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Answers (5)
- Kat Whitman, "Whitman Met"
- Contributions:663
Doesn't sound like too bad of a deal - get a few quotes tomorrow morning though.
- Rob Robertson, "Mortgage Broker"
- Contributions:169
Depends on whether you are talking about refinancing into a 15 year fixed or a 30 year fixed Super/Conforming.
If you are being quoted for a 15 year fixed, then you shouldn't be paying a discount point for 4.75%, even assuming 45 day lock pricing (as of this morning). If it's an origination point, whether disclosed as a broker fee or just an origination fee, you might find it a little cheaper (we cap at $2500 origination/broker fee, at the moment for Conforming or Super/Conforming), but don't forget about closing costs as well as your longer term financial goals.
If it's a 30 year fixed you are being quoted, 4.75% paying 1 point discount is pretty solid, considering the same loan @ wholesale par this morning is running about 5.25%. That gives great value for that 1 point discount/buydown. You will be paying a fee for the broker service (origination), plus closing costs for that rate, regardless.
Holding out is risky. If you are happy with the new terms, then I would go for it. You have to take into consideration opportunity costs, should rates go up.
Good luck!
If you are being quoted for a 15 year fixed, then you shouldn't be paying a discount point for 4.75%, even assuming 45 day lock pricing (as of this morning). If it's an origination point, whether disclosed as a broker fee or just an origination fee, you might find it a little cheaper (we cap at $2500 origination/broker fee, at the moment for Conforming or Super/Conforming), but don't forget about closing costs as well as your longer term financial goals.
If it's a 30 year fixed you are being quoted, 4.75% paying 1 point discount is pretty solid, considering the same loan @ wholesale par this morning is running about 5.25%. That gives great value for that 1 point discount/buydown. You will be paying a fee for the broker service (origination), plus closing costs for that rate, regardless.
Holding out is risky. If you are happy with the new terms, then I would go for it. You have to take into consideration opportunity costs, should rates go up.
Good luck!
- David Nezri, "Direct Lender"
- Contributions:265
It sounds like a good rate paying 1 point. Make sure he doesn't charge you 1 point + origination fee or broker fees.
- nematoda
- Contributions:20
I'm just a consumer, but I found a 4.75% no closing cost refi at Fremont Bank (10 or 15 year fixed). I haven't applied yet, but everything I read on the site says the closing costs are exactly $0.
- Andrew Adams, "203K Specialist"
- Contributions:9349
That's a great rate if it's 1 point...It's a good rate if it's 1 point and 1 origination fee...if you add a broker fee on top sot so good..
Is this a good re-fi rate? 4.75 at 1 point?
Want to re-fi (No Cash Out)
4.75% at 1% point
I love the 4.75% but not crazy about the point. My broker said most people are looking for LOWER rates, below 4.5%, but I told him 4.75% is GREAT. But not sure about this point? He before proposed splitting the loan, so I had a HELOC and main, but I wanted 1 total at a low rate. Thoughts?
If I hold out, can I get 4.75% at 0 points? Of course, I might be going crazy becfause I am sure he would offer me 4.75% at 0 points and 4.5% at 1 %. What a crazy time! :)
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