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IT.MOM
Participant[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.
Participant[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.
Participant[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.
Participant[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.
Participant[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.
Participant[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.
Participant[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.
Participant[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.
Participant[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.
ParticipantI don’t want to sound like I am advertising for the agent.
But there is no GFE fee or any other ancillary fees.
Sounds too good to be true. I really don’t know how did she ( the agent) do it.Before refinance my rate is 5.0%
ParticipantI don’t want to sound like I am advertising for the agent.
But there is no GFE fee or any other ancillary fees.
Sounds too good to be true. I really don’t know how did she ( the agent) do it.Before refinance my rate is 5.0%
ParticipantI don’t want to sound like I am advertising for the agent.
But there is no GFE fee or any other ancillary fees.
Sounds too good to be true. I really don’t know how did she ( the agent) do it.Before refinance my rate is 5.0%
ParticipantI don’t want to sound like I am advertising for the agent.
But there is no GFE fee or any other ancillary fees.
Sounds too good to be true. I really don’t know how did she ( the agent) do it.Before refinance my rate is 5.0%
ParticipantI don’t want to sound like I am advertising for the agent.
But there is no GFE fee or any other ancillary fees.
Sounds too good to be true. I really don’t know how did she ( the agent) do it.Before refinance my rate is 5.0%
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