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Answers (7)
- Carl Ashton, "Carl Ashton"
- Contributions:86
20 year fixed 4.25 is very possible,
Yes points make the difference
Say a 4.0 rate will cost you 10K
4.5 will cost you about 15-1800 as its a zero yield spread loan. (processing, appraisal ect)
a 4.625 rate cost you zero as we pay your costs
The more up front in points the less you pay per month, going to a 20 from a 30 is a big jump in payment for most borrowers.
Yes points make the difference
Say a 4.0 rate will cost you 10K
4.5 will cost you about 15-1800 as its a zero yield spread loan. (processing, appraisal ect)
a 4.625 rate cost you zero as we pay your costs
The more up front in points the less you pay per month, going to a 20 from a 30 is a big jump in payment for most borrowers.
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
Nadia...If I may make a suggestion. Give Ken Kopper a call. He is local to you (in Maryland and licensed in DC) and well respected on this site. A link to his info is below. Will give you a straight answer
http://www.zillow.com/profile/Ken-Kopper/
- nadia759
- Contributions:23
Thanks Nick. I've decided to go for it. I think there's a good chance my property will appraise at the required amount. But even if not, I've discovered that my PMI will be 1/3 of what it would have been otherwise, so its worth it for me.
15 year loan would put my monthly payments at close to 2k (without including escrow) which is a bit higher than I'd want to pay...20 year loan seems to be the right balance.
Called my current bank to see if I could just refinance with them to make the paperwork easier perhaps and maintain the banking benefits. But they said that "the national average for a 20 year fixed loan was 4.875%" What a joke...
15 year loan would put my monthly payments at close to 2k (without including escrow) which is a bit higher than I'd want to pay...20 year loan seems to be the right balance.
Called my current bank to see if I could just refinance with them to make the paperwork easier perhaps and maintain the banking benefits. But they said that "the national average for a 20 year fixed loan was 4.875%" What a joke...
- Nick Pakulla, "MD DC VA Mortgage"
- Contributions:63
The key to your situation is the appraisal. You will want to work with a local bank that has access to local appraisers. If you don't have 80% LTV you will need some sort of MI, you could always do monthly MI that ends at 78% LTV. I would suggest working with a lender to figure out where your property will appraise for first, which may come at some upfront cost to you.
What is zillow saying? Also, why not look at 15 year, rates are even better..
What is zillow saying? Also, why not look at 15 year, rates are even better..
4.25% is actually available at that loan amount on a 20 year fixed, if your LTV is 80%. APR would be 4.458% and that assumes a $3000 origination fee and a credit to you for closing costs (other than the origination fee) of $1345 which is .5%.
- nadia759
- Contributions:23
Thanks for your response!
I was told that if my property appraised at $337k or so (which is very realistic give it located in DC and purchase price was $315,000 and I improved it some) then I could avoid PMI. Does this make the rate any more realstic? I don't want to get scammed or anything. Looking for a solid loan.
- Andrew Adams, "203K Specialist"
- Contributions:9349
No PMI at 85+% loan to value and a rate of 4.25%. Completely un-realistic without paying points!
Looking for a good rate for refiance. Want 20 year fixed rate - 4.25% reasonable?
Should I go for it? One thing I notice is that "Total Lender Fees" vary from about $1200 to over $6000! Why the difference?! Are these points added for the higher fee amounts?
Here are some details: I have outstanding credit (over 760). Obtained my current loan on October 2009 for $283,000 (purchase price was $315,000). Currently have $269,000 outstanding, which I'd like to refinance. I don't want/need to take any money out. Property is a row house (fee simple) located in Washington DC.
I've contacted two lenders already (my current mortgage lender and another one I had contact with previously for my original loan) regarding refinancing at 4.25% for 20 years with no PMI. Neither one has been responsive - is this an indication that the online zillow rates are too good to be true?
Any help would be much appreciated. Thanks!
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