Rates in your Area

Fat_DaddyJuly 12, 2003

Im refinanceing the house, my payoff is 126K

Im refi a total of 150K at a rate of 4.875 no pints or orig fee. I'm borring extra to pay off cars.

Daughter starts college next year, going to free up some money.

This if for 15 years making the payment $30 less than present.

What are the rates in you neck of the woods?

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dave_donhoff

Hey Daddy-O,

If I'm assuming correctly that you're doing a 15 FRM because you want to pay the loan down as fast as possible....

AND you're refinancing a home that has sufficient equity in it...

WHY aren't you maximizing the allowable Discount Points to get the rate as much lower as possible?

Every dollar spent on Points will produce a savings that will pay for itself in 2-4 years... after which your loan will simply accelerate to a faster payoff (assuming you budget the same as you would at that higher "free" rate.)

Cheers,
Dave Donhoff
National Mortgage Broker/Banker

    Bookmark   July 12, 2003 at 11:55PM
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Fat_Daddy

The rate with the local Mortage company is 5.125 thats
15 and paying orig fee and you have to pay for points.
Your talking allot of money going out.
I got 4.875 for 15 and not points on orig fees...
Its a no brainer to me

    Bookmark   July 18, 2003 at 6:03PM
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dave_donhoff

Huh?

    Bookmark   July 18, 2003 at 11:07PM
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