I’m all about shopping for the best rates on anything I have to pay for.  Electric, gas, water, pest control, phone, internet… all included.  I asked my financial advisor if I should refinance my house.  He said to look into it, as the percentage rates are really low.

My mortgage is with Wells Fargo and I decided to just ask while I was in there one day.  Refinances are usually a hassle with all the costs, appraisals and paperwork.  To my surprise, there’s a new product.  I don’t know if all other banks have this, but I’m sure glad mine does.  It’s called a streamlined refinance.  Here’s the blurb on their website:

Existing Wells Fargo Home Mortgage customers may be able to reduce a loan’s term, interest rate or both.  The streamlined online refinance program features: 

• Evaluation of your eligibility for government programs, such as the Home Affordable Refinance Program
• No application or appraisal fees
• No closing costs
• Loan pricing that is locked once your completed application is submitted

This is greatness!  Seriously, in 20 minutes I saved $53,000.  I cut 6 years off my mortgage, went from 6.125% to 4.7% and my payment is only $11.00 more per month.  The banker ran many sets of numbers for me in that time, including a conventional refinance.  This option made all the sense in the world, and compared to the complicated conventional plan, was a better financial decision as well.

Sometimes I’m just not motivated to check into stuff like this.  It requires thought, time and desire.  I might like chaos, but not complication.  This was so worth a ‘shopping trip’.  ;)