Posted on: 11th Aug, 2010 02:51 pm
I have a 281,000 30 yr fixed rate mortgage at 5.875% originated in Dec 2005. Should I do a streamlined re-fi under the "Making Home Affordable" program and pay 2 discount points for a loan at 4.875% with the points ($6300) rolled into the loan it brings the balance up to 293,000? I am 58 and plan to retire in this home.
Two points for 4.875% sounds WAY TOO HIGH. What is the home worth?
What are your FICO scores?
What are your FICO scores?
The house was purchased for $550K, appraised last year for $450K, B of A is using a model that says $406K. This is a rural location with few comps. Score range is 660-670.
I agree, the points are too high. refinancing for a 1% reduction makes sense if you plan to be in the home for a long time.
Lack of comps is not an excuse for you being offered a horrible rate. You definitely need to speak with a different company regarding your options.
Feel free to click on my profile and email me so we can go over your scenario in more detail.
Feel free to click on my profile and email me so we can go over your scenario in more detail.
Hi RFF,
You haven't given all the required details to make the calculations. Nevertheless, you can put all the required details in the given calculator and check out the approximate figure:
http://www.mortgagefit.com/calculators/refinance.html
You haven't given all the required details to make the calculations. Nevertheless, you can put all the required details in the given calculator and check out the approximate figure:
http://www.mortgagefit.com/calculators/refinance.html