Did ask for GFE and going to look into it. We are going thro a broker who was recommended to us by some people who have refinanced with that person. The broker says she will pay the closing costs and therefore there would be no closing costs and that APR and rate would be different because of that. The escrow company will know that the broker is responsible for the closing costs, but not the lender. is this acceptable? We have never done a refi and never dealt with brokers in the past. It sounds too good(fishy) to be true? Both the lender and escrow company is through the mort broker….isnt there a conflict of interest here? can i go with another escrow company to protect my interests in refi?
regarding holding on to the house or sell. i agree i would be better off selling the house. thought about it last year when we could have sold off easily, but as i say things differ in different situations. in our situation, my spouse is earning good income (engineering). i am working towards a professional degree in a totally opposite field (medicine). we cannot spend time, money, energy right now to sell a house, shift households, etc. yes, we made a mistake in 2004, but hindsight is always 20/20. we could have done better research getting into the housing market. we did not. we are young and still have time to learn from our mistakes and not repeat them.
right now, i do not want to make any more mistakes as far as a refi goes. kindly advise.
