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Does it make sense for me to pay the .5 point? I am guessing I will be in the house for 5-7 years. I will be rolling all costs into the loan. Thanks. My options: 1) 4.75 - 4k fees @ 0 points 2) 4.625 - 4k fees @ .5 point ------------------------------------------------------------- Goals: 1) Lower monthly payments, 2) reduce total cost of loan Mortgage
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Thanks for the analysis, AC. I would prefer to conserve cash so I was leaning towards #5 and this helps.
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How do I know if makes sense to pay extra points? Is there a calculator anyone can suggest? My loan options: 1) 4.75 - 4k fees, 0 points 2) 4.50 - 4k fees, .5 point 3) 4.375 - 4k fees, 1.25 points 4) 4.75 - 4k fees, 0 point (roll all costs into loan) 5) 4.50 - 4k fees, .5 points (roll all costs into loan) 6) 4.375 - 4k fees, 1.25 points (roll all costs
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My assumption is that rolling them in would not put me over the next threshold. Other answers: 1. Yes, I have these reserves for at least 10 months 2. There would be no return: I would be spending the cash not used on the refinance costs to make some minor home improvements. I would not be able to make these improvements if I spend the cash on the refi
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I have the cash, but I would like to keep it for other uses, ideally. These rates do not have origination fees.
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How do I calculate wether it makes sense to roll all or some of my refinances costs into my loan? I would love to save the cash upfront, but I don't want to make a mistake. These are the rates I have available: 4.75% @ 0 pts. 4.5% @ .75pts 4.375% @ 1.25 pts. Fees on top of that = $4,100. ---------------------------------------------------------
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Thanks for the replies...I'd love to go for the 4.375 but that's a lot of cash upfront!
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I was offered 4.5% with .75pts or 4.375% with 1.25 pts. Fees on top of that are $4,100. Is this a good deal? My info is below. Thanks! -------------------------------------------------------------- Goal: Lower monthly payments Mortgage: 30yr fixed at 5.875%. Owe $288k. Mo payment: $1835. LTV: 75% Credit: High-700s Location: NJ Plan: Stay in the house
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Thanks for the reply. In regards to #3, my question really is - *can* brokers offer the obama refi or do I *have* to go through my current loan servicer? Also, does the obama refi have streamline characteristics (lower fees, etc.) that make it advantageous to go through my current loan servicer rather than a broker? If all other things are equal I would
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Here's my scenario: Goal: Lower monthly payments Mortgage: 30yr fixed at 5.875%. Owe $288k. Mo payment: $1835. Backed by Fannie Mae. LTV (from 1994 sale price): 78% LTV (from current price): No appraisal yet. Zillow has 389k, but I don't trust that. Credit: Me & wife both mid-700s Location: NJ I plan on staying in the house for at least