WOOOOT!! Refinancing

I posted a message on here a few days ago about refinancing to get my ex-wifes name off the house. Well, I looked over the forums and decided to contact one of the lenders that seems to be recommended a lot.

I just got a call that they are going to approve a refinance on my home. at 6.25% for a fixed 15yr. I was in at 30yrs at 8%. Decided to belly up the extra 100 bucks and knock about 15 years of finance charges off :yahoo:

Not too shabby for just about 1 month out of the discharge! Just have to go through the appraisal.

WOW, Rob!!

Congrats!! :yahoo: and WTG!! :yes2:

Just think of all the money you will save in the long run!!! :D

Fantastic news, Rob! Great to see that there's good things happening for you - you are well on your way to better times now!

thanks ya'll. This forum has been absolutely fantastic! wish I would have found it about 5 years ago. :D

Good for you Rob, who did you use if you don't mind me asking?

newstart just sent you a pm with that information. Wasnt sure if we were allowed to post that stuff on the open forums (advertising etc).

Please let us know how this turns out.

I am dying to know the outcome.

The shift in rate from a 8% to a 6.25% from a 30yr fixed to a 15yr fixed, seems too much. All else being equal, a 1.75% difference in rate sounds too good to be true. I'm not saying the lender is being misleading, but to protect yourself, do the following:

Ask your lender for a good faith estimate and a pre-qualification from the lender the broker is using. In the non-prime markets, as a broker, you can get a 14-30 day rate commitment by submitting a 1003 application and credit report to the lender's underwriting department.