Profile picture for chevymonte34

Q: Currently have a 30yr at 4.87% thinking of re-fi to 4.)% at 15, would this be a good move.

would coast me about 6k
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 19 2010 - Moore
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (7)

Got to give the thumbs up to Andrew's answer....

If you were going to move to a 15 year loan, I would look more at a rate in the mid to low 3's depending on credit score and loan to value.... give us some more information and we can help...

What size loan are you looking to refinance?

Would this be a cash out transaction or rate/term?

What is your goal in refinancing? ie... payoff the house as fast as possible? Lower monthly payment? Consolidate debt? Seems like the thing to do these days?

 And remember, timing is everything!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 01 2010
it would be a good move as long as the math makes sense. that's what everyone is trying to say here. u have obviously spoke to someone about this if u have a cost estimate of $6k. definitely get some additional quotes from a local lender or broker.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 01 2010
It really depends upon how long you plan to stay in your home, as to the cost effectiveness.  If you plan to be there long enough to offset the cost incurred for the loan vs the saving from the refi, then it would be advisable to do. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 01 2010
Like the others said, it is impossible to know without more information. If you have a loan amount of $400K you would saving around $3500 a year in interest, but if you had a $100K loan you would only be saving around $875 a year. I normally tell me customers if they can recapture their closing costs with the amount they are saving in about 2 years, it is a good idea to refinance (assuming they are planning on being in the house longer than that). Closing costs usually run between $2500-$3500 depending on the loan amount (I am not including Prepaids in that estimate, which are the Escrows/Interest as you will mostly be recycling that money. You'll pay for the new escrows at closing but get an escrow refund from your current lender about a month after closing). So, use that information to determine if you think it is a good idea, or just call a good local lender and give them all your specifics so they can give you a better idea. Good luck! Let me know if you have any other questions.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 01 2010
I don't know how anyone could figure out if it makes sense without knowing.

1. What the original loan amount was
2. When you closed on the original loan

Most often the decision is not a right or wrong answer.

The rate and fees seem high.  Although your credit score and loan to value will impact that.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 19 2010

Hi there -
I won't do it but it is a personal decision. 
Things happen and your monthly obligation on a mortgage could really impact you if you have a mishap in life.
I would just pay down the current mortgage I have - pay 2x the mortgage payment required and you can save the money on what a refi would cost and have basically the same effect.   Check out amortization schedules on line - I like HSH Home Buyers site it is free.
Good luck to you ...
Sincerely,
Celia

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 19 2010
Why not just pay more $ towards your principal?  If you don't have a penalty towards early pay-off...
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 19 2010
 
Related Questions
Q: Currently have a 30yr at 4.87% thinking of re-fi to 4.)% at 15, would this be a good move.
Profile picture for Lewis Poretz
Latest answer by Lewis Poretz
November 01 2010 | 7 answers
  • Asked by chevymonte34
  • In Refinance
  • September 19 2010
refinancing avialable or advisable??
Profile picture for Wayne Brown
Latest answer by Wayne Brown
June 11 2009 | 3 answers
  • Asked by ldybugsmiling
  • In Refinance
  • June 11 2009
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 608 N Markwell Ave, Moore, OK Home For Sale
    608 N Markwell Ave, Moore, OK 73160

     For Sale: $139,900

    • Beds: 3
    • Sqft: 1610
    • Baths: 2.0
    • Lot: 7708
  2. 940 NW 29th St, Moore, OK Home For Sale
    940 NW 29th St, Moore, OK 73160

     For Sale: $156,500

    • Beds: 3
    • Sqft: 1471
    • Baths: 2.0
    • Lot: 7405
  3. 604 SW 13th St, Moore, OK Home For Sale
    604 SW 13th St, Moore, OK 73160

     For Sale: $99,900

    • Beds: 4
    • Sqft: 1159
    • Baths: 2.0
    • Lot: 6900