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I'm a mortgage loan originator
Posted by Tim [Email] (more from Tim) on Thu, 26 Jan 2012 18:06:26
In Reply to: Mortgage Advice, SS, Thu, 26 Jan 2012 10:01:03
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$6k in closing costs? HOLY CRAP!
are those ALL closing costs? could some of those be escrows/pre-paid taxes/insurance? a lot of times I see that there's $6,000 in funds needed to close, but only about a third of that are actually costs specific to the refinance, the others are funds collected as part of the refinance (like property taxes) that you'd end up paying anyway, even if you didn't refi.
I like to be able to recoup the actual closing costs within 24 months, so if it's $6000 in actual fees, you'd need to be saving ~$250/mo. Unless you know for sure you're going to be in the house for the long run, and you feel confident that you won't want to/need to refinance again in the future (hard to imagine rates going lower, but doing a cash-out refi later on?).
Good luck!
-Tim
posted by 99.121.9...
Posts in this Thread:
- Mortgage Advice, SS, Thu, 26 Jan 2012 10:01:03
- Whatever you do, work with more than one person, vvk, Fri, 27 Jan 2012 08:51:52
- Too little info, nwas, Fri, 27 Jan 2012 08:18:37
- I'm a mortgage loan originator, Tim, Thu, 26 Jan 2012 18:06:26 <-- Viewing This Message
- just reread this..., James, Thu, 26 Jan 2012 12:16:05
- Re: Mortgage Advice, vvack0matic , Thu, 26 Jan 2012 11:42:12
- Re: Mortgage Advice, Acc, Thu, 26 Jan 2012 11:01:09
- How long do you plan to live there?, Bill Homer , Thu, 26 Jan 2012 10:56:12
- Re: Mortgage Advice, James, Thu, 26 Jan 2012 10:34:59
- Re: Mortgage Advice, Gene N , Thu, 26 Jan 2012 10:18:54
- Re: Mortgage Advice, SWEDECAR , Thu, 26 Jan 2012 10:17:33
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