Posted on: 12th Feb, 2010 07:21 am
i'm looking to refinance my 6.75% 30 year note / 27 years left.
the mortgage consultant is telling me i will need to refinance with a 90/10second. first is 5.32%, second is 8.5%. how do i calculate the true apr to compare if it is a good deal. my payment is dropping 400 a month but my loan balance is going back up due to rolling in cost.
is this a good deal?
the mortgage consultant is telling me i will need to refinance with a 90/10second. first is 5.32%, second is 8.5%. how do i calculate the true apr to compare if it is a good deal. my payment is dropping 400 a month but my loan balance is going back up due to rolling in cost.
is this a good deal?
Hi pearsondavid,
How long do you plan to stay in the property? If you plan to stay in the house for at least 8-10 years, then you can go for a refinance. This will help you to offset the closing cost that you'll have to pay while you refinance your home loan. You can check out the given page in order to calculate APR:
http://www.mortgagefit.com/calculators/apr.html
How long do you plan to stay in the property? If you plan to stay in the house for at least 8-10 years, then you can go for a refinance. This will help you to offset the closing cost that you'll have to pay while you refinance your home loan. You can check out the given page in order to calculate APR:
http://www.mortgagefit.com/calculators/apr.html