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Answers (6)
- Clay Branch, "Georgia Loans"
- Contributions:7839
helaurin, drive up the street and talk with Joe, his advice is great and FREE.
- Joe Cafiero, "Joe Cafiero"
- Contributions:3222
Worth looking at...One way to think of it when looking at closing costs is if I were to come up to you when you refi'd in the spring and said for "x" additional dollars, I can lower your rate to what today's rate is would it be worth it? Not sure if it is the right way to look at it. I am sure others will come on to agree or disagree. Happy to help out. I am right up the road from you.
- Edward Fallon, "efallon"
- Contributions:66
You should definitely look into the numbers for refinancing if you plan on staying in the house. You can get a very good rate based on what you described with low closing costs.
- T.C. Whiting, "TC_at_PNC_Bank"
- Contributions:332
No brainer. It's definitely worth looking at. Rates on the 30 year fixed are in the low 4s for most borrowers!
Whether or not you should pay closing costs is determined by how long you expect to live in the property. Contrary to the way people tend to act, paying closing costs or even points can be very worth it in the long run when in a low rate environment (and the odds of being able to refinance in the future are relatively low) and less worth it in a higher rate environment when the odds of being able to refinace down the line are much higher. Ironically, people tend to buy rates down when they're high and not when they're low.
In any case, I (as well as many of the other great lenders that post in this community) can give you options with and without closing costs and help you figure out what your best coarse of action might be (based on your individual circumstances). Feel free to click on me and send me an email.
Whether or not you should pay closing costs is determined by how long you expect to live in the property. Contrary to the way people tend to act, paying closing costs or even points can be very worth it in the long run when in a low rate environment (and the odds of being able to refinance in the future are relatively low) and less worth it in a higher rate environment when the odds of being able to refinace down the line are much higher. Ironically, people tend to buy rates down when they're high and not when they're low.
In any case, I (as well as many of the other great lenders that post in this community) can give you options with and without closing costs and help you figure out what your best coarse of action might be (based on your individual circumstances). Feel free to click on me and send me an email.
- Wayne Brown, "SDMortgagefinder"
- Contributions:1433
I'd keep a keen eye on the market.
If, and only if, you refi I'd recommend doing it at a slightly higher rate withour paying closing costs.
Good Luck
If, and only if, you refi I'd recommend doing it at a slightly higher rate withour paying closing costs.
Good Luck
- shapiroamg
- Contributions:3058
http://www.zillow.com/profile/Chris-Corica/
You are in NY? I would just call Chris as he is the best LO on here servicing NY.
You are in NY? I would just call Chris as he is the best LO on here servicing NY.
is it too soon to refi again?
Is it too soon and/or would it be worth it? I'd only be interested in a 30 yr refi, no cash out.
My particulars:
- Single Family, bought 1/2010 for $295K, 5.5% 30 yr fixed with PMI.
- Refi'ed at 4.875% in 5/2011 again for 30 yr fixed, eliminated PMI - house appraised for $300K, borrowed $240K.
- Credit scores 740+
- No others on loan
- escrow taxes; 2011 taxes was $4,732 and ins. was $762.
- monthly: student loans ($310) & car payment ($268).
- putting 12% of 82K annual salary into 401K
- resident friend is not on loan or title, but reimburses me approx. $1K/mo towards his share of housing expenses.
- my tax returns show my income as w-2 employee but I also file form 1065 for a small partnership for a business I owned with my ex, we closed it down in May this year. Never took a salary from the business and didn't rely on it for income.
- changes to the house since the appraisal, done 4/2011: removed old wall-to-wall carpeting, refinished most of the hardwood floors, added hardwood in living room where there was only a subfloor, replaced one exterior door, replaced old vinyl composition tile (VCT) in one basement room with new VCT, repainted all exterior trim/shutters. In short, nothing that I think would reduce the value of the house.
Is it worth looking to refi again at this time and if so, what should I hope to see in terms of rates/fees?
I'm not looking to get cash out but also not looking to have to put out a lot of cash into the refi - looking for a combination of low fees & a rate low enough to make sense to refi.
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