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Mon Mar 30, 2020, 02:21 PM

Is anyone else refinancing a mortgage?

Seeing historic low rates, I started shopping with three very different brokers.

A local bank, Bay Federal Savings, had the worst offerings.
A realtor friend recommended a broker who did better.
Finally, asking a family friend for a recommendation took me to what has been the best advisor and deal, I think.

2.5% rate for a fixed 15-year mortage at just one point discount fee will be much better than the 4.25 30-year that I'm six years into.

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Reply Is anyone else refinancing a mortgage? (Original post)
Alex4Martinez Mar 2020 OP
gibraltar72 Mar 2020 #1
Alex4Martinez Mar 2020 #2
customerserviceguy Mar 2020 #3

Response to Alex4Martinez (Original post)

Mon Mar 30, 2020, 02:28 PM

1. Mind all the closing costs.

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Response to gibraltar72 (Reply #1)

Mon Mar 30, 2020, 02:46 PM

2. Yes indeed. Need to have an eye for detail...

I was able to have the appraisal waived and a few other costs lowered.

I don't do this often but by asking for Fee worksheets that roll closing costs into the mortgage payment it's easier to do a comparison of multiple offers.
Taxes and insurance being the same no matter what, looking at the monthly payments with costs included provides an easy comparison.

For me, the lower rates with higher fees still come out with a lower monthly payment.

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Response to Alex4Martinez (Reply #2)

Mon Mar 30, 2020, 05:02 PM

3. And

you'll have your house paid for in fifteen years rather than twenty-four years. That's nine more years for you to put your house payment amount towards your retirement.

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