How do I go about refinancing my mortgage?

Question by : How do I go about refinancing my mortgage?
I have a condo with a 40 year mortgage at 7.125%. Loan amount of $ 89,600. I’ve had it for 2 1/2 years now. I’d like to refinance to take advantage of some of the better rates. I have an ok credit rating of just under 700. I do have a lien on the property though for about $ 15,000 from the regime (long story but basically I was lied to about upcoming regime assessments when I purchased the property.)

The loan is with Bank of America. I plan on keeping the property for at least 4-5 years, maybe more. I don’t know much about refinancing. Somebody said I could call BofA and ask for a better rate. Is that true? If not, do I refinance with them? Try my credit union?

Thanks for your help.

Best answer:

Answer by RT
Yes talk to B of A, yes talk to your credit union, yes talk to a mortgage broker
However, you will probably have to get a loan for $ 89,600+$ 15,000 = $ 104,600

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