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Pray4Baby2010
<3 Cutest Giants Fan
Member since 10/09 5796 total posts
Name:
MB
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When do you refinance?
Our mortgage is through HSBC-
the rate is 6 3/8%- I saw a 5.07% rate from them today- is that low enough to refinance at?
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Posted 2/19/10 1:14 PM  |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: When do you refinance?
That's low enough! General rule is at least 1% point difference. We went from 6.375% to 4.875%.
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| Posted 2/19/10 1:23 PM |
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jteach
2 and through
Member since 9/07 3939 total posts
Name:
Jess
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Re: When do you refinance?
Your best best is to call a mortgage broker. They can run all the numbers and tell you how much you would be saving each month, they can also shop around and find you the lowest rate and they do all the work for you.
My dh owns a mortgage company if you would like his number. I am sure he would help you out, especially if you tell him you are from LIFamilies 
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| Posted 2/19/10 1:23 PM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: When do you refinance?
Since you will have to pay closing costs again, it's best to do it when it's 2 points lower.
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| Posted 2/19/10 1:45 PM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: When do you refinance?
My general rule is 1.5-2pt difference and don't do it if less.
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| Posted 2/19/10 2:52 PM |
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Kelly9904
Mommy to 2 amazing little boys
Member since 5/05 9306 total posts
Name:
Kelly
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Re: When do you refinance?
Posted by VickiC
That's low enough! General rule is at least 1% point difference. .
Agreed!
We lowered by 1pt and pmt went down between $150-200 per month (not sure the actual amount) our closing costs were just over $3K (we stayed with the same lender as our original loan)
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| Posted 2/19/10 10:08 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: When do you refinance?
Posted by Kelly9904
Posted by VickiC
That's low enough! General rule is at least 1% point difference. .
Agreed!
We lowered by 1pt and pmt went down between $150-200 per month (not sure the actual amount) our closing costs were just over $3K (we stayed with the same lender as our original loan)
I agree too. I would make sure that they can take your current loan by assignment and do a consolidation--this will save you mortgage tax which is a bulk of your closing costs. I am currently doing this with BOA under the making home affordable plan. I am going from 6.75 to 5.375. I was able to have the same payment I have now but go down to a 20 year mortgage.
Also alot of factors go into the 5.07 rate--mostly if you have to buy points or not which will increase your out of pocket costs to do the refinance. I would also look at how many years you have left on your loan and how long you plan on staying in your home. You want to make sure that you will recoup the benefits of the costs while you are still in the home. Definitely call HSBC or go there and speak to someone that can help you.
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| Posted 2/20/10 8:30 AM |
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