First Time Refinancing Confusion

[Jessie Troisi]

My husband and I own and live in a duplex in Lewisburg, PA.

We bought the home in 2018 using a conventional loan (peeling paint disqualified FHA) and put down 20%.

Since rates are so low I’ve been prompted to refinance. I checked three banks—our local lender that holds the current mortgage, our credit union we use for banking, and a nationwide big name lender. I got the rates and discussed the process to try and wrap my head around how it all works. I got really varied answers from all three banks, so I’m left feeling like I don’t know how to make the right decision.

Sometimes I feel like I totally understand and other times I’m very lost.

I originally imagined being able to do a cash out refi and use the money for a down payment on another rental this year. It seems like the numbers don’t really work out that way.

Anyone have suggestions of how to learn more about refinancing? Or be willing to chat? So open and ready to learning, just for some reason struggling to wrap my head around this one.

Thanks so much in advance!

~Jessie Troisi