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Refinance question
| floppy pozpig | 07/09/20 |
| Mind-boggling native windowlicker | 07/09/20 |
| floppy pozpig | 07/09/20 |
| floppy pozpig | 07/09/20 |
| dark cerebral meetinghouse boiling water | 07/09/20 |
| Rebellious keepsake machete station | 07/09/20 |
| floppy pozpig | 07/12/20 |
| Elite indecent idiot roommate | 07/12/20 |
| bistre vivacious locus | 07/12/20 |
| Filthy ape cuck | 07/12/20 |
Poast new message in this thread
Date: July 9th, 2020 3:49 PM Author: floppy pozpig Dumb refinance question:
My current rate is 3.8125%. I can refinance at 3.25%, which includes over $4,000 of credit -- so no closing costs. Is there any reason *not* to do this other than the hassle? |
Date: July 9th, 2020 3:50 PM Author: Mind-boggling native windowlicker you can probably refi lower if you shop around (http://www.autoadmit.com/thread.php?thread_id=4580206&forum_id=2#40575460) |
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Date: July 9th, 2020 3:54 PM Author: floppy pozpig Got quoted for 2.8125% but that includes some closing costs. The rate above includes several thousand in lender credits, which means no closing costs.
I don't see a downside here as long as the lender doesn't try to get shady and increase the principal amount. |
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Date: July 9th, 2020 4:05 PM Author: floppy pozpig Bump. Anyone here refi recently? Am I missing anything? (http://www.autoadmit.com/thread.php?thread_id=4580206&forum_id=2#40575566) |
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Date: July 9th, 2020 4:09 PM Author: dark cerebral meetinghouse boiling water how many years in. If you have 10 years into a 30 year, and just do another 30 years, you are gonna pay more. Even if you sell in a few years, your gonna be paying more in interest and will probably get less equity out even with the lower rate (http://www.autoadmit.com/thread.php?thread_id=4580206&forum_id=2#40575585) |
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Date: July 9th, 2020 4:08 PM Author: Rebellious keepsake machete station What’s your actually savings doing this? Like $100 a month? There is no way there are no closing costs. Someone has to pay the title agency and it won’t be the bank.
Rule of thumb is every .25 points is $55 a month on a $500k loan. |
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Date: July 12th, 2020 4:28 PM Author: floppy pozpig I save about $200/month.
There are about $4K of closing costs, but these are paid by the fact that I'm refinancing at 3.25% rather than ~2.85%. By refinancing at the higher rate, I have a credit from the lender for about $4K.
Makes sense to me. Want to make sure I'm not missing something - appreciate input from those who have done this. |
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Date: July 12th, 2020 4:30 PM Author: Elite indecent idiot roommate Do it. /thread (http://www.autoadmit.com/thread.php?thread_id=4580206&forum_id=2#40593842) |
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Date: July 12th, 2020 4:31 PM Author: bistre vivacious locus Something is off here. Just refinanced jumbo at 3.25 without buying down. Shop around for a bit. (http://www.autoadmit.com/thread.php?thread_id=4580206&forum_id=2#40593854) |
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Date: July 12th, 2020 4:46 PM Author: Filthy ape cuck Fuck all libs (http://www.autoadmit.com/thread.php?thread_id=4580206&forum_id=2#40593912) |