Quote:
Originally Posted by Mr. Maboomba
Mine was a rate/term refi of a 30 year fixed. My lender (AIG via Canopy Mortgage) wasn't willing to do a cash-out so I could consolidate my HELOC. So fair play that's a unique product. Reading the thread now I see the deal is done - congrats. Mortgage loans are a pain in the butt and I'm sure you're glad to have it done.
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Yeah, not the same product. You definitely pay more for the cash out consolidation. We played this "We are going to sell and buy a different house" game for 2 years so I never bothered to refi as it seemed we were always on the verge of selling. Because of that we were sitting at 4.5% for ages while rates were 2% lower. It killed me, but my wife was convinced we would find the "perfect" house and sell ours so it didn't make sense to refi, pay all those fees, and then sell a few months later. it barely made sense to do this refi, and may cost us more in the log run, but it lowers our monthly pretty significantly which then helps with our borrowing power for the construction loan. it's a calculated gamble.