Refinance questions

[Anonymous]

Need a little info/advice here.

10 months ago we refinanced from 7.5 (30 yr fixed) down to 6.5 (15 yr fixed), our fico was mediocre but we needed to cash out equity to do major necessary repairs.

Now rates are hovering in the 4.5 area and we are considering refi again for another 15 yr fixed. Hate the idea of going through this again, but how can we not? I am going to check our actual scores today, but I am fairly sure we are both well above 700 now. What score are most of the banks requiring for the best rates? I mean, how high do we need to be in order to get that 4.5%?

And, is everyone paying points nowadays? When I checked our current mortgage lender, Chase, they want either 1.125 or 2 points at the closing. UGH. 

[Anonymous]

Are you going FHA or conventional?  For FHA you pretty much get the same rate as long as the lower of both of your middle scores is 620+.  If you're going conventional, you probably need the lower of both of your middle scores at 720 or 740 to get the best rates.  You don't have to pay points, but then you get a higher rate.  If you're rate shopping, make sure you get rates from everyone on the same playing field.. ask for rates with no points so you can truly compare.