The Mortgage Game

Now, I’m jumping into the waist-deep muck that is refinancing our home. But, I need to hear your stories. Some questions for my wise readers:

  • Did you pay points up front?
  • Who’d you go with, and why?
  • Did you go straight to a bank, did you do it online, or did you deal with a broker?
  • Do you feel like you got a good deal?

Really, it’s all quite painful. I should totally be editing photos instead of calling 10 banks this AM. Of course, then there’s the gamble of what rates are gonna do.
Feel the joy.
Really, go ahead — FEEL that joy. :)
Some things I have learned. Our mortgage is still considered jumbo for some mortgage houses — interesting since those limits have been raised for a few months.
Rates vary quite a bit.
Everyone wants my business.
I just feel so darn popular now. However, my children after me being on the phone that long are not particularly fond of me.
Hence, this short blog entry.

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Comments

  1. says

    I do have one suggestion if you have an American Express card. There is a program you can sign up for before you sign your new mortgage docs that AmEx will “charge” your mortgage payment to your card each month. Then you get the cash back or miles or whatever at the end of the year. This is the only program that I’ve found that you can pay your mortgage with a credit card. (We use our credit card like a checking account, pay it off each month and wished we would have known about this when we refinanced.) We don’t dare refinance now, because our rate is so low. Good luck with your refi. It’s a pain in the neck, but shopping around is a great way to get the best deal.

  2. says

    We didn’t pay points.
    We did get an adjustable rate loan (against the advice of my personal finance teacher at BYU) Because the rate was significantly lower and would adjust 3 1/2 years after we took out the loan. I was sure we would move by then but if we didn’t our loan amount was so low if the rate doubled we would only pay 100$ more a month so I took the chance. I was dreading the adjustment and then it didn’t end up going up one bit yipee. I called several local banks till I found someone familiar with the HUD deal we we’re looking at. I felt like I got a good deal at the time (5.4%) and glad I found a bank that would work with me even though they would not be making any big money.

  3. says

    You may not want to hear this because you don’t want to start all over with someone new but if you do their is a mortgage lender in my women’s business group. She is good and can explain things in a way that I can understand! I can give you her info if you want.

  4. says

    I want to find out about that AmEx program, please!!

    BTW, I went w/boxhomeloans(.com). They had great rates, and I’d had a NIGHTMARE w/Countrywide Home Loans (Can we say big fat liar who was in my stake?).

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