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Message
Cost of a home refinance
Posted on 5/25/11 at 1:39 pm
Posted on 5/25/11 at 1:39 pm
looking at refinancing my house at the end of this year/early next year. How much should I expect? I know I can roll it into my loan, but I would rather not and should have no problem just paying up front.
3
Posted on 5/25/11 at 1:51 pm to tylercsbn9
Cost will vary greatly depending on your location and size of the loan.
However I just refinanced my house and it cost around $2,300.
However I just refinanced my house and it cost around $2,300.
Posted on 5/25/11 at 2:44 pm to I Love Bama
Rates are really low right now. If you know you want to do it, why wait? I would think it should cost you about 2%. It depends on how much your lender charges. Also I would probably close with whatever title company you originally closed with and you may get a break on title insurance
Posted on 5/25/11 at 2:54 pm to tylercsbn9
Our mortgage is with Chase Bank. They contacted us a few months ago and did a no cost refinance for us. They even had the notary come to our house for the closing.
Posted on 5/25/11 at 3:20 pm to ProudLSUMom
quote:
Our mortgage is with Chase Bank. They contacted us a few months ago and did a no cost refinance for us. They even had the notary come to our house for the closing.
JMO, but i think that possibly the bank was going through loans and trying to salvage "paperwork issues". They were jumping through hoops in some states.
Posted on 5/25/11 at 3:22 pm to Blakely Bimbo
quote:
JMO, but i think that possibly the bank was going through loans and trying to salvage "paperwork issues". They were jumping through hoops in some states.
Sounds like a win, win.
Posted on 5/25/11 at 3:36 pm to Blakely Bimbo
quote:
JMO, but i think that possibly the bank was going through loans and trying to salvage "paperwork issues". They were jumping through hoops in some states.
Chase did the same thing with me, and that was in '04. Granted they screwed it up twice, and I wouldn't recommend them, but they were doing that pre-recession.
Posted on 5/26/11 at 12:45 am to TigerintheNO
2-5K is about average but as mentioned before it has to do with amount and some other factors.
Read the fine print because it can "cost" way more than that.
Read the fine print because it can "cost" way more than that.
Posted on 5/26/11 at 7:29 pm to ProudLSUMom
If you would have called around for quotes. You would have found that they closed you anywhere from 2-.5 points higher than the actual rate you could have received and it will cost you plenty more in the long run.
It takes about 5 years to recoup the cost of a refi, so rule of thumb is a minimum of 1% drop in rate and lowest fees possible. However, if you are going to be in the house for more than 5 years, rate is the most important. A lender could do it for free and it still cost you more in the long run.
It takes about 5 years to recoup the cost of a refi, so rule of thumb is a minimum of 1% drop in rate and lowest fees possible. However, if you are going to be in the house for more than 5 years, rate is the most important. A lender could do it for free and it still cost you more in the long run.
Posted on 5/26/11 at 9:45 pm to tylercsbn9
Cost around 2500 all told for me a few years ago.
Posted on 5/26/11 at 10:00 pm to go ta hell ole miss
I just finished refinancing through everbank. It went well. The rate was extremely low compared to other banks like chase, who I had my mortgage with.
Also Chase tried to scare me into thinking there were "hidden fees." There aren't any. They have to do a good faith estimate just like every other bank and most of the fees can't change that are directly from the bank. So just go for the lowest rate you can find.
Also Chase tried to scare me into thinking there were "hidden fees." There aren't any. They have to do a good faith estimate just like every other bank and most of the fees can't change that are directly from the bank. So just go for the lowest rate you can find.
This post was edited on 5/26/11 at 10:03 pm
Posted on 5/27/11 at 6:58 am to tiger94gop
quote:
If you would have called around for quotes. You would have found that they closed you anywhere from 2-.5 points higher than the actual rate you could have received and it will cost you plenty more in the long run.
It takes about 5 years to recoup the cost of a refi, so rule of thumb is a minimum of 1% drop in rate and lowest fees possible. However, if you are going to be in the house for more than 5 years, rate is the most important. A lender could do it for free and it still cost you more in the long run.
You're right, we could have shopped around but we never took the time to do so.
We only owed $81,000 at the time we refinanced. Our rate was lowered, we had no closing costs and the notary came to our house at 8:00 at night.
My husband was working a turnaround at the time and there would have been no way for him to get to anyone's office during normal working hours.
We don't plan to be in the house more than 5 or 6 more years.
I don't even know if anyone else would have wanted to bother with our $81,000 refi.
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