On Monday (6/29) I actually did this drill.
When I purchased in TV in March, 2015, I put 20% down and got a 30 yr mortgage at 3.875% through Citizens First. I have not made any additional principal payments.
Several weeks ago I received an unsolicited mailing from Valley View Home Loans offering to refinance my mortgage pointing out that with historical lower rates, now could be the time. The letter had some fairly accurate info concerning my existing mortgage (they got fm public records), so I googled them for legitimacy, called them and talked.
I told them it was a second/vacation home, that my loan to value was about 57% (don't you love the appreciation), and I was only interested in lower rate, low closing costs rolled in and a lower payment. After normal discussion, the man I spoke with said based on the LTV, I would not need to pay for an appraisal and closing costs would run about $2,000. That he thought I could get 3% which would change my payments from $1,028 to $834, a decrease of $194/month-a payback time of less than a year. Taxes and insurance would not be escrow-ed.
My only hesitation is what's going to happen with Covid-19 - will I ever return!!!
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