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Old 02-12-2009, 03:07 PM
 
Location: CLT native
4,280 posts, read 10,035,328 times
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My brother just refinanced two weeks ago.

BB&T, under 5%, no points, 30 yr fixed, only out of pocket was appraisal ($3xx).
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Old 02-12-2009, 03:10 PM
 
Location: Charlotte, NC dreaming of other places
983 posts, read 2,171,438 times
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Default How many points did you end up paying?

Quote:
Originally Posted by fgcastro View Post
NACA. 1.25% 30 year fixed. No closing costs.
I did the closing back in april 08, almost a year ago.
NACA interest is 4.75% right now but you can buy down the interest rate (points).
That's what i did to get that 1.25%. (1% of mortgage permanently reduces interest rate by 0.25%)
Is it really worth it to do that? is this your last home?
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Old 02-12-2009, 03:38 PM
 
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The way points used to work and I think it still works the same is .25 points reduces the rate 1/8%. There are calculators on the internet or a mortgage consultant can run the different senarios to see how long you need to be in mortgage with the lower monthly payment before you recoup what you paid for the points. Usually it is a long time, which is why alot of people do not buy down the rate with points.
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Old 02-12-2009, 05:54 PM
 
Location: South Charlotte
124 posts, read 415,338 times
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Ours is 4.625% and we closed a couple weeks ago. That was with one point (we locked at the end of December) which the seller paid along with closing costs.
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Old 02-12-2009, 05:58 PM
 
Location: Charlotte, NC
7,041 posts, read 13,106,172 times
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Quote:
Originally Posted by jenn02674 View Post
How much did you ultimately pay to buy down the points? How long do you think you will be in the house? I thought conventional wisdom was not to buy down points but I don't really understand it myself.

I've been wondering if I should refinance but my situation is different very unique. I'm a widow and I don't work but do have a small morgage and live off of SS and savings. My interest rate is at 5.375. don't know what my credit score would be. It was very good five years ago but I had a small hiccup last year. Totally my fault, not intentional, but a blip just the same. My dad was saying that if I could get it a point lower it would be worth it but other people have said 2 points lower.
THe rule of thumb is 2 points lower. Also, in order to use your savings as income, you will need to demonstrate sufficient assets to cover you for 3 years going forward...
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Old 02-12-2009, 06:52 PM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,641,651 times
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Are all you guys posting rates or APR? I think most of you are posting the rate....BIG difference....

I inquired about Wachovia...they are at 4.75/4.924 APR no points....(for the example I spoke to them about). Thats IF you roll the closing costs (approx 3K) into the loan.


Pretty darn good...
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Old 02-13-2009, 12:20 PM
 
210 posts, read 540,521 times
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We refied down a point -- payback period only 9 months. Use online calculators rather than rule of thumb to decide whether it makes sense for you.
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Old 02-13-2009, 12:28 PM
 
87 posts, read 308,351 times
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Quote:
Originally Posted by mullman View Post
My brother just refinanced two weeks ago.

BB&T, under 5%, no points, 30 yr fixed, only out of pocket was appraisal ($3xx).
Did your brother have to pay for closing costs?
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