Closing costs are too high on a smaller loan

Sep 5, 2019
7:55:41pm

Cougrrrs Roll All-American

to reach breakeven soon enough and justify the refinance. Better to pay more principal if possible and pay the loan off sooner. Thus saving interest expense that way.

This message has been modified

Originally posted on Sep 5, 2019 at 7:55:41pm

Message modified by Cougrrrs Roll on Sep 5, 2019 at 10:24:44pm

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Cougrrrs Roll

Bio page: Cougrrrs Roll
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Last login: May 2, 2024
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Messages

Author

Time

POLL: At today's 30 year mortgage rates (non jumbo), What's the lowest rate you should refinance today?

Cougarclaw

9/5/19 5:03pm

Depends on my current rate.

Cougarrr

9/5/19 5:04pm

if your current rate was any of the poll options, which is the lowest one

Cougarclaw

9/5/19 5:07pm

I think you mean what is the highest rate, not lowest

Hinta

9/5/19 5:07pm

I think he means the lowest rate at which you would refi.

Coach's Dad

9/5/19 5:13pm

I have no idea what he’s trying to ask.

kotacoug

9/5/19 5:15pm

It would make no sense to refi at 2%, but it's a no brainer at 5%. What's the

Coach's Dad

9/5/19 5:16pm

Depends on from what rate TO what rate. Need two values

kotacoug

9/5/19 5:18pm

The TO rate is the market rate (which he didn't give) and the FROM rate is the

Coach's Dad

9/5/19 5:24pm

Depends on how long a person is going to keep the house/loan

Cougrrrs Roll

9/5/19 6:01pm

how about this. If you had a house with each of the polled mortgage rates

Cougarclaw

9/5/19 6:25pm

I just got a 15 year fixed at 2.99% today. Now, that doesn't answer your

Idahofallsblue

9/5/19 5:15pm

Where did you go for that and what were your associated fees?

CougaRR4L

9/5/19 5:35pm

DL evans bank in Idaho Falls

Idahofallsblue

9/5/19 5:38pm

I got a 10 year a few years back at 2.87%... 0 associated fees or closing costs

bluecougar1985

9/5/19 5:58pm

that's so fricking awesome. This will be my first 15 year loan. I'm excited

Idahofallsblue

9/5/19 6:03pm

Exactly. I live in Idaho Falls as well, I went through ICCU. For 15’s they look

bluecougar1985

9/5/19 6:18pm

Actually, they are quoting 2.875, but fees make a big difference. They are 3%

bluecougar1985

9/5/19 6:20pm

they waive all the closing costs? kinda crazy.

Idahofallsblue

9/5/19 6:23pm

Yes, but only on 12 years or less IIRC. It’s called their freedom loan.

bluecougar1985

9/5/19 6:32pm

I was looking for a builder a few months ago. You guys are too busy.

Idahofallsblue

9/5/19 9:32pm

missing variables are months until next move and cost to refinance

PaxDog

9/5/19 5:15pm

Are you essentially asking what interest rate reduction would make you want to immediately refinance?

slappy

9/5/19 5:16pm

yes.

Cougarclaw

9/5/19 6:27pm

Today's rates

Cougrrrs Roll

9/5/19 5:48pm

Highest. I'm a few years from being paid off. The fees get to be too much when

fbguru

9/5/19 6:50pm

Closing costs are too high on a smaller loan

Cougrrrs Roll

9/5/19 7:55pm

Yep. 20 years left on the loan. 2 years left on the payment schedule

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