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Profile picture for Paskoo

Any Bank offering 30 year fixed at 4.5% with a maximum of $5000 in closing costs?

$225000 Refiancing with cash out Loan----LTV80%-----Credit score 735------Property Appraised at $280000------Property in New York.

Closing costs must include all points, origination fees, state taxes etc. etc.
  • February 12 2009 - Babylon
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Answers (6)

Profile picture for Paskoo
Thanks Jennifer,

I will leave it at status Quo for a while.
My credit cards are still at 0% for a while.
I hope it gets better in coming weeks.
  • February 12 2009
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To be quite honest, your credit score and transaction type will most likely mean a full 1% in added fee. Add to that your mortgage tax, title insurance, attorney fee and all the other closing costs, and you are well over your desired CC amount.
Unfortunately, there is no real way to 'absorb' those added fees into rates these days. I recommend that my clients pay points- here's why:

Let's say in your scenario, 2 points got you down to 4.625%, 1 point- 5.125%, and if you really wanted NO points, you'd be at 6%. What this illustrates is just how important it is pay more up front. These rates are not an advertisement- but the 'spreads' in between them are real. 2 points would yield you 1.375% better in rate for a NY cash-out refi transaction. Some might have closer spreads, but you get the point I'm sure. Borrowers do have to pay more these days, it basically comes down to 'how much'.
  • February 12 2009
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Profile picture for Paskoo
Jennifer,

My 1st Mortgage balance is 156K at 6.0%
2nd mortgage balance is 42K at 8.125%.
Rest is credit cards mostly at 0% for about 6 months.
225K will not pay all my credit cards.
I will still owe about 25K on credit cards.
  • February 12 2009
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Paskoo- your mortgage tax alone will be almost $2000, so keeping your total closing costs under $5000 would be impossible. At 4.5%, you'd be looking at hefty fees (for cash-out, credit score) Sorry to be the bearer of bad news, but what rate are you at now? 
  • February 12 2009
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Drop the cash out part and you might be close.
  • February 12 2009
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Profile picture for Rob Cochems
I sincerely doubt that is available right now.
  • February 12 2009
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