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Old 07-06-2016, 12:44 PM   #1
oie77
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Mortgage Refi Question

Given that the 10yr yield is now just off of a record low, I figured I'd take a look at refi rates. Im currently in at 3.75% so I haven't been in a rush.

Just got quoted 3.375 on a 30yr fixed, no points.

Im looking at this fee list though and its looks like a new closing cost sheet!

Total closing costs come in around $7900. Am I getting hosed? What should this be?

After all this crap get rolled into my new loan, it comes out to about $300/mo savings. I don't hate that...

Thanks!
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Old 07-06-2016, 12:50 PM   #2
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Originally Posted by oie77 View Post
Given that the 10yr yield is now just off of a record low, I figured I'd take a look at refi rates. Im currently in at 3.75% so I haven't been in a rush.

Just got quoted 3.375 on a 30yr fixed, no points.

Im looking at this fee list though and its looks like a new closing cost sheet!

Total closing costs come in around $7900. Am I getting hosed? What should this be?

After all this crap get rolled into my new loan, it comes out to about $300/mo savings. I don't hate that...

Thanks!
The $/month is irrelevant to the question being asked.
1. How much, including interest, will you pay on your current loan from now until it is paid off?
2. How much, including interest, will you pay on the refinanced loan from now until it is paid off including any new costs?


If the answer to question 1 is larger than the answer to question 2, then you save money by refinancing. If not, keep your current mortgage. I'd shop around though, as that may be quite high for refinance closing costs based on what some people pay (quite a few banks will refi their existing loans for much less I've heard).
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Old 07-06-2016, 12:53 PM   #3
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Old 07-06-2016, 12:54 PM   #4
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Originally Posted by Wraisil View Post
The $/month is irrelevant to the question being asked.
1. How much, including interest, will you pay on your current loan from now until it is paid off?
2. How much, including interest, will you pay on the refinanced loan from now until it is paid off including any new costs?


If the answer to question 1 is larger than the answer to question 2, then you save money by refinancing. If not, keep your current mortgage. I'd shop around though, as that may be quite high for refinance closing costs based on what some people pay (quite a few banks will refi their existing loans for much less I've heard).
Yes #2 is significantly lower.

Some of the issue here is that for some reason DC is charging a $4600 tax. So back that out and we're left with a much more palatable figure (I think)...
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Old 07-06-2016, 12:55 PM   #5
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I'm far from an expert, but that seems high for closing.

I refied in Feb and paid $2700. The Bank handled 1300 of that and I locked in at 3.625%


If you just took $7900 and paid it on your principle now, how much would it save you over the course of the loan vs the lower payments now? I hate how banks say they are "saving you money" when they are really just stretching your old balance out over a longer payback period. Of course your payments are lower, you are refinancing less money for a longer period!
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Old 07-06-2016, 12:57 PM   #6
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Yes #2 is significantly lower.

Some of the issue here is that for some reason DC is charging a $4600 tax. So back that out and we're left with a much more palatable figure (I think)...
The other part is how long do you want to stay in your house? Is it substantially longer than 27 months ($7900 in upfront costs divided by $300/mo savings)? You won't see the positive gain in the refinance for more than two years.
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Old 07-06-2016, 12:59 PM   #7
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The other part is how long do you want to stay in your house? Is it substantially longer than 27 months ($7900 in upfront costs divided by $300/mo savings)? You won't see the positive gain in the refinance for more than two years.
Great point.
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Old 07-06-2016, 01:18 PM   #8
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lol @ paying closing costs.
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Old 07-06-2016, 02:34 PM   #9
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Those closing costs could include escrow, in which case you'd get back what you currently have in escrow at your current institution.

I have mine at 3.875 so a 50bps decrease is very appealing.
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Old 07-06-2016, 02:44 PM   #10
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It sounds like you are signing up for an impound account for property taxes.

These are questions you should ask the mortgage broker dealing with your loan instead of strangers on the car forum. He can tell you exactly what that money is for.
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Old 07-06-2016, 02:54 PM   #11
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Also, how many years do you have left on your current mortgage? because if you're significantly into your current one, resetting back to 30yrs has to suck.
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Old 07-06-2016, 03:15 PM   #12
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Originally Posted by oie77 View Post
Given that the 10yr yield is now just off of a record low, I figured I'd take a look at refi rates. Im currently in at 3.75% so I haven't been in a rush.

Just got quoted 3.375 on a 30yr fixed, no points.

Im looking at this fee list though and its looks like a new closing cost sheet!

Total closing costs come in around $7900. Am I getting hosed? What should this be?

After all this crap get rolled into my new loan, it comes out to about $300/mo savings. I don't hate that...

Thanks!
the closing costs are very high. you will break even from savings to cost of refi in over 2 years. are you getting any money back from your existing lender? Are they rebuilding an escrow account from taxes insurance as part of that cost?
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
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Old 07-06-2016, 03:26 PM   #13
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Old 07-06-2016, 03:26 PM   #14
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the closing costs are very high. you will break even from savings to cost of refi in over 2 years. are you getting any money back from your existing lender? Are they rebuilding an escrow account from taxes insurance as part of that cost?
No money back but this is including escrow account.

Im only 39mo into the existing loan.
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Old 07-06-2016, 03:27 PM   #15
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Buy it in cash you peasant
peasant status
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Old 07-06-2016, 03:55 PM   #16
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the closing costs are very high. you will break even from savings to cost of refi in over 2 years. are you getting any money back from your existing lender? Are they rebuilding an escrow account from taxes insurance as part of that cost?
english motherfvcker.

I'm looking at refinancing to a 15yr. Need tips.
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Old 07-06-2016, 06:05 PM   #17
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lol @ paying closing costs.
Seriously
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Old 07-06-2016, 06:06 PM   #18
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Old 07-06-2016, 06:17 PM   #19
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english motherfvcker.

I'm looking at refinancing to a 15yr. Need tips.
should be able to get a rate of about 3.125% no cost.
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
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Old 07-06-2016, 08:25 PM   #20
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