Hey team DSG, Well my dreams for refinancing our temporarily on hold 
. We got the good faith estimate and the closing cost are about 6000. Of that1600 is due to having a second mortgage for 3500. So h and I decided to wait until we have that loan taken care of. I am bummed because I don't like to sit back and wait when I know we could be saving money on interest. However, we will get three pay checks in November and I want to put 2000 towards that loan. H doesn't seem to want to put so much towards it, he is more comfortable paying things slowly. We could also look at refinancing the car again with our bank and put the rest on the car loan which would be a good deal since the rate is 2.99.
When others have refinanced how much were your closing cost? I know it is important to shop around for the rates as well as closing cost. It is such a pain though because they don't make the closing cost fees readily available. The other annoying part is we are not really sure of the value of our house and how much equity if any we have. We are still paying pmi insurance even though we have paid off 20 percent because we have always assumed that we were underwater or at least w/out 20 percent equity with the housing crash. Which feels again that we are throwing money down the drain. So, now I am thinking of just paying the 350 for us bank (the owners of our mortgage) to do a appraisal to at least see where we are at. Does anyone know if you do an appraisal with one bank if the other banks will use it or if they want their own if we are able to refinance later? So, many complicated decisions, I am really annoyed with banks right now and how much money they make off us with interest even when it is a "good" rate.
Feel free to tell me what you would do if you were in my shoes.
Thanks for listening to my rant!
. We got the good faith estimate and the closing cost are about 6000. Of that1600 is due to having a second mortgage for 3500. So h and I decided to wait until we have that loan taken care of. I am bummed because I don't like to sit back and wait when I know we could be saving money on interest. However, we will get three pay checks in November and I want to put 2000 towards that loan. H doesn't seem to want to put so much towards it, he is more comfortable paying things slowly. We could also look at refinancing the car again with our bank and put the rest on the car loan which would be a good deal since the rate is 2.99.
When others have refinanced how much were your closing cost? I know it is important to shop around for the rates as well as closing cost. It is such a pain though because they don't make the closing cost fees readily available. The other annoying part is we are not really sure of the value of our house and how much equity if any we have. We are still paying pmi insurance even though we have paid off 20 percent because we have always assumed that we were underwater or at least w/out 20 percent equity with the housing crash. Which feels again that we are throwing money down the drain. So, now I am thinking of just paying the 350 for us bank (the owners of our mortgage) to do a appraisal to at least see where we are at. Does anyone know if you do an appraisal with one bank if the other banks will use it or if they want their own if we are able to refinance later? So, many complicated decisions, I am really annoyed with banks right now and how much money they make off us with interest even when it is a "good" rate.
Feel free to tell me what you would do if you were in my shoes.
Thanks for listening to my rant!