Ok so I called our current mortgage company about their streamline re-finance. Basically if you aren't taking out equity you can streamline the loan and you can do up to 95% loan to value...which is great since we're at about 92.5%.
Well they won't use the appraisal we just paid for even though the one lending company is willing to turn it over. I tried telling the lady that the guy that did it this time is the guy they hired 2 years ago when it went through them.
Someone told me yes they could then someone told me no. So all in all they said no.
Then she said the interest rate was 5% which is a little better then what we were going to get. But that in order to do this something with the PMI Mr. B's credit score had to be a certain amount...which he was 5 over however I was worried that after this most recent lender's checking his credit would hurt him because I've heard that.
Well our current lender cleared it up and said only after 3 or more inquiries does it start to make your credit drop. So we're good there.
However....we'll have to pay 500 more. 100 for the application and 400 for the appraisal even though we just shelled out 300 with this one lender...so the one lender is trying to see if they can do an FHA out of state which theres probably about like a 5% chance that will really happen.
So if not we'll just stick with the folks that we are with now. The only bummer is if we went with a different lender we could get our escrow which is about 2k whereas if we stay with our current they deduct it from our loan amount...which would save us money over time but we wanted to use that 2k to pay down one of our credit cards because then we'll be credit card debt free by this fall.
But if it's the end of the year well then it is what it is.
I just do NOT want to be on hold again and I do NOT want to be on the phone all day.
anywhos thats it.
peace
Mrs. B
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