Actually, mine is a VA Streamline so it’s a done deal. I set up new escrows but get my current escrows refunded. Bottom line is it cost nothing and my interest goes from 5.25 to 4.125 saving me almost $200 a month.
There is no appraisal but it wouldn’t matter anyway. No government loans, Fannie, Freddie, FHA or VA, are included in this wonderful “deal” they cut. Ain’t that a kick. A guy under water on a “B” paper loan gets his principle cut but the guy next door with an under water FHA loan doesn’t get his cut.
I think this deal is for investor friends of the politians only. And I’m sure the five banks are going to make some heavy obama contributions.
When interest rates go to 2.99%, do it again.