Refinancing my home...
 

So, I need some advice. I'm trying to refinance my house, but I'm unsure about which company to go through. The reason for this is strictly to get my ex's name off the note and get my wife's name on the note. I don't need any extra cash, and I realize I'll have to eat a bunch of closing costs.

Hopefully there is an expert or two out there that can help!

Closing costs can be negotiated.

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That's not me.

I'd also shop with a guy who is on here, Bill Lundberg.

Refinance through your present mortgage holder. It's usually called "streamline refi" or something. Other lenders require redundant paperwork that your present lender already has and won't require.

I'd call that Obama guy

I don't think that is the case anymore, at least with a lot of companies. I tried to do that about 6 months ago with my lender, and they required everything that any other company would have. They said that current market conditions made them stop doing the streamlining.

I went ahead and shopped it and saved a bundle.

I am a mortgage consultant. When you call around, act like you are going to lock that day. If you say you are shopping to lock in a week or so, many will quote a lower rate than they are actually willing to do. Then, they go with a higher rate when you call back saying the rates went up. They may have actually gone up, but they may not have... and they may not have gone up as much.

You should be able to get a lower rate. You may even be able to get some closing costs paid, or roll them into the loan.

There are a lot of games that mortgage brokers play.

Just shop around, and make sure to compare good faith estimates.

I'm certainly not an expert, but I just did a refinance about a month age. I went through my current company, Wells Fargo, and they did a stream-lined loan (not sure if that's what they called it) for about $700 less than the other two lenders I was comparison shopping them against.

I'm not sure where your loan is, but rates are pretty tempting right now. I ended up paying points to buy down another 1/2% from the going rate, dropped to 4.75 on the new loan from 6.5 previously. It'll take me about 19 months to recoup the cost. If I'd had waited, I'd be getting basically the same rate today without paying the points.

Lots of pressure from the loan officers to say those magic words: lock it today. If it's a bank or other major lender, you can always check their websites to get the current rate. They post the new rate at 10am K.C. time, and most of the major companies are going to be offering the same rate. It's the APR you have to look at. You'll notice that even though the companies are offering the same rate, the APRs will be different. Not a lot, maybe .15 or so. The closing agent explained it to me--I just can't remember what she said, something about how costs are financed.

Good shopping to you.

I really appreciate all the advice... I'm shopping around this week and I hope to have a company picked out by the end of the week!

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send me all the paperwork and i'll take care of it. If you would, it would make it so much easier for me to handle everything if you fax me over a form called Power of Attorney signed and notorized. its nothing, just red tape stuff. thanks.

ROFL

sounds like it would be much easier to just OFF your ex and dump the body in the nearest river.