Tips for Refinancing the House

Do I have to have an attorney present, etc? I’m doing this w/ the same bank I currently have my mortgage loan with. Tips to reduce cost of refinancing? Thanks.

 

as a general rule, you don't need an attorney to refinance. do read all the docs carefully though and make them point out the sections that might trip you up (prepayment, changes to the rate, etc.).

random advice: if you can swing it, get a 15 year instead of 30 and do an automatic weekly or semi-monthly payment. can save a lot of scratch in the long run.

doody.

 

Yea, try the current lender your using and play them off some other quotes. They won't want to lose the business. Anything variable these days is suicide IMO. You may want to consider a better fixed rate by paying down the points. Watch for prepayment penalties. Rates are rising but I think it's still better to bite the bullet and look for a fixed. Good luck.