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Refi, is this a decent deal?
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Join Date: Jan 2001
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Jun 13, 2013, 07:20 PM
 
My rate is way too high compared to present day. I've been offered a rate that cuts the mortgage by $200/mo and has $2,600 in closing. I've bought a few homes in the past and this seems reasonable, but we have a lot of smart people here and your insights could help.
     
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Jun 13, 2013, 07:58 PM
 
What's your current rate? What will the new rate be? Its hard to have an opinion without knowing those.
     
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Jun 13, 2013, 08:06 PM
 
I was talking to my friend who does appraisals about this. He is very busy with people refinancing. He says the rates are good now, not as low as they have been, but still good.

$200 less per month doesn't sound like the best deal. The last time we refinanced, we got a $400 savings.
     
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Jun 13, 2013, 08:18 PM
 
My rate will drop 2 percent. I forgot to add that it's an investment property (was my home, but I moved and decided to rent it out). LTV is maybe 80 percent. This is a harp 2 refi. I previously looked at refis that weren't harp 2 and they were all far more expensive.
     
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Jun 13, 2013, 08:20 PM
 
Originally Posted by andi*pandi View Post
I was talking to my friend who does appraisals about this. He is very busy with people refinancing. He says the rates are good now, not as low as they have been, but still good.

$200 less per month doesn't sound like the best deal. The last time we refinanced, we got a $400 savings.
My mortgage isn't big now and the home isn't in an expensive area, so that would impact savings comparisons. Plus it being an investment property (just added that, forgot to include it) means I can't get owner-occupied rates.
     
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Jun 13, 2013, 11:02 PM
 
Have you price shopped? I usually get several rate and fee quotes if I can. If the lowest one is a company I don't like I bring it to the one I want to go with and see if they price match. Just from the sound of it it doesn't look like a bad deal.
     
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Jun 14, 2013, 07:17 PM
 
I was shopping around last year and closing costs were a lot higher. I think it might've been the combination of rental property and LTV. A bit of online research, but no formal quotes, seems to indicate this isn't a bad deal -- refis don't normally pay for themselves in a year.
     
   
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