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Need help with my refi

Hello everyone, I am in the process of refinancing with my current mortgage holder (wells fargo), but I'm getting hesitant, because the rate I'm being offered is higher than what I'm seeing. Here are the details:
current mortgage balance 410K
HELOC 43K
Appraisal 570K

I want to refi just my current mortgage and subordinate my HELOC.

I am being told that my closing costs would be somewhere around $4900-$5500 which I can roll into the loan, so the new loan would be 415K...no money out of pocket at closing. Rate quote as of today 3.875%.

I am close to closing, but I'm second guessing everything now, because of the rate being higher than the norm.

Can I do better somewhere else? I know that with Wells Fargo, I don't have to pay the NYS tax and if I go with someone else I would. My goal is to roll all closing costs into the loan and keep the loan under 417K

Thanks in advance for all your input.

  • October 16 2012 - Plainview
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Answers (3)

You could file a CEMA to reduce the mortgage tax. The rate would be a lot lower plus the lifetime saving by receiving the lower rate would be substantial. I am Lic. within Suffolk and Nassau County. If you prefer you can come into the local office or I can sit with you and explain all options available.
  • October 16 2012
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I would encourage you to contact @Chris Corica...the information is absolutely correct.  A CEMA refinance will save you a lot of money.  I used to originate in New York and the costs of refinancing if you do not do a CEMA is among the highest in the Nation.  Best of luck!!

  • October 16 2012
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Profile picture for Chris Corica
Better is certainly possible but I would need additional info to make that determination. Also, you can go with a different lender and still avoid paying the NYS mortgage tax via a process known as a CEMA. I do them all the time and Wells is good to work with on them. Feel free to contact me through my profile for a no cost, no obligation rate/fee estimate.
  • October 16 2012
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