Posted on: 06th Feb, 2010 05:06 pm
hi,
my current loan balance is $100,000 @ 5.35% on a 5 year arm which ends in november of 2010. last week bank of america called me and offered 5year arm @ 3.25% with a closing cost of $2,650. should i refinance? is it really worth putting down $2,650 towards closing? how long it takes to break even? please advise.
regards!
ps
my current loan balance is $100,000 @ 5.35% on a 5 year arm which ends in november of 2010. last week bank of america called me and offered 5year arm @ 3.25% with a closing cost of $2,650. should i refinance? is it really worth putting down $2,650 towards closing? how long it takes to break even? please advise.
regards!
ps
It depends if that is the origination charges or the total closing costs including title and taxes. You need to get a gfe from b of a. They usually have very confusing loan estimate forms. When you get it see if that is the total charges of the transaction or if that is just the fee they are charging for the loan.
If thats all then its a heck of a deal and your arm is adjusting in november anyway so you might as well jump on it.
If thats all then its a heck of a deal and your arm is adjusting in november anyway so you might as well jump on it.