To all previous posters,
Much thanks for your insight. I was contacted by First Ohio and promised a 4% re-fi rate under the guise it is related to the 2009 Economic Stimulus Act. I am already in the process of a re-fi with my lender at a 5.75% rate. Since I am aware NOBODY can offer a 4% fixed/conventional 30 year rate I was skeptical from the beginning and began by Googling "First Ohio Banc".
My Advice to those who want to re-fi, but cannot through regular channels:
Several weeks ago the Feds released Rev3 of their Making Homes Affordable act/plan/etc. It allows those of us who cannot re-fi due to the reduced value of our home values, and with closing costs much lower than regular channels. I was told to qualify your FICO score must be 720 or greater, LTV=95%-125% [loan to value ratio -- meaning you can be "underwater" by as much as 125% of your principle balance and still qualify]. My closing costs are a mere $1000, which is less than my morgtage payment. And since a I will skip one payment (possibly even two), this will cost me nothing in the end. In my case it is only lowering my payment by $76/mo., but is worth is since the "break even" point is immediate.
thanks again, and good luck to all.
Bob
