Ok so this is what Chase said Re: my re-finance

ddelo23

I just got in touch with him...basically I would pay 395 up front (app fee) - and the closing costs are like 2495, but rolled into my payments.  This would be a HARP re-fi, so no income verification or appraisal would be done.  He gave me a 4.125% rate.

Off hand, it looks like I would save about 800.00 per month.  Even with the closing costs, it seems to me that I should do it, especially since I doubt the house will sell right away!

Any opinions?

dmendel

I can't remember what we ended up doing, but it ended up being a good deal through Chase.  We did it like 6 months ago.

Traba

Ask him if they offer rate modifications. The term doesnt change and the fees are low.

AmyRob04

Do they allow you to pay the $2495 up front so that you're not paying interest on it?

debfife

what's your current rate because 4.125 is kind of high. you should be getting a rate under 4

ddelo23

AmyRob04:

Do they allow you to pay the $2495 up front so that you're not paying interest on it?

Yes...I could pay it up front.

And Deb - my rate WAS right at 6.

LisaBRM

debfife:

what's your current rate because 4.125 is kind of high. you should be getting a rate under 4

It depends on the size of the loan.  We are locking in over 4 but we have a jumbo mortgage.  Our mortgage broker said jumbos are still running high.

In this case, however, if you are sure that you are going to sell soon, could you look into an ARM mortgage, to bring the payments down even further?

Sandy&Lui

Jen said to give her a call...LOL

mrs.marie.g

i think CHASE is who our refi went through (wait it might have been freedom)

anyway i would call around you MAY be able to get a better rate

maddie7

I was told the 4% rate is only for new mortgages not re-fi, so the rate you got is good.

ddelo23

Sandy&Lui:

Jen said to give her a call...LOL

who?

ddelo23

And also - I know that HARP is good for people who's appraisal may not come out as high as it "should" and their ratio of mortgage to what is owed is not great.  we put an addition on our house (an entire floor - we  went from 2 bedroom to 4, and 2 full baths to 4full baths) so I would think that completely re-financing would benefit us more? yay? or nay?

debfife

maddie7:

I was told the 4% rate is only for new mortgages not re-fi, so the rate you got is good.

that's not true. I got rates yesterday from a friend for 30 year = 3.875 and a 15 or 20 year at 3.75

mrs.marie.g

debfife:

maddie7:

I was told the 4% rate is only for new mortgages not re-fi, so the rate you got is good.

that's not true. I got rates yesterday from a friend for 30 year = 3.875 and a 15 or 20 year at 3.75

yep she's right ken called our broker yesterday to double check (we are currently at 3.75 but thats what he quoted us)

JoJo79

double check that this is a refi and not a loan modification.  We looked into the loan mod before we moved and were told it would affect our credit.  Just double check.

And good luck with Chase...our mortgage was with them and they can be ding dongs...just keep on them and take names and numbers.

LisaBRM

debfife:

maddie7:

I was told the 4% rate is only for new mortgages not re-fi, so the rate you got is good.

that's not true. I got rates yesterday from a friend for 30 year = 3.875 and a 15 or 20 year at 3.75

Was this paying points?  We aren't getting anything close to that for a 30 year.

mikesbride81107

Thanks for info... i've been interested in doing this as well

debfife

LisaBRM:

debfife:

maddie7:

I was told the 4% rate is only for new mortgages not re-fi, so the rate you got is good.

that's not true. I got rates yesterday from a friend for 30 year = 3.875 and a 15 or 20 year at 3.75

Was this paying points?  We aren't getting anything close to that for a 30 year.

no points for me, but also, the amount I owe is less than 1/2 of what a jumbo starts at.

Kristen81603

Lisa, jumbos are higher- I asked Mike- 

I wish we could refi-  

sister-friend-wife-mother

The rate is probably a little higher because they aren't doing a traditional fixed loan - there is no appraisal or income verification needed so the risk factor is higher.