No matter how much I may think refinancing is a good idea for many homeowners, many are reluctant to start the process.
I spoke to Elizabeth this morning. Her parents had suggested she contact me to discuss a refinance to lower her interest rate. She originally closed in January 2009, did an FHA loan, with a rate of 6.5%. She shared with me, that she was reluctant to begin the process, as she said, it was tedious last time around. All of us hear this all the time, as some loans are not easy to do.
I told her we could do a streamline FHA loan, which required no appraisal, no income verifications and no assets. That we can refinance the existing mortgage only and closing costs need to be paid out of pocket. How much? I estimated $4,400. I loved her comment, where do I sign?
Her savings will be $316 per month, which means, that the costs are paid off in 14 months. That is a great return on invest.
Check out this article with the details on the survey conducted:
Joe Petrowsky, Right Trac Financial Group.
860-647-7701 ex. 116