* a miracle...
* another free refinance..
* doom and gloom...and your equity goes to -10%, so you can pay for present refi costs?
* you came on Trulia and figured out , right thing to do...(Correct answer)
Maybe, time to look for a financial advisor also..
* zero percent interest rates
We LOVED him!!!
My initial guess is you can run the calculations, but in terms of long-term payments vs upfront refi costs, he'll be able to sort that more quickly for you.
Why the loan amount of $625,000? Because after $625,500, conforming limits loan amount, it is becoming a Jumbo loan, which does not comply fully with Fannie May requirements, and directly affects your interest rate. Usually Jumbo interest rates are higher than conforming. Today at our company, we have 30 years fixed rate of 4.375%, APR 4.375%, No Points, No Closing Costs. In this case your existing outstanding loan amount will stay the same after refinance.
If you do plan on selling in the next 5yrs your fees to refinance would probably be about even considering most loans will have fees and charges to equal about 4% with title, escrows, lender, underwriting, appraisal fees etc...
Hope this helped
That said, If you do the refi, you will save money for the next 4 years for sure. So, if you plan on selling your home in the next 4-5 years or so, then you will be saving money by not paying that PMI. I don't have enough information about your current loan to tell you how much you will save and at what year exactly your savings will expire.
I can also recommend you to Bridgette from WestCom Lending, Inc. if you are looking for a great lender. She can also explain the exact figures for you. (818) 335-0283
8700 Reseda Blvd., Suite 213-B
Northridge, California 91324
(818) 967-9626 mobile
(818) 979-0226 fax
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Your PMI payment is not tax deductible where the interest on your loan is.
I would recommend refinancing at the lowest rate possible for a 30 year fixed, if you plan on keeping this home long term. $610 per month is a lot of money just given to the bank to "secure" your loan.
If you see yourself moving on in 5 to 7 years, it's not a bad idea to get a 7 or 10 year ARM loan. You will save money towards your up-leg. If you plan to keep this home indefinitely, try to make one full extra payment per year towards your principal on your 30 year fixed loan to. This will shorten your loan from 30 years to nearly 20 years for the payoff.
Hope this info helps.
Mark A. Diffie
P. 310.486.7085 F. 310.427.7196
The best thing to do is to speak to a reputable mortgage lender, who can assess your situation, and provide you with the best possible loan package for your situation.
I do have a network of lenders that I work with, please let me know if you need a referral.
Nicole Fedorchek, Realtor
If you are ever thinking about a relocation, we offer a variety of quality real estate services.
Chris Thompson, Broker, GRI
Chris Thompson Realty, a member of Siris Realty Group, Inc
$610/mo PMI is a lot to pay over 30 years, and not sure if you can deduct MI off your taxes, ask your CPA.
I would be happy to run the numbers for you. If your home is 80% LTV or better, your rates would be pretty good right now. Also, the 15 year fixed might be close in your total payments you have now with PITI/MIP.
Give me a call at 773.516.6859 and I'll put together the numbers for you and go over your options, you are in a great position!
With warm regards,
Mary Kay Laurent
Associate Vice President of Mortgage Lending
o: 773.516.6859 - m: 312.403.4150 - f: 773.328.1740
3940 North Ravenswood , Chicago, IL 60613
NMLS ID: 870598
NMLS ID 2611 - NMLS Consumer Access - Licensing Information
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