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  1. #1
    Registered User sfgiants13's Avatar
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    Mortgage Refinance Quote

    Would anyone mind checking out my refi quote and telling me if I'm missing anything? From what I can see it's a good rate. My current rate is 5% and this would drop about $400 off of my monthly payments with more going to the priciple. The closing cost minus about $800 is rolled into the loan so the amount will increase, but I'll end up paying almost 200k less in interest throughout the life of the loan. If I paid the closing costs straight up it would take less than 2 years to come out ahead. All looks good on my end from what I can see.

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  2. #2
    test the limits RobParks2M's Avatar
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    closing costs seem outrageous, but perhaps that is because the loan is bigger than ones I've looked at. You could consider waiting until after the next fed meeting since they have all but said they will lower interest rates again by another 25 basis points (0.25%). But if you are happy with it then nothing wrong with lowering your interest rate by almost 2%.
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  3. #3
    Registered User sfgiants13's Avatar
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    Originally Posted by RobParks2M View Post
    closing costs seem outrageous, but perhaps that is because the loan is bigger than ones I've looked at. You could consider waiting until after the next fed meeting since they have all but said they will lower interest rates again by another 25 basis points (0.25%). But if you are happy with it then nothing wrong with lowering your interest rate by almost 2%.
    To compare, our original loan had closing costs of around 11k if I remember correctly. We also got shafted on that rate so it wouldn't surprise me if we got shafted on those too. Nothing seems outrageous, but I'm also going to try them to waive the appraisal fee since that was mentioned on the phone. I suppose it wouldn't hurt to try to haggle them down on the origination fee as well.
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    test the limits RobParks2M's Avatar
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    Originally Posted by sfgiants13 View Post
    To compare, our original loan had closing costs of around 11k if I remember correctly. We also got shafted on that rate so it wouldn't surprise me if we got shafted on those too.
    Did you price it out from the same company you got the original loan from? Did you consider trying an online mortgage company or a credit union to see if it was comparable? Things to consider.
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  5. #5
    Registered User sfgiants13's Avatar
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    Originally Posted by RobParks2M View Post
    Did you price it out from the same company you got the original loan from? Did you consider trying an online mortgage company or a credit union to see if it was comparable? Things to consider.
    I didn't even go back to my original company. Not too thrilled once we found out we got screwed. I got quotes from Quicken, New American Funding, a local credit union, and this one from Loan Depot. Quicken was not even close and NAF was I think 3.5 but paying nearly 5k in points with closing costs of around 11k so that wasn't worth it. Since the guy did some work I'll give him a courtesy call to see if he's willing to beat it but otherwise this looks like what I'll go with.
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