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Message
Thinking about refinancing my home
Posted on 5/22/16 at 6:11 pm
Posted on 5/22/16 at 6:11 pm
I was reading the other thread and wondered if anyone could help me out with some advice. I am currently 7 years into a 30 year loan with 40k of equity in the house. My rate is 4.875 fixed and last month my credit score was 819. Would it be worth my time and money to refinance since my rate is 4.875?
Thanks in advance.
Thanks in advance.
6
Posted on 5/22/16 at 6:15 pm to magicman534
How long do you plan to stay there?
Posted on 5/22/16 at 6:22 pm to Tigerpaw123
I would like to stay at least five more years
Posted on 5/22/16 at 6:26 pm to magicman534
Should be beneficial for you, look at a 15 year, and get someone to run the numbers
Posted on 5/22/16 at 6:39 pm to magicman534
Yes. You should have done this about 3 years ago to be honest.
Rates are near historic lows again, so unless you're planning to move soon there is no reason not to.
Rates are near historic lows again, so unless you're planning to move soon there is no reason not to.
Posted on 5/22/16 at 6:51 pm to TigerDeBaiter
Many thanks y'all
Posted on 5/22/16 at 7:01 pm to magicman534
I refinanced mine about two years ago. I think it only took two years before the principal balance on the new loan was less than what the old one would have been if I had stayed the same. Went from 4.65% to 3.95% and no PMI.
Posted on 5/22/16 at 7:19 pm to magicman534
Probably. Run the numbers to see whether a 15 or a 30 makes more sense. Don't rely on online calculators, just learn how to do it yourself in Excel, it's a skill worth many thousands.
Posted on 5/22/16 at 8:38 pm to magicman534
I'm in the same boat as you. Looking at a 15 year that makes my note only $98 more per month. My question is about the closing costs. What's average and what should I expect to pay? My current mortgage is through Bank of America and they quoted me $2,800.
Posted on 5/22/16 at 9:40 pm to NewIberiaHaircut
Quote out small banks and credit unions. Rarely do I see the big banks have lowest fees/rates.
Posted on 5/23/16 at 11:45 am to NewIberiaHaircut
I just got done with a refinance through Wells Fargo (my loan was already with them). My total costs (including closing costs, attorney fees, etc.) was in the range of $2,200, all of which was rolled into the new mortgage. I can't remember off hand if that included the $400 apprasial fee, but I believe it did. In my case, we were able to knock off PMI and get almost a full percentage point lower (4.65 to 3.75) which saves approximatly $375 per month. I wish I had done it much sooner.
Posted on 5/23/16 at 1:53 pm to NewIberiaHaircut
that's a good quote on closing cost. what makes closing cost expensive is escrows. if you are not escrowing then closing cost are reasonable. but if you are setting up new escrow account then you can normally add another 1500 to closing cot. you do get the money in your current escrow account back after that loan is paid off.
Posted on 5/23/16 at 3:03 pm to hawkeye007
I don't escrow anything currently and won't be doing so on the refinance. So I guess those costs look reasonable? I've gotten multiple quotes and they range from $2K to $4K.
Posted on 5/24/16 at 7:55 am to magicman534
if your staying window is around 5 years, do NOT pay for refinance in any way.
look for a zero cost refinance. the rates will be a touch higher but closing costs are killer with any other type of refinance and you won't get any real benefit from it. make sure you look for "zero cost" and not just no closing costs or no out of pocket costs. Those are usually traditional refinances where they wrap the closing costs into the loan.
look for a zero cost refinance. the rates will be a touch higher but closing costs are killer with any other type of refinance and you won't get any real benefit from it. make sure you look for "zero cost" and not just no closing costs or no out of pocket costs. Those are usually traditional refinances where they wrap the closing costs into the loan.
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