Anyone here know much about refinancing?
We bought 6 yrs ago at peak prices. Would like to refinance, would love to lower our payments but if we could get a much shorter mortgage for about what we pay now, that would seem prudent even if it's tough to make the payment. The bank that has our mortgage offers a couple programs that would be easy, (no new appraisal etc) but the interest rates are not NEARLY as low as those you might see advertised on bankrate.com or etc. Are the rates you see on that kind of website even realistic or do you end up paying for it in other ways?
We bought 6 yrs ago at peak prices. Would like to refinance, would love to lower our payments but if we could get a much shorter mortgage for about what we pay now, that would seem prudent even if it's tough to make the payment. The bank that has our mortgage offers a couple programs that would be easy, (no new appraisal etc) but the interest rates are not NEARLY as low as those you might see advertised on bankrate.com or etc. Are the rates you see on that kind of website even realistic or do you end up paying for it in other ways?