Reply to I'd like to re-finance, but don't know where to begin

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[quote=Anonymous]You can start by calling up whoever is holding your current mortgage.  Call the 1-800 number, or look for a contact name/number on your mortgage statement or coupon book.  Say you would like to refinance and ask what the current rate will be.  They may be able to tell you right then but chances are they will ask you a few questions and then call you back in a couple of hours.  You can also try calling the bank that you already have a savings account with as well.  We called 3 different banks to see what rate we got.  When the bank with our current mortgage (and most convenient refi) had a higher rate than another bank, we asked them to match and they did.

If you refi with your current lender that makes things a bit easier since they will already have all of your paperwork and you may even be eligible for a streamlined refi with less paperwork.

After they give you a proposed rate they will ask you to send them some paperwork to give you a 60 day lock on the rate.  Paperwork would include latest pay stub and stuff like that.  We did everything by email.  After we got the rate locked in we got a huge packet of documents to sign.  We just did it at home and made copies and emailed it back.  The bank person sent an appraiser to visit the house and take pictures.  A few weeks later we got an email saying appraisal went fine.  We are scheduled to close this week.  Whole process was very painless and took just under 2 months.

I recommend you call NOW and try to get a rate lock ASAP as rates have been going up in the last month.  Our rate is going down 2 points (from 5.5 to 3.5) and we will be saving $500 a month on our mortgage payment.  We will recoup the $2000 or so refinance costs in a few months.[/quote]

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