We purchased our house last October and we got a 5% interest rate FHA loan. We were told that if rates dropped we could refi with no closing costs to us, just bring 1 months advanced payment (it seems now we also have to pay up insurance and taxes which are all set). We are meeting with our original loan officer today to discuss our options--he said we are currently locked in at 3.85% if all goes well. This should help for the simple fact that I opened my mail today and Wells Fargo just re-evaluated our loan and our escrow is short on covering what is needed so our payment went up $75. Not a HUGE deal, but now I am just hoping we can bring at least that amount down and icing on the cake would be saving over what we were just paying currently.
But wow---They need SO much more info and paperwork from us then they did last year when we purchased. It was SUCH an easy process. Refi has us jumping through hoops! haha.
So fingers crossed all goes well and we save just a little bit every month
But wow---They need SO much more info and paperwork from us then they did last year when we purchased. It was SUCH an easy process. Refi has us jumping through hoops! haha.
So fingers crossed all goes well and we save just a little bit every month