Refinancing Your Home
When I was married to my now ex-husband, we had purchased a home from a good family friend who carried the note with a balloon payment after 5 years.
The payments were great, and things were going along just fine until he decided to sell the note to a finance company.
Well, when the 5 year balloon payment was due, the company offered to refinance the mortgage at a ridiculous adjustable rate so we went hunting for the best refinance rates we could find.
We finally got that settled, and our house was secure again.
A lesson about buying from a friend was learned.
Don’t let refinancing cost you more money than you save by refinancing. Keep an eye on the costs involved in refinancing such as:
Appraisals: $250+ Loan Applications: $75+ Land Surveys: $125+ Attorneys: $75+ Title Search and Insurance: $400+ Home Inspection: $175+
Believe you me, I know from experience those are not just automatically added into your payment plan! Those are added expenses to get the house refinanced.
When you get a quote, make sure if you are getting cash out, and that you can get a no closing cost refinance possibly by getting enough cash out to cover those additional expenses.
