on the house before refinancing, the better your options
    are. Your credit rating also can help or hurt.
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  3. #3
    Deal GURU
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    Re: Budget101.com : Question about refiancing


    Most places will charge you a closing cost - amounts very and you can get a fixed rate. No, you do not need an inspector to check first. The mortage company will have an appraiser come out to get value of your home, and you pay for that also. This is how it was when I refinaced a few years ago. There are also places that don't charge, but I was very unsure about using them. Banks sometimes have a lower closing fee.

    Sharon
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  4. #4
    Deal GURU
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    Re: Question about refiancing


    > From what I know when a friend did a refinance, they

    > did not need an inspection or closing costs.

    I don't know about an inspection, but most places will
    require an appraisal to be done to determine current
    value of the house. Unless one was done in the past
    year, they will require one. If you're lucky, it can
    be a "drive-by" appraisal where they don't come in ...
    just look at the outside of the hosue and the
    property. A lot of places want the appraiser to come
    in and have a look at everything ... how many rooms,
    any sepcial features that can add some more to it.

    A lot of places will give you the option to put an
    appraisal as well as any closing costs into the
    refinanced mortgage itself, so you will not have to do
    an out-of-pocket payment.

    Jill
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  5. #5
    Deal GURU
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    Re: Budget101.com : Re: Question about refiancing


    we didn't require an inspection with the couple of refinances we did over the years. But we did have to get an appraisal. I remember it was about $300.

    Donna NJ
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