Refinancing in Maryland

[Anonymous]

Anonymous wrote:If you are refinancing you can elect not to repay the title insurance policy. It depends on your level of comfort. For us we closed 2 years ago with the insurance and are refinancing now w/o it.

You don't need to pay for a new OWNER's title policy (the original covers you as long as you own the house), but you will need to pay for a new LENDER's title policy which is what you need to make sure to get the reissue rate on. Also, since it's now July, the property taxes will need to be paid in full at/before closing. Not a big deal since presumably they're in escrow with your current lender but good to know for cash flow purposes.

[Anonymous]

OP here with a follow-up.

I ended up using Roger Dennis of MetLife. The rates (at the time, a couple of months ago), were EXACTLY what a PP posted. He was extremely patient and easy to work with, and everything went off without a hitch. Though I never even met him in person, I'd recommend him wholeheartedly.

PP, you have a nice husband in Roger!

[Anonymous]

Well, thanks! I think so too. I'll be sure to pass along your compliments!

[Anonymous]

How far into your loan are you? 5.125 is not a bad interest rate, and you have to consider how much more you'll be paying because you're setting the clock back to 30 years. I'm only one year into a 30 year, 5% loan, but I'm not considering any more refinances unless I can also reduce the time frame, eg., to a 20 or 15-year mortgage. Maybe a 4% 30 year would be ok, though.

Interesting comment. I'm at 5% and only 1 year in. I am currently locked at a rate of 4.375% 30 year fixed and it will take about a year to break even on the fees, but will save us $195/mo. I'm still on the fence on whether to close this loan or not. I need to decide this weekend.