Posted on: 24th May, 2009 02:34 pm
Thanks, I don't understand why not with all of the gov. programs they won't do my USDA loan. We just bought the house in Dec. 08 and paid a $3300 guarantee fee to the usda and $3000 in closing costs. The purchase price was 165K and they added the $3300 to the loan balance. Why can't I get a lower rate and not pay closing again if I go thru the same bank?
there are fees associated with refinancing your mortgage such as title, tax escrows, etc. that your bank may require to be added to your principal balance or brought to the closing. if you are looking for a loan with "no closing costs" you will more than likely have a higher interest rate than a loan with closing costs financed or paid at closing out of pocket. please keep in mind you are able to finance closing costs with a refinance pending you have equity in the property. i hope this helps...
Hi Guest!
Welcome to forums!
There can be a lot of factors for denying a lower rate to you. You will have to refinance the property if you want to lower the rates. For refinance, the lender would check your credit score and income again. Moreover the lender will also want to know if there is equity in the property or not. If there's no equity in the property, the lender may not refinance.
Speak to your lender and confirm the reason for not getting a refinance.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
There can be a lot of factors for denying a lower rate to you. You will have to refinance the property if you want to lower the rates. For refinance, the lender would check your credit score and income again. Moreover the lender will also want to know if there is equity in the property or not. If there's no equity in the property, the lender may not refinance.
Speak to your lender and confirm the reason for not getting a refinance.
Feel free to ask if you have further queries.
Sussane
