Financing in 11372>Question Details

Basilio, Home Owner in 11372

Purchased coop in Jackson Hts 2002, $125,000. Mortgage $78,000 @ 6.375, 30 yr fixed. Appr 67,000 current principal. Is refinancing worth expense?

Asked by Basilio, 11372 Wed Dec 7, 2011

Primary residence. Current monthly mortgage is appr $487. Not interested in higher monthly. Coop is large one bedroom with living and dining room, eat in kitchen. Credit score should be quite high.

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There is a "recapture" rate to consider. Find out how much it will be to refinance, take that amount and divide it by the amount you are saving monthly. For example, if it costs $1,000. to refinance and you are saving $25. per month, it will take 40 months for you to start realizing the gain. Most consider a 2% drop in the rate to be worthwhile to refinance if you plan on staying in the home at least 5 years.
0 votes Thank Flag Link Wed Dec 7, 2011
Hi Basilio, check with your lender of your current loan- they may be offering re-structuring of your existing loan. It's worth a shot-may not cost you too much.. if you were to refi for $67K @ 4.% on 30 year loan would cost you approx 319.80 a month would save you $166.82 a month...food for thought. if you plan on staying in that apartment. Terry K 718-614-3167 or email me tkorahais@elliman.com
1 vote Thank Flag Link Wed Dec 7, 2011
Basilo,
It would cost you approximately $5,000 to refinance. If you take Terry's figure of saving $166.82 per month, it would take you almost 36 months to recoup your cost. Jackson Heights is great but how long to you plan in staying in the coop?
0 votes Thank Flag Link Thu Dec 8, 2011
This will depend on the length of the original mortgage, how long you plan on staying in the co op & your credit score. Try contacting a mortgage broker & ask them for a quote.
0 votes Thank Flag Link Thu Dec 8, 2011
Anyone looking to Refinance bottom line is looking for a lower monthly payment. So, like the other posts said, If it were to be arond 1k to do this and you will save money each month for the life of the loan I feel it is worth it. Now it also depends what type of mortgage you are put into in the refinance, and what you are looking to do within the next 5 years. Feel free to reach out to me on this.
0 votes Thank Flag Link Wed Dec 7, 2011
Hi;

Please call LOUIS DEGATI loan officer from wells fargo. Mention him my name Firdos kumandan he will guide you all the way.

LOUIS DEGATI 347-563-7500
FIRDOS K 347-885-9302
fkumandan@laffey.com
Laffey Fine Homes

Thanks
0 votes Thank Flag Link Wed Dec 7, 2011
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