I don’t know much about financial stuff. I’m pretty much a look in my wallet and decide if I can afford it type of a person.
However, I did refinance my house about 6 years ago. I the mortgage was about 6 years old at the time. We didn’t want any out of pocket expense so we rolled the closing cost and almost everything else into the loan. We cut the interest rate almost in half and a couple of hundred per month off the monthly payment, which was our object.
What it seems to amount to is selling the house to yourself, so you have closing cost and such to pay, either out of pocket or added back into the loan. You shouldn’t have much problem with little stuff since you just bought your house. All the info should be fairly current.
A few things to think about though, if you add your cost back into the loan, depending on the amount of your original down payment, the loan may be for more than the value of the house. That’s not necessarily bad, unless you someday want a second mortgage or equity loan. It takes several years before you are paying enough on the principal to build much equity, so the more your closing cost and such that you roll into the loan the longer it takes to build equity.
Another thing, if you don’t like the mortgage company, the earlier the better to change. Since the first years are not paying on the principal, the longer you wait the more they make and you still have about the same amount to finance anyway.
Next, what’s wrong with the mortgage company? That’s what you need to ask to another prespective mortgage company. I don’t deal with mine at all, except send them money. My main concern with mortgage companies is how they deal with insurance claims. My insurance company (State Farm) is happy to give money to fix problems. My original mortgage company (Lumberman’s aka Temple Inland Mortgage) made getting things fixed a real hassle.
So, my advice is to think about what these people do that piss you off and ask any potential ones how they would handle the same situation.
I had good experience with Fidelity National, right down the road from you, to arrange the loan. They sold the loan to Homeside Lending, who have been ok to deal with. But again, I don’t know what the problem you are having with yours in the first place.
Geez, that was long. I can really go on when I don’t know, and admit in the first place, that I don’t know what I’m talking about.
Jim