jazzjack
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Hold out a couple of months and contact your lender for a streamline refinance. Lower closing costs. Rates will usually fall a bit in the spring/early summer and go up in the fall.
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Hold out a couple of months and contact your lender for a streamline refinance. Lower closing costs. Rates will usually fall a bit in the spring/early summer and go up in the fall.
It never costs anything to call reputable home lender. If you can't find one of those, call your bank, ask for the loan officer, and ask him/her for recommendations.any more help out there?
Would it be worth it to refinance at this time?
What morgage company is currently advertising no closing costs?
I currently have a 30 year fixed at 6.75%, I bought in August of 2007 when the rates were a little higher because I had an offer on my previous home and wanted to sale it quickly.
I dont know what your loan amount is, but for an average size conventional 30 year fixed loan with no points or origination & extremely low lender fees I can quote around 5.75%. I dont know what your circumstances are, but that may be worth it. I am a local lender, just let me know if you would like more details.
Also, say your house is appraised for 200,000 when you intially made the loan. Since, you have built a shed, or other houses have gone up around you, or whatever, and your house is now worth around 240, 000. You would now have 20% equity in the house, and you could call your mortgage company to see about getting the PMI taken off, which would save you 70-200 per month, depending on how much you pay. It might cost you 400-500 for the appraisel with their guy, but it is worth it to not pay PMI for the next 15 years or so. Also, on a 30yr fixed rate loan, if you make one extra payment per year, like with you income tax refund, and you tell thim to add it to your principle, this knocks 10 years off the loan.
I was always told unless you are saving 1-1.5% your wating up your savings in closing costs? Thats what I was told anyway....
Bumpity Bump Bump...
Can someone let me know how to avoid an escrow account and just pay taxes/insurance myself once/qtr? I am on the refi fence as well.
There is an escrow waiver option, it should be available at virtually any lender as it is a Fannie Mae/Freddie Mac pricing option. It will cost you 0.25% in fee, or $250 per $100,000 in loan amount to choose this option. Like any fee, it can be rolled into either the rate or the loan amount, if your appraised value supports it.
Bumpity Bump Bump...
Can someone let me know how to avoid an escrow account and just pay taxes/insurance myself once/qtr? I am on the refi fence as well.