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Answers (10)
- Geofrey Merino, "GMerino"
- Contributions:445
If the lender is offering 4.125% with lender credit, that is an excellent rate. Typically, the rates for a lender paid MI are higher than 4.125%. I really think this person is giving you a bunch of crap!
- James Peters, "JamesRPetersSr"
- Contributions:98
It sounds like it is probably not in your best interest to refinance. It depends if your main goal is to save money monthly or lower your term.The monthly mortgage insurance is just going to eat up the savings.
- Ray Blindauer, "SigmaWealth"
- Contributions:246
Actually, when you click on Mortgage Rates at the top, click on Get Custom Quotes from the drop down menu. That will get you to where you need to go.
- Ray Blindauer, "SigmaWealth"
- Contributions:246
I would post your scenario. Click on the Mortgage Rates tab and then choose Loan Requests. You'll get all sorts of lender pricing and quotes there.
- Ray Blindauer, "SigmaWealth"
- Contributions:246
If your new payment with the lower rate and MI is less than your current payment, I would lean toward this option since you can at some point down the road, remove the MI. That's not the case with the other option.
- Ray Blindauer, "SigmaWealth"
- Contributions:246
- Geofrey Merino, "GMerino"
- Contributions:445
indnracn2,
Your current interest rate is great. If you refinanced with the no PMI at 4.125 you are going to save $52.00 a month. That is not taking consideration closing costs, so you would probably increase your loan amount to cover the costs. Is it really worth the trouble to save $30.00 to $40.00 a month. Many feel that it is! Gas money that you do not currently have.
Your current interest rate is great. If you refinanced with the no PMI at 4.125 you are going to save $52.00 a month. That is not taking consideration closing costs, so you would probably increase your loan amount to cover the costs. Is it really worth the trouble to save $30.00 to $40.00 a month. Many feel that it is! Gas money that you do not currently have.
- Pat Pribisko, "Pat Pribisko"
- Contributions:1426
Make an appointment with a loan officer at a local bank.
REFI options any suggestions
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