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I refinanced homes more than once. It is simple math:
1. There will be closing costs so let us say $2,400 which is typical
2. Mortgage payment goes down so let us say $100 per month later.
3. In this example, after two years you will be ahead.
One time we refinanced and withdrew money. We kept the same monthly payment but increased the mortgage amount and withdrew the difference.
You can always do a lender credit/ negative points to help make up for the closing costs if you are worried about them. You can get very close to a no-cost refi if you use the right broker.
One time we refinanced and withdrew money. We kept the same monthly payment but increased the mortgage amount and withdrew the difference.
I am not sure what this means. Where did you withdraw from? If the payments stay the same and you increased the mortgage amount how did you save money?
Also I don’t know what lender credits/negative points are? Or in regards to closing costs?
The bank told us we can save at least $400 a month on our mortgage payments with Amerisave. I googled them and it seems to be a scam. If people could really save $400 a month wouldn’t everyone being doing it? It’s annoys me how easily people believe this stuff and don’t realize there is a catch.
I am not sure what this means. Where did you withdraw from? If the payments stay the same and you increased the mortgage amount how did you save money?
Also I don’t know what lender credits/negative points are? Or in regards to closing costs?
The bank told us we can save at least $400 a month on our mortgage payments with Amerisave. I googled them and it seems to be a scam. If people could really save $400 a month wouldn’t everyone being doing it? It’s annoys me how easily people believe this stuff and don’t realize there is a catch.
You desperately need an education on how mortgages and the industry itself work.
You go from paying 1550 a month to 1150 by changing the terms of your loan (well, actually, by retiring the current loan and immediately replacing it with a different loan). New loan: lower interest rate.
Closing costs that keep going up, luring consumers in with deceptive advertising, trap them with costly upfront fees, and then illegally overcharged them for services from an undisclosed affiliate.
Closing costs that keep going up, luring consumers in with deceptive advertising, trap them with costly upfront fees, and then illegally overcharged them for services from an undisclosed affiliate.
This is much different info than your first post (which only mentioned a $200 difference, BTW). It still shows a lack of understanding of how a re-fi works. Yes, some lenders are better than others. That's not the same as saying "it's a scam."
Closing costs are a thing. They just are. Some lenders are better than others at ilustrating how they are paid or rolled into the loan. That =/= "a scam."
I don't know how to respond to the rest of your post without more info.
You can probably get a better rate than 3.15. I'm getting locked in at 2.99.
Also, don't show that you are reluctant to help him. Do you want only his name going on the deed? LOL
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