Refinancing suggestions....

There's nothing to be leery about if your credit is good. Banks in the area will absolutely love to refinance your loan if that is the case, most at little to no cost to you. Don't fall for low teaser rates. Keep in mind that a bank's cost of money is the same as another bank's cost of money, so if they tell you a sunstantially lower rate than the next guy, they are charging you upfront in the form of orgination fees, points or application fees.

Try National City Mortgage in Holland for honest answers to your questions.

Can anyone guess where muddyriverduck works?

You should only be leery of hidden clauses, Ryan, and it is always worth spending a few bucks to a real estate lawyer to review your documents if you are unfamiliar with the paperwork.

Rates are still pretty low right now, though they have been climbing a bit in recent weeks, and if you can swing a deal to knock a few percent off your interest rate, you could save many thousands of dollars in the long run.

Ryan - your question leaves out a couple of important things. Are you currently in a fixed rate mortgage? If not, and you are in an adjustable rate mortgage, then you should check with your lender and see if there is a conversion clause in your note. Most lenders have this and it is accomplished by simply paying a small fee - usually between $250 and $500.

If you are in a fixed rate, then ask yourself how long you have left on your mortgage. If you are already 7 - 8 years into your mortgage it might not be the big savings you are anticipating.

If you are insistent on refinancing, then check with your own banking institution first. As a customer you may get a bit of a break. Then check with all the major local banks. Rates are competitive, but very dependent on your credit rating.

Also, keep in mind that with a refinance you will have closing costs. That, depending on the amount of your loan, can reach several thousand dollars.

Good luck - hope you achieve your goal.

Thanks you guys. After dealing with a couple people from Lending Tree I definitely want to keep it local. Freaking Quicken Loans wanted 4800.00 closing costs! Unbelievable. The guy said nobody can beat them, lol!