cardude
Full time employment: Posting here.
- Joined
- Feb 21, 2006
- Messages
- 599
I'm lazy and pretty dumb when it comes to refinancing since I have never done one, so I figured I would run it past y'all and hopefully one of the resident gurus could pitch in with some advice.
I can get a 4.375% 30 fixed loan to replace my 5.10% ARM that can adjust up to as high as 7.5% in 2016.
The fees to do this in this are about $4600 in various charges, the biggest being title insurance. Loan amount is $417,000. Saves about $400 per month from my existing loan, so looks like I would recover the fees in less than a year. Is this a good deal? Credit score is 800, but income is not too good since I'm semi retired and just peddling some used cars on the side for beer money.
I don't know how long I will be in this house-- probably at least until 2018, when the kids are off to college and we may downsize. Or, we may just live here forever. I don't really know, but I don't want to get stuck with a high rate.
Suggestions?
Thanks!
I can get a 4.375% 30 fixed loan to replace my 5.10% ARM that can adjust up to as high as 7.5% in 2016.
The fees to do this in this are about $4600 in various charges, the biggest being title insurance. Loan amount is $417,000. Saves about $400 per month from my existing loan, so looks like I would recover the fees in less than a year. Is this a good deal? Credit score is 800, but income is not too good since I'm semi retired and just peddling some used cars on the side for beer money.
I don't know how long I will be in this house-- probably at least until 2018, when the kids are off to college and we may downsize. Or, we may just live here forever. I don't really know, but I don't want to get stuck with a high rate.
Suggestions?
Thanks!