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Refinace Mortage Question

Old 04-01-2020, 10:15 AM
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I figured before the world comes to an end and interest rates are low and housing is still stable at the moment it's probably a good time to refinance.

The question: What is the best way to do this so I don't have to call each company one at a time and pull my credit each time? Credit is in the high 700's and current mortgage is at 4.875%
Old 04-01-2020, 10:20 AM
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Talk to your current mortgage company first. I was able to refinance (before the sh!t hit the fan) with my current bank at the lower rate. They even kept the years the same without adding back a few.

Old 04-01-2020, 10:26 AM
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Rates are actually up right now, will need to wait a while for it to be worth it.

Call 2 of the very best mortgage brokers in your area, and 2 local banks, and let them know what you want to do, and have them add you to a "wait list" for when the rates drop again. Could get a 15 under 3 if we get real lucky.
Old 04-01-2020, 10:55 AM
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I have a couple of concerns by waiting

1. I'm still employed and hopefully will stay that way but people around me are dropping like flies.

2. Houses in SWFL are stable so appraisal should be pretty solid but this area got destroyed during the last housing crunch so not sure how much of a risk I want to take with that as well.

Very long story short - I purchased at the peak of the peak last round and 6 months later the market crashed. While everyone else walked away I kept paying. Waited 10 years before I could sell for what I still owed and still walked away from 75k. With that said, I'm a little apprehensive waiting.
Old 04-01-2020, 11:14 AM
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Smitty-give me a ring id be happy to give you a little guidance 732 600 6181. If your at 4.875% there is most likely a benefit getting down to lower 3's. Im in the mortgage business and company handles the entire east coast and out west

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