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Refi, is this a decent deal?
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Moderator
Join Date: Jan 2001
Location: Polwaristan
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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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Mac Elite
Join Date: Jul 2002
Location: Toronto, Canada
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What's your current rate? What will the new rate be? Its hard to have an opinion without knowing those.
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Moderator
Join Date: Jun 2000
Location: inside 128, north of 90
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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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Moderator
Join Date: Jan 2001
Location: Polwaristan
Status:
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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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Moderator
Join Date: Jan 2001
Location: Polwaristan
Status:
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Originally Posted by andi*pandi
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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Mac Elite
Join Date: Apr 2001
Status:
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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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Moderator
Join Date: Jan 2001
Location: Polwaristan
Status:
Offline
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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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