Zillow Advice: Mortgage Rates - Is this a good re-fi rate? 4.75 at 1 point?

Doesn't sound like too bad ...

Thu, 19 Mar 2009 07:01:00 GMT

Doesn't sound like too bad of a deal - get a few quotes tomorrow morning though.

Depends on whether you are ...

Fri, 06 Mar 2009 16:53:00 GMT

Depends on whether you are talking about refinancing into a 15 year fixed or a 30 year fixed Super/Conforming.

If you are being quoted for a 15 year fixed, then you shouldn't be paying a discount point for 4.75%, even assuming 45 day lock pricing (as of this morning). If it's an origination point, whether disclosed as a broker fee or just an origination fee, you might find it a little cheaper (we cap at $2500 origination/broker fee, at the moment for Conforming or Super/Conforming), but don't forget about closing costs as well as your longer term financial goals.

If it's a 30 year fixed you are being quoted, 4.75% paying 1 point discount is pretty solid, considering the same loan @ wholesale par this morning is running about 5.25%. That gives great value for that 1 point discount/buydown. You will be paying a fee for the broker service (origination), plus closing costs for that rate, regardless.

Holding out is risky. If you are happy with the new terms, then I would go for it. You have to take into consideration opportunity costs, should rates go up.

Good luck!

It sounds like a good rate ...

Fri, 06 Mar 2009 15:19:00 GMT

It sounds like a good rate paying 1 point. Make sure he doesn't charge you 1 point + origination fee or broker fees.

I'm just a consumer, but ...

Fri, 06 Mar 2009 04:07:00 GMT

I'm just a consumer, but I found a 4.75% no closing cost refi at Fremont Bank (10 or 15 year fixed). I haven't applied yet, but everything I read on the site says the closing costs are exactly $0.

That's a great rate if it's ...

Fri, 06 Mar 2009 02:20:00 GMT

That's a great rate if it's 1 point...It's a good rate if it's 1 point and 1 origination fee...if you add a broker fee on top sot so good..