Thank you in advance!
Are you able to repay sooner than the 30 year term? About half your refi benefit is getting eaten up in fees.
bump to piggy back on advice given. thanks
Have you gotten your FICO credit score? You don’t need to post it here, but that rate and closing seem a little high for someone with good credit from what I’ve heard and just read on bankrate.com.
Since rates for seconds homes seem to be hoovering around 3.9-4.1% your offered rate seems high.
You are benefited if you recover the fees in 18 months or less.
Rate is high because it is a second/vacation home ... You have indicated you can add to principal ,, you should look at a 15 or 20 year loan ... If you are substantially underwater have you attempted to negotiate principal reduction? If you haven’t why not? You should look at all options ... ditch this property if appropriate and buy identical house in same neighborhood for $$LESS$$ ..
OK , I thought so ... Quicken Loans wrote a huge number of loans where the lender was misidentified on the docs as “Americas Wholesale Lender” or “AWL” a trade name / corp identity that was never registered ... same as having a mortgage with “Elmer Fudd” as the lender... GET YOUR DOCS OUT AND INSPECT THEM.
You may not owe anybody anything ,, contact a lawyer and do some research ... you may have WAY MORE leverage than you think and by refinancing you will be throwing that away... An act so stupid it should be criminal to consider.
I would do some research on Quicken Loans. Run a google search on “quicken loans ripoff”
Calculate what your final total would be on it if you made extra payments on the principal vs. a shorter term (15 years) vs. higher rate with lower points and/or fees. Those fees you’ve been quoted seem high. Obviously, go with the lowest final total and make sure you make those extra payments.
Shop around — this sounds too high to me.
Scroll allthe way down - on the bottom right you find the current mortgage rates.
30 yr refi is 3.8%
They give you a link to
where you can find rates in your area.
I recommend you check those out.
I have a friend who took out a 2nd and a 3rd and who knows what else bringing her obligation to $1.2 million.
She stopped paying her mortgage for a year and through whatever financing is available is now paying less per month than her original mortgage!
Can you believe this Shiite?