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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 :)
 

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Sending good thoughts and prayers your way!
 

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I hope all goes well. We refinanced this year too , but didn't get that great of a rate. 4.5 % is what we ended up getting.
 

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Good luck!
 

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Great rate, wishing you well!
 

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If your escrow is short funds, be prepared to need to bring the shortfall to the closing table for your refi. Likely another $900-1,000 based upon the make up payments of $75/month.

We had a shortage issue happen to us. Bank of America refused to listen when they bought our loan and decided to charge us escrow for the previous owner's tax bill. They kept applying our additional escrow payments to additional principle and then right before paying our $4000 tax bill, they sent all the "extra" back to us, then made our monthly payment go from $1000/month to $1600 for a year. Didn't even give us the opportunity to send the "overage" back to them. :skept:
 
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