Hey everybody. I know there's a wealth of experience and knowledge floating around here, so I wanted to talk to y'all about mortgage refinancing.
I've never done it before, I'm about 4 years into my first mortgage. Wife and I are looking at refinancing. Now, my primary work experience has been working with car dealers... so my opinion of "salesmen" is pretty low including all those financial types. Is what it is, I guess.
Anyway, wife was talking with a broker and he's asking all sorts of detailed questions... what's your payment? How much PMI are you paying, etc etc etc.
Based on my experience, my feeling is that if we're refinancing, then we have a salesman trying to earn our business, right? So my opinion is that he needs to know how much we owe on our current mortgage and how much our house appraised for when that mortgage was funded, and that's it. He takes those two figures and tries to get us the best deal he can while making the kind of profit he wants. If he beats our current deal, then he wins. If not, he needs to sharpen the pencil or we walk. No need to give him a list of numbers he needs to beat by 0.025% and easily max his profit, right??
Am I off base? Thanks folks.