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no-cost home refinance?

flymansWifeflymansWife
in Austin Babies
has anyone done one? we really need to look into refinancing our house... our interest rate is at 6.625% which was really good at the time we got our house, but i know with our credit we could get a significantly lower rate but we simply don't have the $$ to pay closing costs right now. i realize that a "no-cost" home refinance isn't truly no-cost and they'll build in the cost somehow, but just trying to look into it a bit to see if its an option to potentially save us money. just wondering if anyone has done it/looked into/etc.
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Re: no-cost home refinance?

  • ec3under4ec3under4
    We recently did although I don't remember the exact specifics but I do know that we had about that same interest rate and we went down significantly. We took our 30 year down to a 15 and are paying only a couple bucks more a month. I can get you more specifics if you need. We went with w ells f argo and just called them and told them what we wanted and they gave us like three options and we went with the one that didn't cost us anything out of pocket!
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  • Mrs.PurdueMrs.Purdue

    yes, we just did one (rolled the closing costs into our loan).  I'd be happy to recommend our mortgage broker.  It's the 2nd time we've refinanced with them and this time we're saving $500/month and didn't pay a dime to do it! 

    FB message me and I'll send you the details.  

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  • smb29smb29

    We just did it last month.  Since we plan to stay in our house we opted to go for a shorter mortgage term and keep the payment the same.  It will save us about $50k over the life of the loan.  30 year rates are at/under 4% so you could definitely lower your payment a lot.  If you don't plan to stay in your house you want to make sure that you'd recover the costs that would be rolled in to the mortgage in the amount of time that you plan to stay in the house. 

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  • jml5qjml5q
    who is your mortgage currently through? i'd maybe contact them. we just refianced through wells fargo, who our original mortage was with, and paid nothing. it was truly no cost. it was super easy, they sent us the papers, we went in to sign them/have the notarized and mailed them back in. took less than an hour.
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  • flymansWifeflymansWife

    imagejml5q:
    who is your mortgage currently through? i'd maybe contact them. we just refianced through wells fargo, who our original mortage was with, and paid nothing. it was truly no cost. it was super easy, they sent us the papers, we went in to sign them/have the notarized and mailed them back in. took less than an hour.

    we have wells fargo too. i'm going to call our local folks tomorrow about it!  

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  • bobcatstephbobcatsteph member
    We would so be doing this if we weren't way upside down on our house. Ugh!
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  • FireChiefsBrideFireChiefsBride member

    Huh- we have WF as well and had a significantly different experience. Both from the fact that their crapass communication caused the refi to take three months (!!!) and we paid a 2% fee that rolled into the mortgage.

    We just refi-ed on an arm (gasp) for 2.25% interest for 7 years.  After that it goes up a max of two percentage points a year until it reaches 7.25, which is the cap.  We definitely plan on selling in 4-5 years, though.

    Maintaining our previous payments, it will take us 1.5 years to pay back the fee. After that we will be making very good progress on principle.  

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