🚀 go-pugleaf

If you are thinking about refinancing your home mortgage, check to see
if you can do a stream-lined refinance.

You'll save alot in closing costs (you don't have to pay for a termite
inspection, a credit report, doc prepartion fees, no survey or appraisal
is required, etc.). In a stream-line refinace, the bank just uses most of
the information already collected in your original loan.  Basically,
you just have the loan origination fee (usually 1% of loan), attorney
fee, and title insurance.

The stream-line is especially attractive, if the home values have gone
down in your area--with regular refinancing the bank uses the appraisal
to determine whether they will refinance your loan or not.  If your house
doesn't appraise high enough--you don't get the loan AND you're out $250
or so for the appraisal fee and maybe some other fees, too!

You may also have to pay some prepaids expenses like 1 year home insurance
plus 2mths home insurance and 2mths taxes.  However, you may not have to
pay as much on the prepaids because of the amount in your existing mortgage
escrow account.

If you have your mortgage loan at the same place where you originally
got your loan, they can do a stream-line refinance instead of a regular
refinance.

If you have an FHA/VA loan, you can get an FHA/VA stream-line done
at any bank that offers FHA/VA stream-lines.  Lots of banks offer
FHA/VA regular refinancing, but don't offer the stream-line.  You
need to check around.  Triangle Bank offers them and Summit Savings
does, too. There are probably a few others around that do.

Also try to close right at the end of the month, so you save the interest
charges.  If you close at the beginning or middle, you will be charged
an extra monthes interest, since you have to pay your existing mortgage
for that month and pay the same month again for the new mortgage loan.

-- 
                     | "It's a new place, but you've always been here
Veronica L. Shores   |  You're just listening to old voices with a new ear"
(shores@unx.sas.com) |                      --  John Hiatt