minimum $ require for home mortgage refinance in central nj area (insurance, condo)

[loginnj]

i got 6% 30 yrs fixed ,around 1 yr+ back and have seen interest rate getting down since then and now seems it is good time to go for refinance

but i am short in saving and in this shady job market and don't want to touch my little saving .

so what would be best options for me to get refinance , is there any minimum amount i can expect for this procedure

please advise.thanks

[joe moving]

did you put 20% down and did your home not lose any value?

then you can expect to pay just the regular fees like a re-issue title search+insurance, plus titling/county fees, settlement agent. it's going to cost a few thousand.

don't forget that, when you pay off your old mortgage ,there's going to be 30 days of possibly unexpected interest (remember that first month you had your house and didn't make a payment...).

[yCf]

Similar to the OP, I am thinking about refinancing.
Does it matter which bank or lender I go with? Or should I just hunt for the lowest rate I can get?

[bay]

it depends on your down payment and your appraisal. Most of refinance will require you to have 20-25% of equity (down payment when you purchased). If your loan balance is more than 300K and you have good credit, probably you can get 0 closing program.
We just refinanced our condo last month as investment property for 5 year interest only and we got 3.875%. We have more than 30% in equity and apprisal value is still higher than what we bought. The closing is around 5500. You can also put the closing cost into your loan so that you do not need to pay it out of your own pocket at closing.

[Sergio M]

Technically, you will receive your escrow balance on your existing mortgage returned to you, also, you will be *skipping* a months' payment. This will account for the new escrow, and the title insurance policy. You will need to pay the filing fees, and application fees if any. I do not like to roll the entire cost into the mortgage, because I am not looking to increase my principal and pay interest on closing fees for 30 years. That money is floating in the transaction.

[Sergio M]

don't forget that, when you pay off your old mortgage ,there's going to be 30 days of possibly unexpected interest (remember that first month you had your house and didn't make a payment...).{quote } joe moving


Your mortgage is always paid in arrears. Thus the one month lag. If you use that payment toward closing cost (i.e. title ins. title search) you avoid the add on cost, (to principal) and interest (on closing cost for 30 years) associated with it.

[usedtobeanyer]

I would just contact your current lender and tell them you're looking to refinance or modify your loan. I did a loan modification which was much simpler, no appraisal required. It cost me about $1500 or so and is saving me about $125/month.

A refinance can be tricky, because if the value of your home has decreased (whose hasn't?!) and you are now holding less than 20% equity in your home, the appraisal is going to cause problems and you may not be able to refinance. But your lender will likely work with you as they don't want to lose your business.