This stuff makes me feel stupid . . .
Anyway . . . I'm looking for any insight anyone may have regarding refinancing my mortgage.
The situation is, I owe $81,500 with 22 years left on a 30 yr mortgage at 6%.
My bank is offering me a few options, but the one that seems to make the most sense is 2.875 for a 15 yr with closing costs of $650 out of pocket and $650 rolled into the mortgage. This would mean we'd recoup the closing cost in approx 4 months (recouping in a short amount of time is important to me since I will be putting my home back on the market once the refiancing is complete - though I don't anticipate selling it yet this year given the market).
The monthly payments come out to approx $71 less a month (though I'm not really concerned about monthly payments and I will likely continue to pay what I have been paying each month - which is approx $150 more than the base payment.)
Does this make sense?
I'm a bit surprised at the high (relatively speaking) costs for closing. They are asking for an assessment and inspection and telling me that Fannie Mae and Freddy Mac require it. But I didn't think my mortgage was owned by either. I bank with a small independent community bank, and I thought they owned my mortgage. (Are Freddie and Fannie just some sort of underwriting thing?) My home will have no problem assessing higher than the mortgage amount and I've recently had a home inspection done on my own dime when I placed my house for sale. It just seems silly to me. I'm also working with a fairly young inexperienced loan officer. Everytime I ask her a question she has to get back to me after she speaks to someone else who knows the answer.
I'm not really sure how to proceed. I'm asking for a detail breakdown of closing costs and want to sit down and talk thru all costs line by line . . . but I'm getting the sense that this is irritating them, and they have been slow to get back to me.
I have excellent credit, have my mortgage, checking and savings with this bank. Last year my H and I each opened a Roth IRA with them. I'm thinking I deserve alittle more of their effort and time.
Any ideas for me???