Posted on: 02nd May, 2010 07:48 pm
our current situation 30 year @ 5.75 (5years in) 218000 and a 2nd 460.
current payments are 1741 and 192 (rate is 4.75 on second) but we are making an additional 500 payment towards principal on the 2nd. current lender offered a refi on both at 20 years at 5.25, we can buy down.
closing costs are almost 4000.
should we buy down the rate, just refi the first, do both or just stay with what we have
is the rate 5.25 for a 20 year a good one, any recommendations
we have excellent credit but still not sure what to do
i am not a mortgage expert any help or advice is greatly appreciated
refi, does it make sense
current payments are 1741 and 192 (rate is 4.75 on second) but we are making an additional 500 payment towards principal on the 2nd. current lender offered a refi on both at 20 years at 5.25, we can buy down.
closing costs are almost 4000.
should we buy down the rate, just refi the first, do both or just stay with what we have
is the rate 5.25 for a 20 year a good one, any recommendations
we have excellent credit but still not sure what to do
i am not a mortgage expert any help or advice is greatly appreciated
refi, does it make sense
the second is for 46000 not 460
hi guest,
if you plan to stay in the property for around 7 to 9 years, then it would be a good option to refinance both the loans and lower your mortgage rates. staying for a longer period in the property will help you in offsetting the closing costs that you pay while refinancing the property.
in my opinion, the rates and terms offered by the lender is quite good and you should go for the refinance if you meet all the other required criteria of the lender.
if you plan to stay in the property for around 7 to 9 years, then it would be a good option to refinance both the loans and lower your mortgage rates. staying for a longer period in the property will help you in offsetting the closing costs that you pay while refinancing the property.
in my opinion, the rates and terms offered by the lender is quite good and you should go for the refinance if you meet all the other required criteria of the lender.
I don't know all the details about your scenario but, you might want to do a little mortgage shopping. You might be able to find a better interest rate than 5.25 on a 20yr Fixed Mortgage.
Agreed, you can get about 4.25 for a 15yr one easily enough from online lenders if you are willing to take a bit of a look around.