Posted on: 27th Sep, 2010 11:39 am
i've paid toward my current 30 year fixed for five years at 5.25%, monthly piti payment is $1762.83. i have explored a 15 or 20 fixed and though i recognize the loan would pay off sooner, i cannot currently take on a higher monthly payment. does it make sense to refinance to a 4.375%, with no origination. piti payment on the 25 year is $1644/mo. closing costs, assuming we do not need an appraisal, should run about $2100. if we need to have an appraisal done, closing costs increase by $400. the lender said they do not anticipate that we would need an appraisal based on the current loan to value, we should receive an appraisal waiver. also, is there a difference between refinancing with the current bank mortgage loan holder or going through a mortgage broker?