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First, I'll assume it's a 30 year fixed since it's a navy loan... if I assume the $3K is just points then your loan amount is $240,000? If that is the case, after your $1,000 rebate the total points you will pay is .833% instead of the 1.25%...
If all that holds true, your doing a cash out refinance and getting a 6% rate is VERY good compared to typical market conditions. If that $3k number was meant to be your total closing costs of everything, then that of course means your loan is much smaller than I estimated, which really just makes the loan look that much better...
I'd run with it... the fed dropping the rates, or not dropping the rates will probably not have a huge effect on A paper long term rates. It's all about investor confidence in the 10 and 30 year notes vs. the stock market.
Bottom line, 6% at very little cost is a good loan... If I had to guess, I expect to see rates drop some over the next 6 months, mainly because there will start to be a surplus of money to invest. I figure things are so over the top strict right now, that once things balance out money should loosen up. There of course is no guarantee that rates will drop, they can of course go up... 6% is a good rate, regardless of what your crystal ball tells you about the future.
OK, so I got the Good Faith Estimate today. Closing costs are a bit more than what was talked about. I think the guy I talked to on the phone just mentioned originations fees and such, because it is more than my initial over the phone quote. So, can someone please tell me if this sounds like a good deal or not? BTW, Im refinancing to consolidate debt.
OK, so I got the Good Faith Estimate today. Closing costs are a bit more than what was talked about. I think the guy I talked to on the phone just mentioned originations fees and such, because it is more than my initial over the phone quote. So, can someone please tell me if this sounds like a good deal or not? BTW, Im refinancing to consolidate debt.
Ya, $500 up front for the appraisal. $1000 back is just a promo. I guess theyre hurting for business. Guess $500 up front is better than $500 financed though.
So really, closing costs that get financed in are (not including interest, insurance, and escrow) about $3500 (5000 - 500 appraisal and 1000 rebate)
Everything you quoted by itself is a very fair deal. Once you factor in the $1000 back, it's a better than average deal in today's market.
As mentioned the appraisal fee is a touch high, but you'll write the check to the appraiser... so it may not end up being $500...unless that's the norm for your area. CA runs about $375 a pop.
So, to sum it up you're getting a great rate, with overly competitive closing costs.
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Got my GFE today
