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Home Refinance

By Terry Savage on March 25, 2021 | Housing / Real Estate

Hi Terry, we have $200,000 left on our mortgage at an interest rate of 4.5%. We are thinking of refinancing and are wondering if an appraisal is always involved. Also, we have seen many ads for Quicken Loans and were unsure if we should contact them or start with our bank that the loan us under. Thanks so much! Enjoy seeing you on WGN Morning News.

Terry Says

Today with all that equity and good credit, you could probably lock in30years for 3.4% or 15 years at around 3%. Do ask your own bank, but also check with Guaranteed Rate (In fact, contact my friend Leslie Struthers there — Leslie@rate.com — and one of her team will help you. I get nothing out of this and you don’t have to use my name. But I know you will be in good hands. There is a huge crunch of applicants these days, people trying to refi before rates go higher. They will let you know what is required.

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