Good time to refinance as 15-year rates drop The Virginian-Pilot
It's not often that refinancing a mortgage from a 30-year to a 15-year loan results in lower payments. But that has changed in recent weeks as interest rates declined on the shorter-term mortgages.
The average rate on a 15-year fixed mortgage fell to 3.54 percent last week, according to mortgage-buyer Freddie Mac. That's down from 3.66 percent the week before and the lowest rate since the firm started tracking it in 1991.
"Right now everybody is struggling, and people are looking to their budgets and at how to whittle away the biggest payment they have," said Steve Rockefeller, a mortgage banker in Virginia Beach and a past president of the Tidewater Mortgage Bankers Association.
Rockefeller said he worked with a client last week who had been paying roughly $1,572 a month on two loans. One was a 30-year fixed-rate loan that had 23 years left. He said the client was able to refinance the loans into a single 15-year mortgage paying $1,148 a month.
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Interest rates are down at least one full percentage point just in the last week. If you are on an adjustable and you are lucky enough to still ...
how much money would it cost to refinance?
I have 28 years left on a 30 year fixed rate at 5.9%. Is it worth the cost to refinance if i could get it at 5.5% 30 year fixed rate loan?
You didn't tell us what state or country you are in, how much the loan value is or what your credit rating is, so all I can tell you is that in my state it would cost less than $2,000 and possibly less than $1,000 to do a simple refi, including brokers fee (if any) and including all insurance costs, and not including any points that the lender might charge. The easy way to find out the answers in my state is to call a refi broker. They answer such questions free.
It all depends on what your principle was (your initial loan). 4 100th's of a point can make a lot difference.
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Once you need to finance the buying of your own home with a mortgage, it's very important that you do your research properly and understand all of the variables. When it is essential that you get the absolute best mortgage refinancing-->enter into some research and groundwork on your own because the Internet can equip you with an absolute pot of gold of very helpful data when it is essential that you get the best mortgage refinancing.
how much does it cost to refinance in closing costs?
My mortgage currently has my name, my wife's name and my father-in-laws name on it. I would like to know how much should it cost to refinance in oder to get only my father-in-laws name on the mortgage and title. It is an FHA loan with about 6.3% and 167000 outstanding.
does it make a difference if this would not be his primary residence?
Closing costs will vary depending on the location of the property.
Another factor is if any additional money will be put down towards the refinance or will any be taken out. The credit score of your father-in law will also be considered as well as the current value of the home? When i purchased my home closing costs amounted to about $6500.00 on a 107,000 purchase. Hope that helps:)
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http://www.countrywide.com/Calculators/calculator.aspx?CalcType=ClosingCostEstimator
I am a mortgage banker in TN & KY
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There are various repayment options that can be chosen by borrowers and lenders mutually. Bi-weekly payments are one of the most popular payment plans among borrowers.Bi-weekly payments let borrowers pay off their mortgage refinance faster. Bi-weekly payments allow borrowers to pay their monthly installments in two parts to be paid twice a month. Instead of paying full amount once a month borrowers pay half of their scheduled monthly mortgage payment every two weeks. An advantage of this option is that borrowers repay an amount equal to thirteen monthly payments by the end of the year, instead of the usual twelve.
How much would it cost to refinance?
How much would it cost to refinance to get my name off the mortgage that i have with my Ex-girlfriend I don't want anything for the place. All she wants is for the payments to stay the same. I live in MA and the interest on the mortgage is 6.5 and we both have excellent credit.
we have had the place since 1991 it's a condo and most are selling around 130,000 and the balance on it is 75,000
She would have to qualify for a new loan in her name. Excellent credit is no guarantee she'll get the loan if her debt:income ratio doesn't support the payments.
Other option is to sell the home.
Now if you want the loan in your name without hers, you need to refinance.
As to the costs (loan fee/points) they are added into the loan balance of th new loan. You may have to come up with the cost to have your property appraised ($200) since that cost cannot be recovered by the lender in the event that you loan does not go through.
How much would it cost me to refinance?
I have a 30 yr mortgage that is $170,000 at 5.8%. Would it be good for me to refinance at 4.78% and how much would it cost me?
I would talk to your current lender first. They may offer a no closing cost refinance. the rate might be slightly higher but is offset by not having to pay 3-5K in refinance fees.
How much money do you have to pay for closing cost when you refinance home loan? ?
I would like to refinance my house to get lower rate. My loan is 200,000. I m a first time homeowner, my current rate is 6.5 %. I ve own my home for about a couple of months, my credit is good, not excellent. I would like to know a ball park on paying closing cost. Also is the closing cost money i need to come up with?
2%
unfortunately the national average is 3 1/2 % closing costs
and yes all no closing cost loans are charging a Higher rate to use that yield spread to cover closing costs for you!
What should a refinance loan cost?
My credit union wants to charge me $5,654 in closing costs to refinance my house for $200k. The house is worth more. I'm shocked! What are all these fees--origination, underwriting, processing, administration, preparation and "loan discount" and should I pay them? Why do they want prepaid interest when it is in the payments? Why reserve 2 mos insurance? The "estimated settlement charges" are $8,365--is that excessive?? Thanks anyone for any help. If I carry it myself and my son makes payments to me (he lives in the house but can't get his own loan yet) can I get a home equity loan any cheaper?
