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re: No cost refi offer
Posted on 5/2/21 at 10:48 am to meansonny
Posted on 5/2/21 at 10:48 am to meansonny
What are you talking about
If his rate is a .5 higher then what he qualifies for then it costs an extra 7920 in payments over 30yrs
Could be but look to see if the offer is in a form of a credit towards the costs. If it then it just means they gave you a higher rate
You might as well get a very low 2% 15yr
If his rate is a .5 higher then what he qualifies for then it costs an extra 7920 in payments over 30yrs
quote:
Offer says no cost -- zero -- due to being a long term customer and excellent credit. I'll dig deeper for more info but that is what the offer states.
Could be but look to see if the offer is in a form of a credit towards the costs. If it then it just means they gave you a higher rate
You might as well get a very low 2% 15yr
This post was edited on 5/2/21 at 10:51 am
2
Posted on 5/2/21 at 10:52 am to SDVTiger
quote:
What are you talking about
If his rate is a .5 higher then what he qualifies for then it costs an extra 7920 in payments over 30yrs
Opportunity cost?
Like selling at the peak and buying his next house at the bottom?
Picking the right lottery numbers?
The only guarantee he gets in this scenario is that he gets a better loan for no cost. If he has to relocate, it doesnt cost. If he has to refinance again for caah out, it doesnt cost.
It is the freedom of a mistake free scenario.
He gets a lower rate than he currently has with no upfront fees. Win/win/win
Posted on 5/3/21 at 8:25 am to SDVTiger
quote:
You might as well get a very low 2% 15yr
This, national average last week was 2.3% on 15 year. Especially with such a low mortgage balance of under $100k a 15 year makes way more sense and just lock in a super low rate for it IMO.
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