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Please need advice tonight on refi

Posted by peegee (My Page) on
Mon, Feb 2, 09 at 22:03

I really need advice, and think I posted this in the wrong forum aliitle earlier, wasting precious time!!!!!My bank is allowing a lock-in on the same day the rate goes up by making an online application. I just started this process late last week, and already missed the lowest rate; today it went up again, and I need to make a decision on whether to pay one, two, or no points. History: I've been in my home for 6 3/4 years; current rate is 6.125 fixed 30 years on 1st and second, which is a complicated subsidized soft second that I really want to get out from under, as my payments in just a few years will be nearly $100. more per month than what I'm paying. Since I don't make a lot and do not receive cost of living increases, I'm concerned about retaining this mortgage which will become increasingly unaffordable as taxes rise. HOWEVER, it appears that I will have to payback i.e. roll into my refi the approx. $5,300. that I received in reduced payments on the soft 2nd since the inception of the loan. Then if I add points to the cost of the fees, I will be paying nearly what I took out for the orig. loan - despite making extra payments to principle for 2 or so years. I am single, mid-fifties, but didn't get into the full-time workforce until late in life. The pressure of having to make a decision tonight is driving me crazy, as I was expecting to have another day or two to spend researching...
Current rates 30 year (same as 20) 5% no points; 4.75% one point; 4.5% two points. My preference would be to move closer to one of my children, but without winning a lottery, unlikely in the next 4-5 years or maybe ever!
Thank you thank you!!!! Penny G.


Follow-Up Postings:

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RE: Please need advice tonight on refi

Hi Penny,
Got you answered over here;
http://ths.gardenweb.com/forums/load/realestate/msg0220495830714.html?2

Here is a link that might be useful: Penny's answer (patience & diligence ;~)


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