did you refi through the same bank?

Sorry with all the refi questions lately, but was just wondering.. I called the bank we have our mortgage through and they offered me 4% for 30 years. Being that its the same bank, some tax fees would be eliminated, so the estimated closing costs would be 5-6k. However I see that other banks are advertising lower rates under 4, but that would mean closer to 15k in closing costs. Just was wondering how others have approached this process.. thanks!

ETA: right now we are at 5%

Message edited 2/11/2012 8:07:43 AM.

Re: did you refi through the same bank?

We went through the same bank and refinanced under HARP. Our loan was owned by Fannie Mae so we were able to take advantage of streamlined underwriting. The rate was a tad higher than what was expected for traditional underwriting but we saved a few thousand in closing costs.

Still saving about 20%.

If the rate is very low and your closing costs are very high most likely there are fees somewhere. Get a side by side good faith estimate to see what the best is for you.

In NY there is mortgage tax and it could be about$2500-$3K if you switch banks. Just look at the estimate to see what you are comfortable with.

Re: did you refi through the same bank?

We called our bank - BOA - to refinance and they were going to charge us 4.25. Our rate was 4.375 1.5 years ago so that was almost no saving at all.

We end up calling a broker we found thru zillow.com mortgage and got a rate of 3.75. It only cost us 5k in fees and interests payment to do the refi and took all of 30 days. Our mortgage payment is now $250 less per month...

Definitely call up some brokers 'cus you can do better!

Re: did you refi through the same bank?

ok great thanks. That would be great if possible to get the same low closing costs if possible! I was told if i switch banks then i would get hit with a bunch of other taxes.

also, when we first bought our house we had to put down 20% to avoid paying PMI, do you have to do the same with a refinance?

Re: did you refi through the same bank?

Didn't have to put up any money. They did not do an appraisal and rolled closing costs into the mortgage.

I've been shopping for about a year for a refi and finally with the Harp program it made sense.

The Harp program is only through your current lender if your loan is gov't backed.

Re: did you refi through the same bank?

we re-financed 2 times (in the process of #2 now). Both through the same bank as our original mortgage, mainly cause it was easier (since we already had our mortgage there they did a "timesaver" and less $ to do that way.