I’m all about shopping for the best rates on anything I have to pay for. Electric, gas, water, pest control, phone, internet… all included. I asked my financial advisor if I should refinance my house. He said to look into it, as the percentage rates are really low.
My mortgage is with Wells Fargo and I decided to just ask while I was in there one day. Refinances are usually a hassle with all the costs, appraisals and paperwork. To mu surprise, there’s a new product. I don’t know if all other banks have this, but I’m sure glad mine does. It’s called a streamlined refinance. Here’s the blurb on their website:
Existing Wells Fargo Home Mortgage customers may be able to reduce a loan’s term, interest rate or both. The streamlined online refinance program features:
- Evaluation of your eligibility for government programs, such as the Home Affordable Refinance Program
- No application or appraisal fees
- No closing costs
- Loan pricing that is locked once your completed application is submitted
This is greatness! Seriously, in 20 minutes I saved $53,000. I cut 6 years off my mortgage, went from 6.125% to 4.7% and my payment is only $11.00 more per month. The banker ran many sets of numbers for me in that time, including a conventional refinance. This option made all the sense in the world, and compared to the complicated conventional plan, was a better financial decision as well.
Sometimes I’m just not motivated to check into stuff like this. It requires thought, time and desire. I might like chaos, but not complication. This was so worth a ‘shopping trip’. 😉