So ... who can talk to me about this?
We closed on our house in January ... 30 year loan with a 4.75% rate. I got a call a bit ago, which I missed, but it was from my lender who was letting me know that after my sixth mortgage payment, I'm eligible for an FHA streamline refinance. He called it a "no cost" refi, but cursory research shows the closing costs can be rolled into the loan by charging a higher interest rate, so it's not truly no cost of course.
My sixth payment will be made August 1, and all of the payments have been on time (and actually we've been paying extra toward the principle each month -- my calculations make it out to be an extra mortgage payment a year).
I've been Googling it, and reading as much as I can, but of course it's a bit complicated and convoluted in sections. So what can you guys tell me about this? Any of you gone through it? Was it worth it? Any lenders you'd recommend looking into?
I'm not going to call my lender back on it now (besides, he said he'd call me of course) ... but if I did decide to go through with it, I'm not sure I'd go through the same lender. They really jerked me around leading up to closing and I'm not sure I want to use them again without at least shopping around.
