Jun
28
What is the difference between these refinances?
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What is the difference between a 5.5% streamline refinance and whatever the actual interest rates on the market are (currently around 5%). Is there pros and cons to picking to do one over the other)
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2 Comments
June 29th, 2009 at 4:06 pm
closing cost. Plain and simple. The higher the rate the lower the closing cost should be
July 2nd, 2009 at 7:09 am
a streamline loan sounds like your rate is locked in (in this case, 5.5%) and you’re on the fast track for loan approval, but not being locked in (at 5.5%), you are willing to take whatever the rates are the day you close (or the rate at some predetermined date before the close). If you are happy with a particular rate, lock it in and don’t try to catch the “bottom”–it’ll drive ya crazy! Good luck.