Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
If it's in writing that there are no additional fees, then you can ignore the people arguing that there will be hidden fees.
As for the worth it/not worth it. Based on the amount you're paying off per month, I'm assuming you're in a pretty high tax bracket. Don't forget to take into account the fact that the interest is tax deductible.
At the 28% bracket for example,
Current Mortgage deduction: 1030.68
New Mortgage deduction: 703.36
So this means your potential savings of 1169 is actually reduced 327.32 to $841.68.
From that savings, you're now backing out the Refi cost of $300, leaving you with a net after profit of $541.68. That's also assuming that you're "only" in the 28% bracket, which if you can pay 9200/month, you're probably even higher, making the savings even lower.
Is it possible your same lender might do a loan mod for that much. but I don't think another lender would close for $300 all said and done without any other cost.. but I think it is not worth the hassle either.
If it's in writing that there are no additional fees, then you can ignore the people arguing that there will be hidden fees.
As for the worth it/not worth it. Based on the amount you're paying off per month, I'm assuming you're in a pretty high tax bracket. Don't forget to take into account the fact that the interest is tax deductible.
At the 28% bracket for example,
Current Mortgage deduction: 1030.68
New Mortgage deduction: 703.36
So this means your potential savings of 1169 is actually reduced 327.32 to $841.68.
From that savings, you're now backing out the Refi cost of $300, leaving you with a net after profit of $541.68. That's also assuming that you're "only" in the 28% bracket, which if you can pay 9200/month, you're probably even higher, making the savings even lower.
Not doing this is the right call.
Thanks Jeo123.
Quote:
Originally Posted by joe moving
Is it possible your same lender might do a loan mod for that much. but I don't think another lender would close for $300 all said and done without any other cost.. but I think it is not worth the hassle either.
Good point Joe. I did call them a couple of weeks back and threatened to refi with someone else.....I put forth a few different options for them to "keep their customer...", but they wouldn't budge. anyway, as noted before, i agree with you. i decided that it wasn't worth the hassle given the timeline i'm working with and the 'potential/alleged' savings...
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
