Author Topic: Refinancing Mortgage: Looking for advice on these fees.  (Read 556 times)

littleturkey

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Refinancing Mortgage: Looking for advice on these fees.
« on: March 21, 2020, 05:02:46 PM »
Current balance: $185,136.17 with 4% interest.  What I pay now (not including escrow) is $720 every other week.

I found a 2.75% 15yr with Chase that sounded really good, but I am hearing people say the fees are too high.  The fees are $6,816, plus they will add the escrow into it so the new loan amount is $195,900.

Here is what I've calculated: If I don't do anything and keep my current loan, I will pay it off in 14 years.  If I get this new loan, I will pay it off in 13 years and 2 months.  It might be shorter, since the new payment amount will be slightly lower and I will continue paying what the payment currently is ($720).  I think I will save some amount between 11k and 14k, but I'm not sure exactly.

Is a $6,816 fee too high?  Should I keep shopping?  I've checked with my local credit union and they have a 15yr with 3.85% and no fees.  But my current rate is 4% so I didn't think it was the best deal.

MishMash

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Re: Refinancing Mortgage: Looking for advice on these fees.
« Reply #1 on: March 21, 2020, 06:24:05 PM »
What state? I'm in FL with very similar fees, some states are higher then others, our title alone is almost 4k.  And that's from multiple lenders.  Certain states will have higher fees.  CO, we only paid 3500, VA 4200

littleturkey

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Re: Refinancing Mortgage: Looking for advice on these fees.
« Reply #2 on: March 21, 2020, 06:43:27 PM »
It's in WA.

SheepDog

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Re: Refinancing Mortgage: Looking for advice on these fees.
« Reply #3 on: March 21, 2020, 10:46:14 PM »
All said and done, we added about 8k to our loan with not out of pocket expenses, except a $500 appraisal, when we refi'd last week.  Lowered monthly payment by over $100 and saved us like $50k over the life of the loan in interest, so it was worth it to me.

littleturkey

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Re: Refinancing Mortgage: Looking for advice on these fees.
« Reply #4 on: March 23, 2020, 06:56:47 PM »
Well, my local credit union has a 15 year fixed at 3.25% with no fees.  I might go with that instead.

six-car-habit

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Re: Refinancing Mortgage: Looking for advice on these fees.
« Reply #5 on: March 24, 2020, 01:03:51 AM »
 Chase wants you to pay money into the Escrow fund - for part of upcoming taxes, and insurance for the new year , as you stated - for about $3700.

 When you re-fi the old mortgage company should be refunding whatever you currently have as your escrow balance on the old loan. That might be $2000 + coming back to you a month or so after the loans swap .....

affordablehousing

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Re: Refinancing Mortgage: Looking for advice on these fees.
« Reply #6 on: March 24, 2020, 11:48:51 AM »
Check First Republic. We just refi'd to 2.75% 30 year fixed with no fees. I thought that was a great deal.