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Should We Refinance the Mortgage?

October 7, 2010 By Doug Francis

Money

Image by TW Collins via Flickr

I don’t usually ask for your comments right in the first sentence, but I have been talking to many clients, friends and neighbors about refinancing their home mortgage these days. And the stories have been fascinating especially since fixed rates are near 4.0% or less.

When I originally wrote the post about Virginia’s recordation tax exeption (for home owners refinance with the exact same lender) I was surprised how often that one post was viewed. And this one cost savings has been the basis for all of my starting answers to “is it a good time…” because it saves most people over $1,000.

A local real estate attorney back in 2011 cautioned “It’s my understanding that Fairfax County is checking the MERS website on every same-lender refi and if the website shows there is an investor (e.g. Fannie Mae) then they will not allow the reduced recording fee.”

Two interesting local refinance stories…

A couple of months ago a friend called me because Chase Mortgage (his lender) had sent him a letter stating that, because he was a good customer, that they would adjust his rate (recast) for $500. The shocking thing was that it would not require an appraisal, no new loan application or documentation was needed, and that his rate would drop over 1.5%. The offer was authentic and he signed up saving him a lot of money every month.

A neighbor came to me seeking advice. His confession of taking out a home equity line and then spending it “irresponsibly” was brutally honest. As it turned out, his loans were with Chase too. So I suggested that he contact Chase first, just to see what they could offer. And guess what, they sent him a letter agreeing to consolidate his loans at a lower rate too. he was so excited to tell me that they will save almost $500 a month.

Now, both of these people had been paying their mortgages on time and they seem like “no-haggle” refi’s, recasting really. Yes, they were living in desirable areas, Vienna, VA and McLean, VA but they were facing financial issues that could have snowballed into future problems for the bank… and they already have too many problems. But in each case the homeowner was pro-active .

It’s good business to keep existing customers

So Virginia home owners should call the 1-800 numbers on their current mortgage statements or go to their lender’s web site because, like Chase, that lender may be more flexible that you may believe. It’s worth a try.

Leave a comment about your experience refinancing with your current lender because it may give someone else the courage to take action.

The Washington Post published an article 11/4/2010 discussing how the criteria (identical lender) is even complicated for the Fairfax County clerk of the court to keep track of to make sure everything is done properly.

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Filed Under: Blog, Refinance Tagged With: McLean, mortgage, Refinancing, Vienna Virginia

About Doug Francis

A Realtor specializing in unique and new homes around Vienna, Virginia, Doug started writing a first-hand blog about his everyday real estate experiences a decade ago. In depth, helpful and fun has always been the objective. Outside real estate, he "starred" in a tech commercial for Verisign's "Where the World Clicks" campaign, and was quoted in Money Magazine's Best Places to Live article on Vienna. He's a Boston University graduate who feels morning coffee is non-negotiable.

Being able to guide my clients through many real estate sales, either moving out, moving in, or just across town, has been a rewarding experience that helps when discussing a plan with a future client.

Being able to help them focus and understand our proven sales plan always eases their anxiety of this looming personal task. And, putting it into bite-sized steps always helps them get where they really want to be.

My background… I’ve been an active licensed agent in Virginia for 25 years, work at TTR Sotheby’s International Realty in McLean, and sell homes in all price ranges. I donate to the town tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Questions? Email doug@dougfrancis.com or call me at (703) 304-6827 to discuss your plans. Cheers!

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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I have been a full-time Realtor licensed in Virginia since 1991, and cover a big territory specializing in the Vienna real estate market and custom homes for sale.

I have unique knowledge of digital real estate marketing ~ and my marketing starts here. My elite clientele has been attracted to my results-oriented strategy for years, and I am accepting new clients now.

Thanks for reading... and feel free to contact me at 703-304-6827 or send me an email at doug@dougfrancis.com anytime!

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