Author Topic: Refi-good deal?  (Read 1037 times)

luminajd

  • 5 O'Clock Shadow
  • *
  • Posts: 36
Refi-good deal?
« on: September 22, 2016, 04:01:57 PM »
Current state:
Bought home in 2003, 51,000K mortgage, 5.25 percent
Currently owe $33,000

Ive gotten some face punches and am told to refi. I talked with Quicken loans today and they say:
15 year term, 3.125%, $2800 closing costs.
Thoughts? He certainly did a lot of sweet talking but I like the deal. Ive done some googling and other quotes through places without pulling my credit score (Quicken did), and Im having a hard time finding lower closing costs.
Also, do I roll closing costs into the loan? I thought I had read that is dumb to do? We just sold  camper so I do have $6,200 cash lying around if its best not to roll.
Thank you!
Jessica

tweezers

  • Stubble
  • **
  • Posts: 186
Re: Refi-good deal?
« Reply #1 on: September 22, 2016, 04:13:36 PM »
I'm signing the closing refi docs for a 30-year mortgage at 3.25 with close to 0 closing costs (APR 3.255 or something like that).  Ours is with Homepoint Financial, which we chose because they had the cheapest rate posted through Zillow.  Unless you have an emotional desire to pay off your mortgage, the longer term with reinvesting the difference in payment works out better from a math perspective.

Mother Fussbudget

  • Pencil Stache
  • ****
  • Posts: 828
  • Age: 57
  • Location: Indianapolis, IN
Re: Refi-good deal?
« Reply #2 on: September 22, 2016, 07:14:05 PM »
Run the same numbers at PenFed.  Their 15 year rate is lower (2.625% / 2.880% APR).
Many of us have PenFed mortgages - their all-online service, and great rates make them a winner.
https://www.penfed.org/compare-mortgages/

luminajd

  • 5 O'Clock Shadow
  • *
  • Posts: 36
Re: Refi-good deal?
« Reply #3 on: September 22, 2016, 07:44:07 PM »
It gave me a Apr of 3.1 with closing costs of 4,700 for my numbers