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Started By
Message
Mortgage Experts - Need help
Posted on 5/10/12 at 11:10 am
Posted on 5/10/12 at 11:10 am
I am considering a refinance mortgage that is $144,000 . Lender is charging $2669 in origination charges and $2875 in title services and other fees not including escrow deposit.
Do these charges seem reasonable?
Do these charges seem reasonable?
3
Posted on 5/10/12 at 11:32 am to TexTiga
They're charging 2 points for origination? That seems a bit high - are you buying down the rate at all? I refinanced for half of what you're paying, but I did get some discounts for through my employer and for bundling services.
Have you been to other banks to comparison shop?
Have you been to other banks to comparison shop?
This post was edited on 5/10/12 at 11:33 am
Posted on 5/10/12 at 11:33 am to TexTiga
yea that is more than a little high. the title company fee's jump out the most at me. if you are in texas the title fees should be around $750 plus title insurance. i would think $1500. the lender fee's sound like you are paying origination also. what type of rate are you getting for all these fees?
Posted on 5/10/12 at 11:51 am to hawkeye007
Title fee & ins. is $1973. Points are $1620. for a rate of 3.75% . This is in Texas.
Posted on 5/10/12 at 1:14 pm to TexTiga
(no message)
Posted on 5/10/12 at 1:35 pm to TexTiga
i would not pay points on a loan right now. the rate should be 3.875% with no points. i check it for you before i opened my mouth. its not worth the points for the 8th lower in rate.
Posted on 5/10/12 at 2:36 pm to hawkeye007
Completely agree. I just refinanced at 3.75% with no points. Could have gotten a better rate with points but 3.75% is so low already no need to add money to principal on a refi.
Posted on 5/10/12 at 3:38 pm to TexTiga
I am in the process of refinancing and I locked in at 2.875 % on a 15 year loan yesterday, no points.
Shop around.
Shop around.
This post was edited on 5/10/12 at 3:39 pm
Posted on 5/10/12 at 4:08 pm to Will Cover
very high. $1300 including the appraisal for lender fee's, title should be about 1500 to 1750 including title policy.
30 fixed is at 3.8 to 3.9, 15 is right at 3.00
30 fixed is at 3.8 to 3.9, 15 is right at 3.00
Posted on 5/10/12 at 6:56 pm to Will Cover
quote:
Posted by Message
Will Cover
Mortgage Experts - Need help
I am in the process of refinancing and I locked in at 2.875 % on a 15 year loan yesterday, no points.
Shop around.
Damn, where did you find this?? Where looking to refinance also. Currently have 4.25% and was just quoted tonight on 3.60%.
Edit: this was for a 15 year loan and we have awesome credit. I asked the guy about 3.08% because I saw that on the news and said that was a teaser.
I'm not very smart when it comes to these kinds of things.
This post was edited on 5/10/12 at 7:00 pm
Posted on 5/10/12 at 7:08 pm to Will Cover
Will Cover - Who was this through?
Posted on 5/10/12 at 7:56 pm to weurf3
New Penn Financial. I found them through Zillow, read reviews about them (all 5 * reviews) and even checked them out with the BBB (A rated).
BTW, this is a 15 year loan, no points and no teaser rate.
BTW, this is a 15 year loan, no points and no teaser rate.
This post was edited on 5/10/12 at 7:58 pm
Posted on 5/10/12 at 8:15 pm to Will Cover
Big banks call them teaser rates to scare you away from using others. Definitely shop around.
Posted on 5/10/12 at 8:22 pm to Will Cover
2.875% is ridiculous. I think my parents mortgage was close to 15% in the early 80's
Posted on 5/10/12 at 8:33 pm to aaronb023
I expect to close within the next 25 days. I am excited, having gone from a 30 year at 5.75 to a 15 at 5.25 to now another 15 at 2.875.
Posted on 5/11/12 at 9:57 am to Will Cover
Thanks for the info. I want that interest rate bad!!
Posted on 5/11/12 at 12:25 pm to sec13rowBBseat28
If you want the name of my contact at New Penn, let me know.
Posted on 5/11/12 at 12:34 pm to Will Cover
Thanks , All. I'm def gonna shop around based on this advice. BTW this is an 8 yr term .
Posted on 5/11/12 at 12:41 pm to TexTiga
2.875% is a smoking rate. i show that rate this morning but it will cost a 1% origination charge.
Posted on 5/11/12 at 12:42 pm to aaronb023
My parents had a 14% rate in the 80's.
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