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9000 is out of the ball park for costs check other people. In fact I would suggest waiting instead of doing it right now - but when you do roll the reasonable closing cost into the balance - if you want to bring in the amount for the new escrow that may make senseI've been looking at doing a refi, but the big thing to remember is that you'll have closing costs to pay - for me that would be approx. $9,000 out-of-pocket. I know you can roll closing costs back into your principal, but that's a stupid thing to do as you'll then be paying interest on that amount for the next 15 years or more.
Average closing costs are anywhere from 2% - 5% of the total loan amount...9000 is out of the ball park for costs check other people. In fact I would suggest waiting instead of doing it right now - but when you do roll the reasonable closing cost into the balance - if you want to bring in the amount for the new escrow that may make sense
I believe you are thinking when selling - closing costs on a refin will vary depending on the rate you choose however par rate with no or little origination fee would be about 3500 or less depending if you need an appraisal or not - now on top of closing a new escrow for taxes and insurance must be included in the loan then when your existing loan is paid they will refund the escrow balance on that loan directly to you about 10 days to 2 weeks laterAverage closing costs are anywhere from 2% - 5% of the total loan amount...
Criteria is not getting tougher for loans bought or insured by the US ( conventional or Hud products) Criteria is much tougher on Jumbo and non- QC products. These are funded differently. If anything criteria for a conventional is easier especially for appraisal requirementRefis are hot. I'm concerned about new home loans. The market is overheated and lending criteria is about to get tougher. Chase is saying 700 FICO and 20% down. That will leave a lot of folks on the sideline. I'm watching to see how other banks follow suit. Factor in record unemployment and the table is set for a major correction. In 08, didn't seem like Nebraska was impacted much by the run up or crash. Prices and inventory were stable.