Back in December 2008, we refinanced existing mortgage. Back then we had 2 loans ( First Loan 5.625% and Second Loan – 7.75%) through National Mortgage Alliance, we were able to combine both the loans into single loan and got 5.25% No Cost loan without escrow account (without paying escrow waiver fee).
No cost Refinance – Round 2
During first round of refinancing we saved over $100 in monthly payment and when rates dropped again in March, I was trying to lock 4.875% with no cost loan. By the time I could reach out to the broker, rates were not available. But, around April 15th I was able to lock 4.875% No Cost, 30 year fixed loan. It’s been almost 3 weeks now after locking the rates. Rate lock is valid for 40 days.
Home Appraisal
Last time NMA serviced the loan without Home Appraisal, but this time around broker ordered the appraisal. I’m really not sure how and why credit file can change from December to April that can make the system to order the appraisal. I will know the appraised value in couple of days. It is going to tough 2-3 days wait. Loan amount should be less then 80% of the appraised value of the home. I’m not sure, how the broker will handle if there will be 2-3k lower than 80% amount.
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