Question by button: Do you have to sign paperwork if refinancing your house with current lender?
Refinancing with current mortgage company, will we have to sign new paperwork? Or will it just be handled without?
is 6.4% a good refinance rate? My husband is wanting lower? I am sure that is a good rate? Any opinions?
it is 30 year fixed. I don’t knwo about the points….so is that a good rate?
Best answer:
Answer by sweetsum691
You’ll have to sign new paperwork. It’s an entire new note.
What do you think? Answer below!
Yes you will have to sign and it will probably be more then one paper.
yes you will need to sign the paperwork…it’s going to be a new lien replacing the old one. Also, different terms…..and maybe different trustee.
6.375%???? depends if it’s a 30yr fixed…if you’re paying discount points or origination fees……what is the loan amount? what is the appraised value?
Yes you do have to sign over again, its whole new loan. 6.4% is a VERY good rate, rates are high right now, so basically anything in the 6’s, you have hit the jackpot, long gone are the days where you would have 4%. Anything lower than a 6%, you would have to question what kind of loan product is, (i.e. interest-only, adjustable, etc.).
OK, here I climb on my soapbox again.
PEOPLE! Compare more than interest rate!
Points, origination fees, transaction fees, appraisal fees and a host of other fees can cost you THOUSANDS of dollars, especially over the life of the loan. Some lenders lure unsuspecting lendees in with a great rate, only to hammer them with all sorts of fees that may have been absorbed if you would have went with another lender with a great rate that didn’t have all those bogus fees.
Get a truth in lending good faith estimate of what the fees are, look at that, then think about the interest rate. Shop around, it can’t hurt.
And yes, you have to sign again, it is a brand new loan.
Of course, it’s a new loan. 6.4% is too high. Check http://www.bankrate.com
As mentioned above, knowing the closing cost of the loan is extremely important in determining if you are getting a good deal or not. If your current lender is offering you 6.4% at no cost, then that is a pretty good deal in today’s market. If they are charging you any fees, then it really is not. Ask what the APR is on the new loan. If it is significantly higher than the rate they quoted you, then you know that you are being charged a bunch of fees. They should be disclosing all this to you through a Good Faith Estimate and a Truth in Lending statement. If not, ask for them.
Contact me if you would like more details. I am an experienced broker that can lend in all 50 states and will get you a Good Faith Estimate outlining all cost associated with your loan with the best possible rate.