When would you re-fi your mortgage loan?

[Raybyrnes]

Why would the balance of the loan have any impact on why your would refinance.

1% rate reduction on a 6% loans is a 16.67% discount.

.25 reduction on a 6% loan is a 4.2% reduction on an ongoing basis.

I take the gimme’s Whenever there is an opportunity to lower you expense, lower it.

[CBad]

Uh, it makes a difference. On a 50K loan at 6.5% for 30 years you’re spending 63K and change on interest. At 6.25% you’re spending 60K and change in interest. If you spent 3K to re-fi the loan what’s the benefit? If you would have taken the 3K in re-fi costs and applied it to the principal of the loan instead of re-fi, you would pay (depending on when you applied it, how far into the loan you are) maybe 48K and change on interest and take 4+ years off the life of the loan. This doesn’t work when you do the same thing at 500K.

[CBad]

Uh, it makes a difference. On a 50K loan at 6.5% for 30 years you’re spending 63K and change on interest. At 6.25% you’re spending 60K and change in interest. If you spent 3K to re-fi the loan what’s the benefit? If you would have taken the 3K in re-fi costs and applied it to the principal of the loan instead of re-fi, you would pay (depending on when you applied it, how far into the loan you are) maybe 48K and change on interest and take 4+ years off the life of the loan. This doesn’t work when you do the same thing at 500K.

[CBad]

Uh, it makes a difference. On a 50K loan at 6.5% for 30 years you’re spending 63K and change on interest. At 6.25% you’re spending 60K and change in interest. If you spent 3K to re-fi the loan what’s the benefit? If you would have taken the 3K in re-fi costs and applied it to the principal of the loan instead of re-fi, you would pay (depending on when you applied it, how far into the loan you are) maybe 48K and change on interest and take 4+ years off the life of the loan. This doesn’t work when you do the same thing at 500K.

[CBad]

Uh, it makes a difference. On a 50K loan at 6.5% for 30 years you’re spending 63K and change on interest. At 6.25% you’re spending 60K and change in interest. If you spent 3K to re-fi the loan what’s the benefit? If you would have taken the 3K in re-fi costs and applied it to the principal of the loan instead of re-fi, you would pay (depending on when you applied it, how far into the loan you are) maybe 48K and change on interest and take 4+ years off the life of the loan. This doesn’t work when you do the same thing at 500K.

[CBad]

Uh, it makes a difference. On a 50K loan at 6.5% for 30 years you’re spending 63K and change on interest. At 6.25% you’re spending 60K and change in interest. If you spent 3K to re-fi the loan what’s the benefit? If you would have taken the 3K in re-fi costs and applied it to the principal of the loan instead of re-fi, you would pay (depending on when you applied it, how far into the loan you are) maybe 48K and change on interest and take 4+ years off the life of the loan. This doesn’t work when you do the same thing at 500K.

[paramount]

I have never heard of a no cost re-fi…who offers that?

[paramount]

I have never heard of a no cost re-fi…who offers that?

[paramount]

I have never heard of a no cost re-fi…who offers that?

[paramount]

I have never heard of a no cost re-fi…who offers that?

[paramount]

I have never heard of a no cost re-fi…who offers that?

[HLS]

I can do “no cost” loans but it’s not necessarily the best loan…

Nobody can offer a true “no cost” refi at .25% higher than with a cost..and it’s IMPOSSIBLE on a $50K loan.
The spread is more like .625, and a higher loan amount.

As of Friday’s rates, the best rates that I had for loan amounts of $417K or less, 80% max LTV, 30 year fixed PITI were 5.25% with a cost. Qualifying full doc.

For a “no cost” loan the rate was 5.875%, but the loan amount needs to be at least $250K. The lower the loan amount goes, the higher the rate will be to make the loan
“no cost” $200K loan would be 6%, etc.

Lowest rates in about 5 years, if you qualify.

[HLS]

I can do “no cost” loans but it’s not necessarily the best loan…

Nobody can offer a true “no cost” refi at .25% higher than with a cost..and it’s IMPOSSIBLE on a $50K loan.
The spread is more like .625, and a higher loan amount.

As of Friday’s rates, the best rates that I had for loan amounts of $417K or less, 80% max LTV, 30 year fixed PITI were 5.25% with a cost. Qualifying full doc.

For a “no cost” loan the rate was 5.875%, but the loan amount needs to be at least $250K. The lower the loan amount goes, the higher the rate will be to make the loan
“no cost” $200K loan would be 6%, etc.

Lowest rates in about 5 years, if you qualify.

[HLS]

I can do “no cost” loans but it’s not necessarily the best loan…

Nobody can offer a true “no cost” refi at .25% higher than with a cost..and it’s IMPOSSIBLE on a $50K loan.
The spread is more like .625, and a higher loan amount.

As of Friday’s rates, the best rates that I had for loan amounts of $417K or less, 80% max LTV, 30 year fixed PITI were 5.25% with a cost. Qualifying full doc.

For a “no cost” loan the rate was 5.875%, but the loan amount needs to be at least $250K. The lower the loan amount goes, the higher the rate will be to make the loan
“no cost” $200K loan would be 6%, etc.

Lowest rates in about 5 years, if you qualify.

[HLS]

I can do “no cost” loans but it’s not necessarily the best loan…

Nobody can offer a true “no cost” refi at .25% higher than with a cost..and it’s IMPOSSIBLE on a $50K loan.
The spread is more like .625, and a higher loan amount.

As of Friday’s rates, the best rates that I had for loan amounts of $417K or less, 80% max LTV, 30 year fixed PITI were 5.25% with a cost. Qualifying full doc.

For a “no cost” loan the rate was 5.875%, but the loan amount needs to be at least $250K. The lower the loan amount goes, the higher the rate will be to make the loan
“no cost” $200K loan would be 6%, etc.

Lowest rates in about 5 years, if you qualify.

[Author]

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