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hanna7636
LIF Adult
Member since 8/06 921 total posts
Name:
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Got 3.75% refinance-is it worth it
I just received a quote for 3.75% but with 2 points from Silver Fin Capital Group. What I don't understand with them is the compensation they receive. She said they charge a broker fee but then it is credited by the lender so the net effect is a wash. She does not know what that amount is until I lock in. My mortgage rate now is 4.875 so if I went with 3.75 my pmts would be a lot less.
Can anyone explain this to me and is it worth it?
I looked at wells fargo and he could not beat the rate. I am emailing CHL to see if he could.
Thanks
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Posted 10/4/11 1:28 PM  |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Re: Got 3.75% refinance-is it worth it
personally, i wouldnt take any rate with points. rates are low enough now that you shouldnt have to pay points.
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| Posted 10/4/11 1:30 PM |
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hanna7636
LIF Adult
Member since 8/06 921 total posts
Name:
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Re: Got 3.75% refinance-is it worth it
Has anyone seen 3.75 with no points for 30 yr?
Message edited 10/4/2011 1:35:19 PM.
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| Posted 10/4/11 1:34 PM |
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Re: Got 3.75% refinance-is it worth it
I haven't heard of anyone getting anything near that low for a 30 year fixed mortgage. 3.75% sounds more like a 15 year rate to me!
But if you can get it on a 30 year loan, I wouldn't dismiss it just because of the points. You need to figure out if you would save more money in the long-run with this really low rate, despite the points.
Good luck!
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| Posted 10/4/11 2:18 PM |
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hanna7636
LIF Adult
Member since 8/06 921 total posts
Name:
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Re: Got 3.75% refinance-is it worth it
Just spoke with Bruce at CHL and he offered me 3.75 at 1 1/2 point for 30 years. I am just worried about closing costs.
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| Posted 10/4/11 2:29 PM |
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b2b777
LIF Adult
Member since 9/09 4474 total posts
Name:
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Re: Got 3.75% refinance-is it worth it
when did you originally close on your home?
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| Posted 10/4/11 2:35 PM |
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piggy007
Mommy of 2!!
Member since 11/08 1742 total posts
Name:
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Re: Got 3.75% refinance-is it worth it
Yes, defintely take into consideration the closing costs. DH and I were looking into some, and some of the closing costs were ridiculous!
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| Posted 10/4/11 2:41 PM |
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hanna7636
LIF Adult
Member since 8/06 921 total posts
Name:
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Re: Got 3.75% refinance-is it worth it
We bought in 1/2010 but taxes have gone up more than $2000 from when we bought so trying to get lower pmts.
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| Posted 10/4/11 2:46 PM |
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hanna7636
LIF Adult
Member since 8/06 921 total posts
Name:
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Re: Got 3.75% refinance-is it worth it
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| Posted 10/4/11 2:51 PM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: Got 3.75% refinance-is it worth it
i was told by my mortgage broker it was not worth it for me to refinance at this point because of all the costs associated with it.. title, closing, etc. and although I closed in June 2010 my home value most likely went down. I am at a 5% rate and would love a below 4% rate though!
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| Posted 10/4/11 2:55 PM |
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hanna7636
LIF Adult
Member since 8/06 921 total posts
Name:
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Re: Got 3.75% refinance-is it worth it
My FIL is an accountant so every GFE I have sent to him but would love lower pmts (still waiting for him to respond).
I had thought closing costs to refinance were less than when you first buy.
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| Posted 10/4/11 3:13 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Got 3.75% refinance-is it worth it
Posted by JDubs
i was told by my mortgage broker it was not worth it for me to refinance at this point because of all the costs associated with it.. title, closing, etc. and although I closed in June 2010 my home value most likely went down. I am at a 5% rate and would love a below 4% rate though!
I closed in January of 2010 and I am doing it. But I am refinancing down to a 15 year loan. I had 4.5% fixed for 30 years which was fantastic at the time.
Refinancing to NEFCU 15 year fixed at 3.00% zero points. I am paying about 50k towards the principal of the mortgage to keep the monthly payment of the 30yr (with an extra yearly payment) vs the 15yr the same. House will be paid off 9 years sooner and I save thousands in interest over the life of the loan.
Was really a no brainer move.
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| Posted 10/4/11 3:43 PM |
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sunnyflies
LIF Adult
Member since 9/09 1757 total posts
Name:
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Re: Got 3.75% refinance-is it worth it
ave1024
Impressive. Good for you!
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| Posted 10/5/11 12:19 AM |
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MrsJ
I love my Katie Bug
Member since 5/05 11357 total posts
Name:
Kathy
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Re: Got 3.75% refinance-is it worth it
Have you contacted your current lender and asked them about dong a straight refi or streamline refi (if its an FHA loan)?
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| Posted 10/5/11 12:22 AM |
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