no fee refinance
I'm not sure how many people this would be applicable to here but I thought I'd mention it. I had a pretty low rate mortage on a second home - 5%, 9 years left on the loan. I finally became sick to death of hearing about lower rates and called my mortgage company (Wells Fargo) and told them what I wanted. Wanted to keep the 9 year term, get a lower rate, no cash out, no fees or closing costs. They said this could be done - 15 year term is the shortest but no penalty for paying at a rate that gets to done in 9 years. I got a "close at home" package which I could complete at home but had to have a couple signatures notarized. They verified my employment and income and checked my credit rating. So I now have a 4% rate at no cost to me. I am a long term WF customer and have other accounts there - also excellent track record with the existing loan as well as a very good FICO score. So for someone who is in good standing - it's worth asking. I probably shouldn't have waited as long as I did but I didn't really think they'd do it.