Q: I am paying 5% on $160,000. A lender is advertising a 30 yr FRM at 3.85%/4.191% APR, or a 15 year FRM at 3.25%/3.476%. Would closing costs be out of sight?
A: You should contact the mortgage lender and ask for a Good Faith Estimate of Closing costs (GFE). While under no obligation to provide you with one until you actually apply, they may, and that should give you a good working sense of the fees involved in your refinance. You should know that advertised rates are for truly optimal borrowers, and your situation is likely to be different.
More help from HSH.com
- HSH.com’s annual outlook: 2019 Mortgage and Housing Market Forecasts
At the start of each year, HSH.com details the important factors we think are most likely to influence the mortgage and real estate markets in the coming year. Come each July, we review to see if our expectations are being met or not. - What is a rate and term refinance?
Homeowners have a variety of reasons for refinancing and each reason can indicate that one refinance option or another makes the most sense. - Are ten-year fixed-rate mortgages (FRM) available anywhere?
Sure! Virtually all lenders who sell product to Fannie Mae or Freddie Mac will be able to offer you mortgage with a 10-year term. However, interest rates are usually the same as the lender's 15-year offerings. - What is HARP and do I qualify for a HARP loan?
Thousands of homeowners are still eligible to refinance under HARP. Are you one of them? Time is running out! - How quickly can you refinance after a bankruptcy?
We have received a lot of questions over the years regarding how quickly you can refinance a mortgage following bankruptcy.
No Comments