Refi Options
- Thread starter jp9844
- Start date
I'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.
I’d be happy to take a look at that for you. I’m an investment advisor at Merrill in Chicago and also do a ton of residential and commercial mortgages through our parent BofA. We also have a match or beat promo going on right now as well so if you get a quote from another bank, theres a good shot we’ll be able to beat it if you can provide documentation. pm me if interested in a chat.
Muskyhunter16, shoot me an email at topflightconsultationpros@gmail.com if you could and whenever time permits.
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
Refis 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.
Just closed ours. Got almost a full percentage point off our rate. For me the access to cash now was a big deal.
Ended up skipping two mortgage payments with the timing of the payoff. That in addition to the escrow refund and our tax refund frees up enough cash for me to pay off my credit card debt completely.
Yes closing and the new escrow have to be paid off eventually, but the lower rate saves me tons over my credit card rate and tens of thousands over the 30 years.
A lower payment also lets me up my 401k contribution.
Ended up skipping two mortgage payments with the timing of the payoff. That in addition to the escrow refund and our tax refund frees up enough cash for me to pay off my credit card debt completely.
Yes closing and the new escrow have to be paid off eventually, but the lower rate saves me tons over my credit card rate and tens of thousands over the 30 years.
A lower payment also lets me up my 401k contribution.
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 later
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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 requirement
