How to Refi

A reader asked me about refinancing a mortgage. I gave him my usual spiel about getting a no cost refinance, stepping down the ladder, etc. I also gave him the short list of lenders I shop from: First IB, NMA, and AmeriSave. He came back to me saying he couldn’t get a no cost refi […]

The mortgage rates dropped again. I’m refinancing my mortgage again. It’s amazing it hasn’t been even a year since I did it last time. The rates were low last year because of the anticipation for QE2. Once QE2 started, rates went up. Now rates are low again. Why? I don’t know. Maybe the market is […]

Today’s installment on mortgage refinance appears as a guest post on My Money Blog. The conclusion: "Don’t let the fear for resetting the clock stop you from refinancing to a lower rate." I’ve been reading My Money Blog since 2006. It offers a good combination of deals and practical approaches to personal finance. If you […]

After an appraisal is done, an underwriter will review the documents. Chances are the loan will be approved and I will be asked to pick a date for closing. It’s almost done. Pick the Best Day of the Week for Closing Does it make a difference which day you close the refi besides the convenience […]

The Fed announced that it’s prepared to provide additional easing if needed. The bond market responded positively, which brought down the mortgage rate, again. If you are doing a mortgage refinance, and you already locked your rate and fees, what do you do if you see the rate and fees drop after you lock? There […]

I showed this chart in my previous post about comparing the total closing cost from different lenders. In addition to the cost difference across lenders, it also shows the total closing costs go up and down quite significantly from one day to another. Even with the least expensive lender, choosing when you lock your rate […]

Say you chose a lender for your mortgage refinance. You still have to decide whether you should go for a lower rate with a higher closing cost or a higher rate but with no or minimal closing cost.  You can also buy down the rate by paying points. Making the perfect decision requires a crystal […]

As I mentioned last week, I’m doing a mortgage refinance with a lender I haven’t used before: First Internet Bank of Indiana ("First IB"). My previous two refi’s were done through National Mortgage Alliance (NMA). NMA did the jobs well both times. My last one finished in 2 weeks from application to closing. So why […]

How to research whether the bank, credit union, mortgage company, or mortgage broker is legit.

Last week was week 3 for my mortgage refinance. Here’s what happened in week 3 with a brief recap for week 1 and week 2: Week 1. Found a good rate. Filled out application. Week 2. Locked rate. Signed disclosure documents. Faxed supporting documents. Monday May 4, 2009. An appraiser came and did an appraisal. […]

My mortgage refinance process is continuing. Here’s what happened in week 2 with a brief recap of week 1. Week 1. Found a good rate at National Mortgage Alliance (NMA). Received quote on GFE. Filled out application online. Monday 4/27/2009. Rate lock confirmed. 4.5% for 15-year fixed. Lender credit covers all closing cost. Escrow waiver […]

I received a notice yesterday from my county recorder’s office. It has something to do with my recent mortgage refinance. Here’s what it says: "KNOW ALL MEN BY THESE PRESENTS, that certain Deed of Trust described below provides that the holder of the Note secured by said Deed of Trust may appoint a successor Trustee […]