I will assume you did go through with it...
Check out current rates and programs in different banks, not just the one you purchased through.
Then, refinance, if it makes sense financially.
When comparing rates, make sure you are comparing apples to apples:
1) Ask for the note rate (rate you'll be paying)
2) APR - Annual Percent Rate - that rate includes your closing costs.
When choosing by rate - APR should be the lowest you can get.
3) Ask what your closing costs would be - and get them in writing
4) Ask what the process is to lock your rate (until it's locked, it could change)
Hope this helps,
Beachfront Realty, Inc.
I understand that the sales price is $850,000, but to answer your question specifically with meaningful answers and numbers, we need to know HOW MUCH THE LOAN IS FOR and WHAT TERM ( 30yrs, 15 yrs,etc.)
Does that payment include taxes and insurance? If it does we would need to know how much of that payment is taxes and insurance.
Without that information, we can only guess or try to promote other programs that may not have any bearing on what it is that you are trying to do.
I would be happy to discuss with you right away.
I say, given the info you wrote, not good. See the below programs and call me after 1:00 today
97% LTV- NO PMI
97% LTV- CONDO- NO PMI
90% LTV- 2nd Home- NO PMI
90% LTV- JUMBO- NO PMI
85% LTV- Super Jumbo- NO PMI
85% LTV- Invest. /Rental
80% LTV- Foreign Nationals
70% LTV- Manf. Homes over 90k
STATED INCOME ALT-up to Super Jumbo
90% LTV- Short Sale, BK, Foreclosure Forgiveness
80% LTV- FIX nâ€™ FLIP Invest. Prop.
75% LTV- Foreign Nationals
70% LTV- Soft and Hard Money
Pro Option Mortgage/ Florida
Ph: 888 662 4404
Prior Service: U.S. MARINE CORPS
Have a great Evening.
Jenny Arias May