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-   -   Refi, is this a decent deal? (http://forums.macnn.com/89/macnn-lounge/501438/refi-is-this-a-decent-deal/)

 
Cold Warrior Jun 13, 2013 07:20 PM
Refi, is this a decent deal?
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.
 
Phileas 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.
 
andi*pandi 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.
 
Cold Warrior 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.
 
Cold Warrior Jun 13, 2013 08:20 PM
Quote, Originally Posted by andi*pandi (Post 4234973)
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.
 
el chupacabra 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.
 
Cold Warrior 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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