I just wanted to send you a brief note relative to your company's level of service. In a word, it was GREAT. At this point I am pleased with the lower interest rate and payment amount as well as the new mortgage holder... I spoke with members of your staff during the process and they were always very professional and informative....not to mention friendly which also helps. You run a good organization that charges a fair price and takes care of all the paperwork and I do hope that you prosper in the future.
The costs of refinancing have decreased greatly in the past several years. Using no cost out of pocket loans, for example, borrowers can save thousands of dollars up front. Also, closing costs can usually be included in the new mortgage loan amount so that no cash is required to execute a refinance.
Paying Points for a lower interest rate is an excellent idea if you are staying in
the property more than 4 years.
Deciding whether to refinance usually involves totaling the costs of refinancing
and subtracting those expenses from the total savings expected. It is also important
to determine how many months it will take to pay back the costs of refinancing
from the savings that will accrue.
The savings that can be obtained from refinancing depend directly on the answers
to the above questions. It is best to answer these questions with the help
of a qualified mortgage professionals.