What's the key to getting a lower mortgage payment and a good deal on a refi?

Question

Come on. Has anyone out there done this recently without paying over 10 grand in closing to some greedy mortgage broker or bank?! I have good credit. I just need to reduce my mortgage payment to about $1000. It's currently at $1500. I could do interest only as I don't plan on staying in the house longer than the next 10 years. TIA for any help!

Answer 1

Have you tried speaking with your current Mortgage Company?

What makes you think people work for free when you condemn the fees associated with their services? Do you?

Answer 2

It is completely possible The best way it is to shotp arround for the best possibe deal. A common misconception is that you can not shop around with mortgages. I am a broker and there are a few brokers who do dirty business and give the rest of us a bad name. But if you shop around you can find an honest broker who can get you in a loan that will fit your needs. With the parameters you have given I would say an interest only loan could work but it is not your only option. I hope that this helps

Answer 3

It all starts with figuring out what your goal is and then shopping around. If you want low fees, call 10 places and tell them you want the lowest possible fees.

Its nearly impossible to get low rates, no points, low fees, no insurance, etc. There are tradeoffs. I think that low interest rate is the most important thing. Do a spreadsheet that shows the true actual costs, after tax, discounted for time, and see which is the best deal.

Answer 4

I think in your case it would be best to talk to a licensed mortgage professional, rather than risk just filling out a form on a site.

A company that helped me was Loan Center, their number is
866-752-6089, I would recommend giving them a call, they can help answer your mortgage refinance questions and get you going.