Quote:
Originally Posted by Nightfyre
Modifying the existing loan occurs when you call the current mortgage holder and they agree to lower your rate, probably for a fee. However, they have very little incentive to do so since they know the costs of refinancing are high.
Refinancing requires that you originate a loan from the beginning with a new lender, which will require an appraisal, an inspection, a new mortgage document (to be recorded) and new title insurance. You will also pay an origination fee. But at least you won't have to pay a real estate broker.
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Thanks. Makes sense. I figured it wasn't that easy.
Not that we can't pay the $4k needed to refinance, I just don't want to for a rate that's likely less than 1% different from our current rate.