Posted on: 20th Feb, 2009 12:24 pm
i am 10 years into a 30 year fixed rate loan at 7%. i am looking into refinancing to lower my term, lower my payment and lower my total costs over the life of the loan.
i have a quote from my exisiting mortgage company. for some reason the loan amount is increased by $3,000 over what i currently owe.
this is an fha streamline
here are some of the fees:
flood life of loan fee 19.00
processing fee 450.00
application fee 350.00
fha upfront mip 1,834.00
settlement or closing fee 275.00
abstract or title search 265.00
title insurance 420.00
recording fee-mrtg/dot 60.00
courier/msngr-3rd party 35.00
est. total closing - 4,774.42
interest estimated for 15 days 13.15 / day 197.25
mortage insurance premium - 0.14
fire and hazard insurance premium for one year - 909.00
hazard insurance escrow - 4 months - 303.00
county property taxes - 637.17
total estimated prepaid expenses - 1,682.71
estimated cash required to close - 6,457.13
estimated total settlement costs - 6,457.13
estimated closing costs to be financed - 1,834.00
my objective is to not increase the amount of the loan, lower the term and know in advance how much the refinance will cost me - because i want to pay for it now and not finance it.
does anyone know what it will cost me?
thanks!
i have a quote from my exisiting mortgage company. for some reason the loan amount is increased by $3,000 over what i currently owe.
this is an fha streamline
here are some of the fees:
flood life of loan fee 19.00
processing fee 450.00
application fee 350.00
fha upfront mip 1,834.00
settlement or closing fee 275.00
abstract or title search 265.00
title insurance 420.00
recording fee-mrtg/dot 60.00
courier/msngr-3rd party 35.00
est. total closing - 4,774.42
interest estimated for 15 days 13.15 / day 197.25
mortage insurance premium - 0.14
fire and hazard insurance premium for one year - 909.00
hazard insurance escrow - 4 months - 303.00
county property taxes - 637.17
total estimated prepaid expenses - 1,682.71
estimated cash required to close - 6,457.13
estimated total settlement costs - 6,457.13
estimated closing costs to be financed - 1,834.00
my objective is to not increase the amount of the loan, lower the term and know in advance how much the refinance will cost me - because i want to pay for it now and not finance it.
does anyone know what it will cost me?
thanks!
The bank's rep said it would cost me $1400 to refinance. But then, the mortgage goes up over 3K and the estimated settlement costs is over 6K. That's over 9K to refinance a 103K mortgage.
Do you think that there would be reasonable terms available? What is reasonable?
I want to keep my mortgage amount the same. I want to decrease the term. I want to pay the costs out-of-pocket. How deep do my pockets need to be?
Thanks!
Do you think that there would be reasonable terms available? What is reasonable?
I want to keep my mortgage amount the same. I want to decrease the term. I want to pay the costs out-of-pocket. How deep do my pockets need to be?
Thanks!
Hey guest,
When you refinance an existing loan, you will have to pay the closing costs and other related costs once again. But if you are planning to stay in the property for a longer span of time, then I think refinancing at a lower rate will be a good option. It will help you to save money in the long run.
When you refinance an existing loan, you will have to pay the closing costs and other related costs once again. But if you are planning to stay in the property for a longer span of time, then I think refinancing at a lower rate will be a good option. It will help you to save money in the long run.