San Diego Housing Market News and Analysis
refinancing again with negative points..
User Forum Topic
Submitted by teaboy on September 14, 2011 - 8:31am
I'll probably never be rich because I get nervous whenever I think I've found a free lunch...
Anyway, I'm thinking of refinancing my current mortgage (30-year fixed @ 4.25% with 29 years left) to a new 30-year fixed @ 4.25%.
Why? Because by doing so (according to absolutemortgageco.com) the new mortgage would come with -2.873 points (-$12k), meaning that I would receive a credit of $7k from the refinance, after all closing cost.
Assuming there's no clause preventing it, I'd then do this every 6 months (while rates are low enough, which could be for a few years yet).
Am I a genius, or what?
~Active forum topics~
~SD Home Price Snapshot~
|* Investment advisory services and securities offered through Girard Securities, Inc., member SIPC/FINRA. The views and opinions expressed on this site are not those of Pacific Capital Associates or Girard Securities, Inc. The information on this site should not be construed as investment advice.|