Actually, for a $200k loan that sounds well below market. What I'd expect from a credit union.
The loan origination fee is typically 1% of the amount of the loan and is standard practice industry wide.
Underwriting, processing, administration, and preparation are common "junk fees" that you'll just have to live with for the most part. You can negotiate them in theory but most lenders are "take it or leave it."
Closing fee is mandatory, the closing agent has to get paid!
Titlle insurance is mandatory, at least the lender's coverage, and the borrower has to pay the premium. If you have a current title policy within the past 5 or so years they may accept that, however.
The loan discount fee is the points on the mortgage. It buys down the interest rate. You can negotiate this but if they are reduced or eliminated your interest rate will rise. A VERY rough rule of thumb is 1/2% discount fee reduces the interest rate by 1/8% - 1/4%. Once your rate lock expires the loan will float to market rates up or down.
Prepaid interest covers the interest on the loan from the closing date through the end of the month. This is because mortgage payments are paid in arrears, unlike rent which is paid in advance.
The 2 month reserve for insurance is deposited into your impound account with the lender. Part of your payment is advance payments on future insurance and property tax bills. Lenders are allowed a 2 month cusion over and above estimated expenses to cover for bills that are sometimes higher than estimated. Having an impound account is pretty standard but is not legally required. If you have very strong credit it's possible to get a loan without impounds -- my loan is like that, I manage my own property insurance and property taxes. If you self-manage the lender may require copies of the paid bills from time to time. If your lender agrees to drop the impound (if your credit is strong, by all means ask!) the estimated settlement charges will be lower as will the monthly payments.
A home equity loan is almost always more expensive than a conventional mortgage, at least as far as the interest rates go. Locally where I am, first mortgages are about 6.4% right now but a home equity loan is 7.5%. Home equity loans are very rarely fixed rate so the rate is subject to periodic adjustment, often as frequently as every month. The closing costs MIGHT be lower, you'll have to ask for a Good Faith Estimate to get some idea on that.
All of those fees (execpt loan discount, I'll get to that later) are to pay various people involved in the loan process.
The loan discount is a fee you are paying upfront to lower your interest rate. Depending on how long you plan on keeping this house, this may or may not be a good deal.
Insurance? They are setting up an escrow account for you, so that your payment will include insurance (probably taxes as well). You can ask them if you can still get the same deal if you don't include taxes and insurance in your payment, or you can ask for only taxes to be included.
The final settlement charges of $8,365 may or may not be a bad deal, depending on what kind of interest your are getting and what type of product.
You can definitely get a home equity loan cheaper as far as closing costs are concerned, but rate will probably be higher, so you need to take in to consideration how long your are planning to keep that equity loan. If you think that you are going to keep it for a long time, the higher interest rate may become more expensive than the cost of refinancing.
cost to refinance mortgage in New York?
What are the average costs to refinance in New York?
I want to refinance 360K and was quoted around $5,500 in closing costs.
I think you have contact some mortgage refinance lenders or refinance companies where you can get present cost of refinance mortgage in new york and first of all you have to contact the local companies in new york which provides this types of details you can try this source : http://www.refinancing101.net
Roughly how much does it cost to refinance a home mortgage?
If you go directly to a bank and don't use a broker you will have the following expenses.
Appraisal: 200 to 450 dollars
Loan under writing: 200 to 500 dollars
title work: 200 to 500 dollars
deed recording fees: 50 to 150 dollars
credit application fee: 40 dollars max don't pay more
escrow for property taxes: If the banks requires you too= to one years property taxes and insurance which could be from 1000 dollar and up , it depends on the price of property
On average I see loans created for about $1500 to $2000 dollar excluding any brokers
If you have a broker you might wind up adding 1000 to 2000 to your loan just to warn you.
PS: now is a great time to get a fixed loan because low interest rates!
Avoid arms and option arms and other types of what I call exploding mortgages! Do not pay for loan processing fee!
Tell banker up front you don't want to pay for a loan processing fee its total garbage fee.
Good luck
What is loan modification and how much does it cost compared to a refinance?
Is it easier to modify a loan if you don't fit the underwriting guidelines for an FHA refinance?
Not in foreclosure; just have a high-interest rate ARM and too high of a DTI.
Thanks for your input.
Well, if you have an adjustable rate loan getting ready to reset to a higher rate and your income is in jeopardy of not supporting it you should be eligible for a loan modification. It is one of the criteria to qualify. If you owe a lot more on your home than it is worth, you are eligible.
Is it cheaper? well, it could range from $900 to $3,000 and then there are some real sharks out there trying to get $5,000 to $7,000 Wow. those people are just slime.
Yes, you can go with LoanSafe and learn how to do it yourself, buy a loan modification kit for $200 or hire a company/attorney to do it for $1,000 to $2,000.
They claim the professionals get you a better rate in the 3's or low 4% range than if you were to do it yourself. But that is debatable.
It is your choice and it really depends on your current loan servicer as to the leverage you have or don't have. I do think some companies promise you the world but overall they do get you a modification, maybe not principal reduction in all cases.
What is considered a closing cost in a mortgage refinance?
2% to 4 % of loan...the only out of pocket might be the appraisal fee and an assignment cost, if you're using a broker. Could be higher if you are buying points. get a "good faith estimate" before doing anything.