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I am glad that it worked out nicely for you. I like to do the same for my clients. If you don't mind me asking, what rate did you close at?
We went from 7.5% to 6.375%. It was a bit higher than what we went in thinking we were getting (we were told 6 1/8), but it was still far better than what we had.
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That's not a bad rate at all. It will save you a pretty penny each month that I am sure can go to something better than interest. If it makes you feel any better, rates went up today. Your closing couldn't have better timing.
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Last night I called our mortgage broker, he told me that by refinancing right now, it would only save approx. $105-120 per month. To me thats a savings that can go towards something else. However, he didn't entirely recommend that we refinace unless we were sure that we wanted to stay where we are for at least several years because the closing costs of approx. $2,500.00(whether built into the mortgage or not) will not technically be paid off for roughly 2 years. Now we're not sure what to do.
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Are you looking to get equity out of your home or just lower your payment?
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If your father lives in AZ, they do not charge mortgage tax. Serveral states do not. It pays sometimes to live outside of NY. If anyone is condisering refinancing, now is the time to do it. Rates are super low although they are going up slightly today and did the same yesterday. Sometimes your bank can give you the best rate however, if you go with a broker, you usually do not pay them and they shop for the best rate at as many banks that they do business with. I deal with over 150 banks to find the best rate for clients and have the aility to move with the market which is something that a single bank can not do. Whatever rate they give you, you get even if rates move down.
ABN AMRO is who we have our mortgage with, and their web site indicated that if we refinanced with them the state mortgage tax was $0. That's what I want to confirm. It may be that since we already have our mortgage with them, they are not refinancing but just offering us a rate adjustment for a fee, thereby avoiding the tax.
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Yes. There should be no mortgage tax because they are doing what is called a modification. I think they are a great bank. I deal with them all day long. If you don't mind me asking, what rate are they offering you?
Our original mortgage is 6.88 - got that in April of this year. They had several options for the modification. We are considering the middle option of 6.38 which is about $390 in fees and would drop our mortgage about $100 a month. If we wanted to pay about $1300 in fees we could get down to 6.13 but it's only about $119 a month in savings, so we didn't really think it was worth the higher fee - I'd rather put the extra cash towards paying down the principal. They offered other options too, like a 25 or 20 year mortgage and it illustrated how much in interest would be saved. Since we're looking to drop the monthly payments, that was not the best option for us. Anyway, with each payment we are pre-paying the following months principal with the aim of paying off the whole thing in 15 years or so, so the interest will be save in either way.
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We just closed on our house 5 months ago...the rates are down 1.25. We're thinking of refinancing and have called our original mortgage bank - who said it would be $4000 to close. We currently have a 30yr mortgage and are looking to build equity so we're considering a 20 yr mortgage - same payment but more equity.... we don't plan on living here longer than 5 yrs...is it worth refinancing?
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