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set57hike

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  1. Are you the favorite person of anybody? http://www.youtube.com/watch?v=-t-5PLQgcSA Bonus: Do you want an orange?
  2. Thats very reasonableOk, good. I mean I am seeing 4.875% on here, makes 5.5% seem a little high. I need to lock in soon though for sure.What loan product is it (30 year, 15 year, etc) ? What are your closing costs?
  3. Good info here: http://www.fatwallet.com/forums/messagevie...&lastpage=1
  4. I highly recommend the www.bankrate.com "Compare Rates" tool. The winner for my situation (refi in IL, conforming) was Everbank with 5.25 fixed 30 year mortgage, 0 pts/0 orig fee and $966 in fees.
  5. Bumping myself cause I actually wanna know.Yes, the interest rate is fixed for the entire term.
  6. This is also a good technique to compare different refinance options, eg it is worth it to pay points for a lower rate.
  7. Here is a quick way to get a rough apples-to-apples estimate of the savings from refinancing: compute the principal and interest payment for the new and current interest rate, keeping the balance and term length the same in both computations. Here's an example: Open Excel or Google spreadsheet. Now suppose I can refinance at 5.5% for a 30 year mortgage and suppose I'm already a few years into a 30 year mortgage at 6.25% and I have a current balance of 250000. Suppose it will cost me $2000 to refinance. Enter the following function: =PMT(0.0625/12,30*12,250000,0) This results in a monthly principal and interest payment of $1,539.29/ Here 0.0625 corresponds to my current rate (6.25% per year). 360 corresponds to the length of the mortgage (30 years * 12 payments per year) in my potentially refinanced mortgage. 250000 corresponds to my current balance. This may not correspond to my actual principal and interest payment now because I want to use the same number of payments in both computations to make the comparision fair. Next, enter the following: =PMT(0.0550/12,30*12,250000,0) Here 0.0550 corresponds to my current rate (5.50% per year). This results in a monthly principal and interest payment of $1,419.47 The savings is $1,539.29-$1,419.47 = $119.82 per month. So, the breakeven point is roughly $2000/$119.82 = 17 months. .
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