Oklahoma Nesties
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.

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Those of you who have refinanced

We are looking to refinance our mortgage this year. When we bought our house 3 years ago we put down a certain amount of money so our mortgage would be at the a certain monthly amount we were comfortable to spend. Jump ahead 2 years from that and our mortgage increased by $300. Apperantely taxes were not calculated right when we first bought our house and we received a "grace period" with our orginal monthly payment then the real tax amounts were added. DH called the county assessor who told him all of this. Anyways, we want to get our mortgage back down to an amount where we can be comfortable again. So I need you to basically tell me how it works like I'm 5. Is there anything we need to do in advance before we refinance? TIA!
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Re: Those of you who have refinanced

  • Well expect to be out a chunk of cash for refinance fees.  I would contact several banks to see what they will quote you for a refinance (interest rate, fees, closing costs, points, etc). Comparing the breakeven point on quotes is a good way to normalize all of those variables.  

    All you can really do in advance is gather your financial records, I guess. After you decide on a lender, they will schedule an appraisal to make sure the home value is high enough to justify what you're borrowing. 

    I used a lender I found online and seemed to get better rates that way. It's a frustrating process.  

  • I am in the process of refinancing right now and want to jump out the window.

    It seems like a lot of banks have $0 closing costs, which is good, but you have to be super, super qualified (>800 credit score, etc etc).  We just got online, did some research, and went with the company that had the best customer service, although I am finding that as we get closer to close (which is taking forever), the customer service has started to suck @ss. You will need to supply the normal documents one would supply when getting a normal mortgage and your house will have to be appraised.  Most banks will walk you through the process.

    I am currently super upset about our refi - I wanted to refi with a friend that works at a local bank but she was convinced our house wouldn't appraise.  So, we went with a different bank but the rate is about a point higher than what others on the nest appear to be paying which is totally confusing.  Also, we should have closed weeks ago, still haven't and no one can tell me why.  This morning, I called my friend, sent her the appraisal and we might cancel our first refi, I don't know.  I just really can't figure out why our rate is so high.

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