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Started By
Message
Which Mortgage Refinance Option
Posted on 8/6/15 at 11:50 am
Posted on 8/6/15 at 11:50 am
20 Year Mortgage
Option 1: 3.875%, closing fees = $2,164, payment $1318.71
Option 2: 3.625%, closing fees = $4,680, payment $1290.90.
TIA
Option 1: 3.875%, closing fees = $2,164, payment $1318.71
Option 2: 3.625%, closing fees = $4,680, payment $1290.90.
TIA
4
Posted on 8/6/15 at 11:54 am to Major Dutch Schaefer
How long are you planning on staying?
If forever, option 2 if you have the cash on hand
If forever, option 2 if you have the cash on hand
Posted on 8/6/15 at 11:55 am to Croacka
quote:
How long are you planning on staying?
Hopefully, this is the last house/move.
Posted on 8/6/15 at 11:57 am to Major Dutch Schaefer
I'm refinancing right now too, but I know I'm not gonna be here long term, so I'm going with the equivalent of option 1
My closing costs will be 0, but I will have a higher rate because of that. I assume I won't be there long enough to recoup any closing costs so it makes sense for me.
My closing costs will be 0, but I will have a higher rate because of that. I assume I won't be there long enough to recoup any closing costs so it makes sense for me.
Posted on 8/6/15 at 12:47 pm to Croacka
Same here.
Started the process with Quicken yesterday. My only OOP expense is the $500 appraisal.
Slightly higher rate but I get to ditch PMI.
ETA- to the OP. Shop around. If you have great credit, you should find someone to waive the closing costs.
Started the process with Quicken yesterday. My only OOP expense is the $500 appraisal.
Slightly higher rate but I get to ditch PMI.
ETA- to the OP. Shop around. If you have great credit, you should find someone to waive the closing costs.
This post was edited on 8/6/15 at 1:06 pm
Posted on 8/6/15 at 12:58 pm to Major Dutch Schaefer
if you are willing to invest every cent of the ~$2,500 difference in closing costs (and let that investment grow long term) AND you itemize your taxes, option 1
if you invest the difference but you don't itemize your taxes, it's a closer call but still option 1
if you won't invest, option 2
if neither, option 2
if you invest the difference but you don't itemize your taxes, it's a closer call but still option 1
if you won't invest, option 2
if neither, option 2
Posted on 8/6/15 at 1:08 pm to Toula
quote:
Started the process with Quicken yesterday. My only OOP expense is the $500 appraisal.
Slightly higher rate but I get to ditch PMI.
Exact same for me
I believe they are refunding me for the appraisal after closing. I'm happy to get rid of PMI
I'm also going from 30 to 15
Posted on 8/6/15 at 1:12 pm to Croacka
The person I was working with initially said they'd refund the appraisal, but it got rejected by her boss' boss. So they are crediting me 4,100 in closing cost instead of the original 4600.
We put 10% down 3 years ago, and increased property value in that time should get us close to 20%. Kinda crazy.
Very seamless process, I was very impressed
We put 10% down 3 years ago, and increased property value in that time should get us close to 20%. Kinda crazy.
Very seamless process, I was very impressed
Posted on 8/6/15 at 2:06 pm to Toula
Not sure about you but I already had quicken, so yeah it was pretty easy
I like their interface where you can sign virtually everything online
I like their interface where you can sign virtually everything online
Posted on 8/6/15 at 3:20 pm to Major Dutch Schaefer
3.875% is a good 20yr rate..
what is the 15yr rate they quoted you Croaka?
what is the 15yr rate they quoted you Croaka?
Posted on 8/6/15 at 4:37 pm to Major Dutch Schaefer
If you're staying more than 7.44 years, option 2
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