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Answers (3)
- Tony Gim, "tonygim"
- Contributions:158
Most lenders will not refinance your loan if it is currently for sale. If you will be in the home for 1-2 years, I suggest you take it off the market, refinance to a zero points loan and a little higher to get all of the closing costs paid.
For example, if you have over a 720 FICO score and debt to income below 40% you might qualify for a 5 year fixed rate for 3.75% and 1.25% rebate to pay most or some of the closing costs. But, a 5.375% 30 year ficed rate has a rebate of 3.25%.
These are wholesale rates so you would need to add commissions to these fees. Please check with a variety of lenders in your area for an accurate quote. The above numbers are simply representative of a loan I quoted for another borrower today who may have different circumstances than you.
For example, if you have over a 720 FICO score and debt to income below 40% you might qualify for a 5 year fixed rate for 3.75% and 1.25% rebate to pay most or some of the closing costs. But, a 5.375% 30 year ficed rate has a rebate of 3.25%.
These are wholesale rates so you would need to add commissions to these fees. Please check with a variety of lenders in your area for an accurate quote. The above numbers are simply representative of a loan I quoted for another borrower today who may have different circumstances than you.
- Robert Lowery, "Bob Lowery"
- Contributions:2097
- Texas Banker
- Contributions:517
You cannot re-finance while the home is in the market.
To refinance my 30 year fixed 6.25% loan on $170,000, what rate would break-even on costs?
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