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Answers (5)
- Brian Wiesner, "MonacoMortgage"
- Contributions:47
Cost effectiveness and financial benefit are things you have to determine. Simply lowering your monthly payment significanlty with a new 30 year loan and investing/saving your cash can be very effectively projected out for you with the right mortgage calculators. Your goals and risk personality are all factors to be considered when we work on the projections.
- Joseph Lanza, "JoeMtgMan"
- Contributions:11
Praneekan, I know we all want to have the best offer to do a refinance. Your desire to reduce your loan down to a 15 year term is your biggest financial benefit. When ever you can reduce your term you save time and money going out to pay future interest. Your current rate is high, so your daily interest will reduced. It is not a question of points, no points, costs, no costs. This is a very beneficial move for you financially. So don't wast to much time pondering. Even if you think you ended up paying to much you will saves thousands in the long run. My suggestion is a no point loan with the closing cost rolled in. So poke around for a good offer.. should be in the high 3.... but don't wait to long because if rates go up and they will you will feel like you missed the boat. good luck!
- Rohit Mohan, "MortgageGeek"
- Contributions:100
With such a low loan amount, it would be tough to find a no cost loan. You can get in the mid 3.0% range for a 15yrs fixed with closing cost.
Let us know if we can help in your refinance
Let us know if we can help in your refinance
- Ed Brophy, "Ed Brophy"
- Contributions:455
You have two options if you don't want to come out of pocket with the cost to refinance.
1. Refinance into a slightly higher rate that offers enough of a rebate to cover the costs.
2. Roll the cost of the refinance into your loan and get todays lower rate.
If you would like to discuss your options feel free to contact me via my Zillow profile.
1. Refinance into a slightly higher rate that offers enough of a rebate to cover the costs.
2. Roll the cost of the refinance into your loan and get todays lower rate.
If you would like to discuss your options feel free to contact me via my Zillow profile.
- Eddie Luhrassebi, "Evoque Lending"
- Contributions:20
Hi Praneekan. You can do a no point loan with this loan amount, but I think it would be very difficult to do a no cost loan as the rate will be higher. Depending on yoru credit, we offer no points at 3.99% at 4.07% APR. Hope this helps. Bets of luck. Eddie
WANT TO REFINANCE WITH LESS COSTS OR NO COST FOR 15YR?
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