Posted on: 27th Jun, 2010 10:08 am
i have mortagage balance of 275k and the time left is 25 years and 10 months. the loan current loan is at 5.785. i have a refinance offer for 20 years at 4.375. the payement will go from 1694 to 1740 the closing costs about $3200. olease advise should i go for it. i have almost 40% equity in the home.
thanks
thanks
Yes it would make sense if your ultimate goal is to pay off your house. You will pay it off faster and save a bundle in interest so I say yes to the refinance, just no to the rate and fees. You should shop around more. Also, the $1740 does not match with the 275K @4.375% for 20 years, it should be $1721.29. Make sure your principal is not being raised in addition to paying fees at closing.
what rate should i shop for with credit score of 807 and exellent income and having all doucmentations
That rate is a bit high for that amount of closing costs. Does that $3200 include just the lender fees or is that title costs as well?
What state are you located in?
What state are you located in?
Hi Netherton,
A bit high? What are you able to offer on a 20 year fixed mortgage (Please include your bank fees).
A bit high? What are you able to offer on a 20 year fixed mortgage (Please include your bank fees).
Pretty sure we are not supposed to quote rates and fees on this discussion forum but feel free to click on my links in my signature to see my 20 year rates. What state are you in?