A couple of years ago I called Chase about refinancing, and they said no way. At the time they had guessed my home to be worth about 20K less than I owe. So I was around 128% LTV. Now the value is about 30K less than I owe, so if I am lucky I am around 150% LTV.
In any case, I owe 79K, paying 6.875%. Ten years in I have already paid the worst of the interest. Looking at a 15 yr loan at closer to 4%. The rate he gave me today was 3.65.
Anyone have any experience after the conditional approval?
Also, due to our other debt we would both need to be on this loan. We have no late payments, just a lot more debt than we should.
The payment would be a bit less on the new loan, but not much. In the long run we would save 40K and pay the loan off five years earlier.
The fees are 2000.
I figure we already took the inquiry hit, I just don't want to go through a painful process. My mom said her's was simple, but they didn't do an appraisal.