Deee asked:


I want to refinance since the rates are low, do I have to only go through countrywide since they have my mortgage?? I want to take advantage of the low rates but I have no clue what to do now. Could I possibly go to another bank and refinance??

JEFFREY

4 Responses to “I live in Las Vegas and bought my home about 6 months ago and the loan is a 30 year fixed for about 6.5%?”

1. El Joe on July 14th, 2009 12:25 pm

   LAZARO

   check docs for pre-payment penalty.

2. snakeflake on July 15th, 2009 4:08 am

   ORLANDO

   You can refinance through any lender you want as long as you do not have some type of clause for early repayment of the loan.

   But..rates are not much that much lower, so whether it would be feasible depends on several things. To get the lowest rate you must have a high credit rating, plus you will have more fees and closing costs. You also must take into account how long you plan to stay in this house. If you plan to sell in the next few years it would not be worth it.

3. Noneya on July 16th, 2009 6:37 am

   EMERY

   You can refi with any lender you want

4. loanmasterone on July 17th, 2009 9:28 pm

   KYLE

   You may refinance your loan with anyone you desire to include Countywide. In order to refinance you must have equity in your property in order to refinance.

   Rates are the lowest they have been in years, so yes now is a good time to refinance your mortgage loan

   To find out what type of mortgage loans you are qualified for you need to contact a local mortgage banker/broker by looking in the telephone book.

   This person will need to complete a mortgage loan application on you, and get permission to run a credit report on you and any others that will be on the mortgage refinance.

   This application is long so be sure you have the time. The person will also need income documents, bank statements and other documents. The faster you get these documents to them the faster your mortgage transaction will be completed.

   Once they have ran a credit check, looked at the documents they requested they then will be able to tell you all the mortgage loan programs you are qualified for.

   Listen very carefully and request all the programs you are qualified for even though you might not be interested in them once they are explained to you.

   Without the knowledge of what you are qualified for you can not make an intelligent decision. You do not have to make the decision while sitting in your loan consultant’s office.

   Make sure you are given a Good Faith Estimate (GFE) and a Truth In Lending documents (TIL) These documents will tell you the cost of the loan and what you have to pay for getting the mortgage loan. Make sure you get an explanation of these fees and points. Some might be tax deducted on your federal income tax.

   Just remember not asking questions can cost you money in the future so ask as many as you want to include the stupid and ones that don’t make sense.

   Make sure you contact your tax consultant about any tax matters.

   Before signing your loan docs make sure you have gone over the program you are qualified for. Your mortgage loan docs should be exactly as your loan consultant explained to you as to the interest rate, terms of the loan, monthly payments, if it is an adjustable or fixed rate mortgage.

   If the mortgage loan docs are not as you were told they would be, please don’t sign the docs, but in the case you do, on refinance mortgage you have a three (3) day right of rescission. If you change your mind within three days of signing your loan docs just fax the rescission to your loan consultant or closing agent.

   I hope this has been of some use to you, good luck.

   “FIGHT ON”

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