Hello everyone, my mortgage company (flagstar) has been sending me offers to lower our interest rate via refinancing recently and I have some questions about the process. I'm wondering if you can provide some input. To be frank, I'm pretty dumb when it comes to this kind of thing. The promotion sounds like a good option, but I'm always wary when a company seems to be offering something at no benefit to themselves.
Currently we (30M & 31F) have a 30 year fixed rate of 4.5%. We were not married when we bought the house in 2017, and this rate was about the same at all the banks we had reached out to discuss a home loan. Flagstar has been sending promotional flyers that quote a 15 year fixed rate of 2.3/2.52% and 30 year fixed rate of 2.99/3.11%. The promotional document states "we'll take care of lender-imposed fees, a savings of $1,395..." as well.
My questions are as follows:
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What does the mortgage company get out of this if we did refinance?
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Does anyone know a website that could calculate the savings and monthly bill if we wanted to refinance?
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Are there red flags I should be on the lookout for?
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Am I missing anything regarding refinancing that you think could be important?
Thank you for your input!
Submitted October 04, 2021 at 09:27AM by BrethanAdberry https://ift.tt/3a5uCL0
