Refinancing my mortgage
I have been working on refinancing my mortgage
About 3 weeks ago I decided to start working on refinancing my mortgage. I had never really understood how it works or the reasons behind it. I bought my home in 1987 and have been making a 30 year fixed payment ever since. I purchased my house for about $75,000 back in ’87. The house is now worth about $760,000 which is really incredible.
My oldest son is getting ready to start college and I really didn’t want to start pulling out my retirement money to take care of the cost of college. My wife mentioned that we may be able to refinance the home and get some cash out and it has been quite a learning experience. I have some experience on the internet so the first thing I did was lookup refinance on Wikipedia. This is what I was able to find out from them. http://en.wikipedia.org/wiki/Refinance
My next step was to try searching on Google. Google returned a ton of results for companies that refinance. I contacted the first 3 companies that showed up. I was quite surprised by what I got back from them. One of the companies sells the information to mortgage companies. This was a mistake. I had calls from dawn to dusk and my head spinning from dealing with all of these people. I made the mistake of telling a few of them that I really didn’t know anything about refinancing my mortgage. This may be the reason that I was getting quotes with what seemed to me to be outrageously high fees. One company wanted to charge me 4 points or 4% of my loan amount plus their regular fees. That was almost $12,000 in fees just to get the new loan. By the way, I decided to take about $200,000 cash out after I started thinking about everything. We added a pool to the list of things that we needed some money for. Ha-ha.
To make a long story short, after searching and talking to what seemed like an endless of companies I found a company that really impressed me. The company is called Free Home Refi. If you’re interested you can check out their website. http://www.freehomerefi.com/
This company is not a mortgage company but they were a huge relief to find after the nightmare that I encountered when I first started looking into refinancing my mortgage. The coolest thing is that they connect you with one lender. This eliminates the numerous phone call problems that I had encountered previously. The biggest kicker is that the lenders that they work with charge no fees and no points. I literally did not pay a penny to the mortgage company for my new loan. I did have to pay title fees of about $1,000 but I was able to get the same rate as the companies that were trying to charge me almost $9,000 to refinance. This was one of the best finds I’ve made in years and I have been telling my friends about this website. I hope that their experience is as good as mine was