Time to refinance :-)

[HLS]

True no cost loans (no points, no fees) depend on your loan amount. Today’s pricing for loans above $250,000 for a no cost 30 YR Fixed loan was 4.625%
IF YOU QUALIFY….

A true no cost loan has no closing costs to the borrower.

You are not getting a free loan, you will get a higher rate and have a higher payment than if you paid the costs. If you plan on keeping the loan for at least 4 or 5 years, you are better off paying some costs and getting a lower rate/payment.

In the long run, a no cost loan can cost tens of thousands of dollars in wasted interest over the life of the loan… HLS

Pricing changes every day.

[IT.MOM]

[quote=HomeShopping]To IT.MOM

Do you mind sharing your total closing costs?[/quote]

We don’t need to pay any closing fee for the new loan.
But I just found out that we need to pay $100 for the old bank to terminate the old loan.

So our total out of pocket amount for the refinance is $100. We can break even in 1 month.

Cheers.

[IT.MOM]

[quote=HomeShopping]To IT.MOM

Do you mind sharing your total closing costs?[/quote]

We don’t need to pay any closing fee for the new loan.
But I just found out that we need to pay $100 for the old bank to terminate the old loan.

So our total out of pocket amount for the refinance is $100. We can break even in 1 month.

Cheers.

[IT.MOM]

[quote=HomeShopping]To IT.MOM

Do you mind sharing your total closing costs?[/quote]

We don’t need to pay any closing fee for the new loan.
But I just found out that we need to pay $100 for the old bank to terminate the old loan.

So our total out of pocket amount for the refinance is $100. We can break even in 1 month.

Cheers.

[IT.MOM]

[quote=HomeShopping]To IT.MOM

Do you mind sharing your total closing costs?[/quote]

We don’t need to pay any closing fee for the new loan.
But I just found out that we need to pay $100 for the old bank to terminate the old loan.

So our total out of pocket amount for the refinance is $100. We can break even in 1 month.

Cheers.

[IT.MOM]

[quote=HomeShopping]To IT.MOM

Do you mind sharing your total closing costs?[/quote]

We don’t need to pay any closing fee for the new loan.
But I just found out that we need to pay $100 for the old bank to terminate the old loan.

So our total out of pocket amount for the refinance is $100. We can break even in 1 month.

Cheers.

[IT.MOM]

[quote=FormerSanDiegan][quote=jeeman]waterboy,

there are two jumbo limits now…one is over $417k (jumbo conventional) and over $697.5k (jumbo). Which of those did you do?[/quote]

Based on the numbers given above it is below 697.5K.

Here’s why.
Savings of $150 per month
orignally 5.0%
new loan 4.625%.
To save $150 on this change in rate, the principal would have to be ~ $650 K.

Plus getting 4.625%, 30-year fixed above the Jumbo conforming limit just does not seem feasible currently.[/quote]

Your calculation is correct. my loan amount is around $650K. But why did you say it is not feasible? Two more of my friend just locked their rate at 4.625% in my neighborhood. They refinanced with other agent than mine. One of them locked it yesterday. So I think 4.625% is not so hard to get now.

[IT.MOM]

[quote=FormerSanDiegan][quote=jeeman]waterboy,

there are two jumbo limits now…one is over $417k (jumbo conventional) and over $697.5k (jumbo). Which of those did you do?[/quote]

Based on the numbers given above it is below 697.5K.

Here’s why.
Savings of $150 per month
orignally 5.0%
new loan 4.625%.
To save $150 on this change in rate, the principal would have to be ~ $650 K.

Plus getting 4.625%, 30-year fixed above the Jumbo conforming limit just does not seem feasible currently.[/quote]

Your calculation is correct. my loan amount is around $650K. But why did you say it is not feasible? Two more of my friend just locked their rate at 4.625% in my neighborhood. They refinanced with other agent than mine. One of them locked it yesterday. So I think 4.625% is not so hard to get now.

[IT.MOM]

[quote=FormerSanDiegan][quote=jeeman]waterboy,

there are two jumbo limits now…one is over $417k (jumbo conventional) and over $697.5k (jumbo). Which of those did you do?[/quote]

Based on the numbers given above it is below 697.5K.

Here’s why.
Savings of $150 per month
orignally 5.0%
new loan 4.625%.
To save $150 on this change in rate, the principal would have to be ~ $650 K.

Plus getting 4.625%, 30-year fixed above the Jumbo conforming limit just does not seem feasible currently.[/quote]

Your calculation is correct. my loan amount is around $650K. But why did you say it is not feasible? Two more of my friend just locked their rate at 4.625% in my neighborhood. They refinanced with other agent than mine. One of them locked it yesterday. So I think 4.625% is not so hard to get now.

[IT.MOM]

[quote=FormerSanDiegan][quote=jeeman]waterboy,

there are two jumbo limits now…one is over $417k (jumbo conventional) and over $697.5k (jumbo). Which of those did you do?[/quote]

Based on the numbers given above it is below 697.5K.

Here’s why.
Savings of $150 per month
orignally 5.0%
new loan 4.625%.
To save $150 on this change in rate, the principal would have to be ~ $650 K.

Plus getting 4.625%, 30-year fixed above the Jumbo conforming limit just does not seem feasible currently.[/quote]

Your calculation is correct. my loan amount is around $650K. But why did you say it is not feasible? Two more of my friend just locked their rate at 4.625% in my neighborhood. They refinanced with other agent than mine. One of them locked it yesterday. So I think 4.625% is not so hard to get now.

[IT.MOM]

[quote=FormerSanDiegan][quote=jeeman]waterboy,

there are two jumbo limits now…one is over $417k (jumbo conventional) and over $697.5k (jumbo). Which of those did you do?[/quote]

Based on the numbers given above it is below 697.5K.

Here’s why.
Savings of $150 per month
orignally 5.0%
new loan 4.625%.
To save $150 on this change in rate, the principal would have to be ~ $650 K.

Plus getting 4.625%, 30-year fixed above the Jumbo conforming limit just does not seem feasible currently.[/quote]

Your calculation is correct. my loan amount is around $650K. But why did you say it is not feasible? Two more of my friend just locked their rate at 4.625% in my neighborhood. They refinanced with other agent than mine. One of them locked it yesterday. So I think 4.625% is not so hard to get now.

[HomeShopping]

To IT.MOM

Thanks for your response.

FormerSanDiegan’s comment “above the Jumbo conforming limit … does not seem feasible” is referring to loans above $697,500. Maybe these are called “non-conforming jumbo”.

[HomeShopping]

To IT.MOM

Thanks for your response.

FormerSanDiegan’s comment “above the Jumbo conforming limit … does not seem feasible” is referring to loans above $697,500. Maybe these are called “non-conforming jumbo”.

[HomeShopping]

To IT.MOM

Thanks for your response.

FormerSanDiegan’s comment “above the Jumbo conforming limit … does not seem feasible” is referring to loans above $697,500. Maybe these are called “non-conforming jumbo”.

[HomeShopping]

To IT.MOM

Thanks for your response.

FormerSanDiegan’s comment “above the Jumbo conforming limit … does not seem feasible” is referring to loans above $697,500. Maybe these are called “non-conforming jumbo”.

[Author]

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