Closing costs on refinance?
I have a 40 year mortgage at 6.25% interest. I know interest rates are low right now, but what I want to know is, what are closing costs like? Is it worth it to refinance? I plan to stay in the house only about 5 years or so, not long term. by guy33jextreme from West Valley City, Utah. Aug 30th 2010
Akali Dennie (adennie)
#54 ranked lender in Florida - 196 contributions
Hi Guy. It is DEFINITELY worth refinancing now. Depending on your credit score, our 5/1 ARM rates are close to 3%. Freedom Mortgage is a Direct Lender and we fund loans in all 50 states. Please send me an email at adennie@fmbranch.com so that I may send you a FREE quote. Thanks.
Brett Pehrson (brettpehrson)
#19 ranked lender in Utah - 228 contributions
You should definitely review scenarios with a local loan officer. A 5/1 could make sense, in your case. Look for either a low, or no closing cost, scenario to maximize your savings in that period of time.
Crestico Funding (CresticoFunding)
#316 ranked lender in California - 340 contributions
You can do a refinance ( assuming you qualify by having good credit, equity in your property and proof of income ) on a 30 years fix @ around 4.5% with almost no closing cost. Please feel free to contact us for more informationHoutan HormozianHoutan.Hormozian@Crestico.com949 242 5215
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