[jlstyle]

Originally Posted by Laser McCool

"Are this kind of refinancing credit score hassle free?"-What do you mean by this?

"I mean I was never interested in these until this company is saying that they are FHA lender and their insured by the FHA. "- NO LENDER itselt is "insured by the FHA, They are APPROVED to do FHA business, and therefore are given the right to SELL their loans directly to FHA(who insures the LOAN) sometimes the lender will retain servicing rights, but sometimes they will sell it to a conduit(a 3rd lender, who is in charge of the Underwriting, closing etc of the loan)

Here is MY take on these letters.. STAY AWAY.. I have been in the mortgage industry for over 10 years now, I have NEVER once, sent out a mailer promising to lower someones rate.

#2 DO NOT LOOK AT CREDIT CARD BILLS AS SAVINGS.. Compare what your current MONTHLY mortgage payment is with the NEW mortgage payment... because chances are(and you can say you won't but Ive seen it a million times) you will rack those credit cards RIGHT back up and you will be in a worse position than you are right now.

#3 MY suggestion would be to talk to your local banker.. whoever you do business with, Tell them you are interested in a refinance. JUST on the home, do not put any credit cards into the refi. IF you want to pay off these cards, and you feel you are disciplined enough to keep the high balances off them, apply for a home equity line after your refinance. This way you can keep track of the progress you are making when you are paying the credit cards off.

Rates right now are right around 4.875 at PAR meaning no Points from the lender to the broker.. you WILL have to pay points, None of us do this out of the kindness of our hearts, the trick is to find someone who will do it honestly and charge you a fair price. I myself charge ALL of my borrowers 1%, mainly because I feel guilty making any more than that. find someone to charge you between 1-1.5% and you are in good shape.

Thanks!