Jun
15
Should I refinance my mtg currently in an arm wanted to refi to fixed rate. How much shld a strmlnd refi cost
By
Currently in an arm wanted to do a streamlined refi but how much shld it cost to refi to fixed rate. Still have another year in the loan im in. I dont want to pay too much to refi the loan.
5 Comments
June 16th, 2009 at 12:02 pm
It kind of depends upon the loan amount and the lender that you are using the brokerage and the title company.
With todays rates if you are not comfortabel with your ARM I would suggest refinancing to a fixed rate. I think the most important thing would be to find someone that you feel comfortable with. Costs could be anywhere from
2-5K but it really depends upon the loan amount and the taxes and insurance. Remember that getting a lower fixed rate will save tens of thousands over the life of your loan, the upfront cost to refinance might be rough but you will thank yourself in the end.
If you have any other questions you are more than welcome to contact our branch manager Dennis Shoffner at 877-4MY-EZLOAN. or Check out our website at
Thanks,
Owen Hammond
Director of Sales and Marketing
North American Funding
June 19th, 2009 at 8:22 pm
No, dont refi your arm if you’re ARM is still lower than what the fixed rate is today! Here’s what I would do, figure out what the payment would be if you took existing loan on the 30 year fixed today! If the your current ARM payment is still lower than what it would be at the fixed rate, then what you could do is, when you make your ARM payment, pay it like it’s todays fixed (mind u, only if your arm is lower).
Keep applying that extra payment towards your principal balance, and you’ll be paying down that loan much much faster!
June 22nd, 2009 at 9:53 pm
If you have a Pre-Payment Penalty, It may be wise to wait the year before refinancing. Otherwise getting into a fixed rate is a good idea, as rates will probably be going up in the future. It will probably cost you 2-3 points once all the title escrow and origination fees are included. anything more than this, and I would ask for a second opinion. If you are going to be in the loan untill it is paid off, you can also pay an extra 3 points to lower your interest rate. This will lower your overall payments, and save you money in the long run.
June 25th, 2009 at 9:09 pm
It is worth it to get a fixed rate right now. Rates on 30 years fixed loans are in the 5% range. Benefits should be far greater than the cost of the loan.
Matt
June 27th, 2009 at 1:37 am
inexpensive. for what state?