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Low Involvement Refinance
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I found the recent refinance of my home to require low involvement from me. What I mean from this is that I didn't have to go anywhere and meet anyone. I was able to provide all requested info via email. Either through downloads to saved files or scanned documents to saved files and sent via attachment. Even when the refinance was completing, a notary came to my house to have me sign the necessary paperwork.
We worked with Wendi Allen out of San Diego, CA. She can be reached at (800) 245-3279 x 6129
The only thing I did have small concern with was the fact that there seemed to be a miscommunication regarding the fact of whether or not there were "lender fees". Even though I thought that I repeatedly inquired, and I was told no, I still found that there were some fees which were either "rolled into the loan" or "out of pocket" to complete the refinance. These were in addition to pre-paid items, ie. escrow for prop. tax and ins. However, I proceeded anyway and am happy I did.
My previous loan was an FHA loan which required MIP, $200/mo, until I met 78% loan to value, where value was based on when loan was originated. However, the refinance loan was traditional loan which required PMI, $50/mo, until I met 78% loan to value, where value is based on current market. With the current trend of housing rates I will be able to drop PMI within 2 years, as opposed to probably 10 with FHA. Eventhough my interest rate went up .75 I am saving money in the long run, cause I was also finding due to getting married recently that my husband and I were out of the bracket to take the deduction for MIP. So now our mortgage deduction is a bit more and working for us better.
Overall it was a good experience.
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