I called Chase, our services, last week about a refi under HARP.
We are working on paying off debts, and I accepted the mortgage where it was, then I ran some numbers and decided to call. We have 20 years left on a 93k mortgage, with about 79k left. The rate is 6.875.
Credit scores me, 700, him 740. DTI together is 45. Tried to qualify with him alone, but that didn't work, my income is higher, but I also have student loans. I am not currently on the mortgage.
We were offered 3.65 to move to a 15 year. It would save us 40k, and make moving in or renting in a few years more realistic. We couldn't rent for what we pay, and we have done a fair amount of work.
Anyway, is that a bad rate? There are about 2k in fees. Not happy, but at the end of year one I will be in the exact same place principal wise, year 2 I will be 6 k further.