ChiefsPlanet - View Single Post - Home and Auto Gotta bite the bullet and refinance, but I have no clue what I'm doing...

Stanley Nickels · 03-31-2013, 08:50 AM

I bought my house in June 2009. Being a dumb and impressionable first-time homebuyer, I opted for a 5/1 ARM at 3.875%. The percentage isn't too bad, but if the housing market makes a strong comeback, I could be looking at some pretty high rates in the future.

I want to refinance, but have very little idea what I'm doing. Obviously, call around to see who is offering the lowest rates, but I'm hoping you all could provide some advice..

Should I work the cost of refinancing into my mortgage (I'm opting for 30 fixed, probably around the same rate I'm currently at), or bite the bullet and pay up front?

Is it realistic to expect that I could negotiate the cost of refinancing? Do companies that offer inexpensive refinancing usually have higher interest rates?

Have you worked with any places in town (KC) that you know to be reputable and trustworthy? Any to avoid? I'm reluctant to call the more "commercial" places (Vinson, Granny, etc) but that could be unnecessary skepticism on my part.

Anyway, I'll hang up and listen.

03-31-2013, 08:50 AM
Stanley Nickels [null] Join Date: Sep 2008 Casino cash: $2990893	Gotta bite the bullet and refinance, but I have no clue what I'm doing... I bought my house in June 2009. Being a dumb and impressionable first-time homebuyer, I opted for a 5/1 ARM at 3.875%. The percentage isn't too bad, but if the housing market makes a strong comeback, I could be looking at some pretty high rates in the future. I want to refinance, but have very little idea what I'm doing. Obviously, call around to see who is offering the lowest rates, but I'm hoping you all could provide some advice.. Should I work the cost of refinancing into my mortgage (I'm opting for 30 fixed, probably around the same rate I'm currently at), or bite the bullet and pay up front? Is it realistic to expect that I could negotiate the cost of refinancing? Do companies that offer inexpensive refinancing usually have higher interest rates? Have you worked with any places in town (KC) that you know to be reputable and trustworthy? Any to avoid? I'm reluctant to call the more "commercial" places (Vinson, Granny, etc) but that could be unnecessary skepticism on my part. Anyway, I'll hang up and listen.
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