I bought my condo about 5-6 years ago, and I had no idea what I was doing when I bought it. I am amazed I got a mortgage. Anyway, Wells Fargo has sent me a notice in the mail stating that it is time to refinance. The statement spells out the difference between my loan (20 years at 7.85%) or refinance at 10 yrs for 5.85%. I would love to refinance. I want to pay this thing off faster, and I am sure if I prepay, I could pay it off in 5 yrs.
So my question is-
1. When I refinance, do they scrutinize me as hard as they did to originally get the mortgage. I have tax returns, but not a stable job history (self-employed)for the past two years and my credit has slipped while opening my business. However, I have never had a late mortgage payment.
2. Wells Fargo mentions a $1700 financing fee, and I believe this is on top of closing costs. Is that normal?
3. Should I call the mortgage broker who got me the mortgage in the first place and see what he suggests?
Any info would be greatly appreciated.It would be worth more than you know to me.



)for the past two years and my credit has slipped while opening my business. However, I have never had a late mortgage payment.
It would be worth more than you know to me.
Reply With Quote



Bookmarks