What to expect to pay in closing on a refi & at what interest rate?

Question by lindsay: What to expect to pay in closing on a refi & at what interest rate?
I want to refinance to get low interest on a 2nd mortgage I have. I owe 36K on the first & 48K on the second. My first mortgage has a fixed rate of 5.5 but the second is fixed at 7.65. Both loans are with the same mortage co. & I would like to keep it that way if possible…by the way our credit scores are just over 800.

Best answer:

Answer by alterfemego
Lindsay, you really should be careful what information you put on this venue. Most of what you are going to get is solitations for business like Mr. Smith does all the time. Anyone that would break the rules on Yahoo, well… I wouldn’t use them.

Only your lender can give you accurate information based on your whole financial picture. I suggest you talk with them directly. They must provide your costs and the interest rate at the time of the loan. Costs and interests rates can vary with lenders, so we have no way of even estimating for you.

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3 Responses to What to expect to pay in closing on a refi & at what interest rate?

  1. bonsai says:

    if its with the same company, and you have 800 score then you should be able to get easily 5% and very little or no closing cost, if you threaten them taking your mortgage elsewhere.

  2. mengdi says:

    First of all, there’s been a lot of change in the mortgage industry in the last couple of years, sub-prime loans are out of the picture, FHA and conventional loans are more popular. Some of the changes have forced a lot of people out of “the business”, my warning is that there are a lot of inexperienced loan officers (LO) out there. Even within the same company, there will be people with way different levels of experience, so to make sure you get a knowledgeable LO shop around.

    Now- 2nd mortgages are not around any more. If you just want a 2nd mortgage with a lower interest rate, you will have to do a HELOC which is based off an adjustable rate. You will not find another fixed 2nd mortgage. It’s prob a waste of time unless you want to take some cash out.

    email securityonefinancial@gmail.com for more information

  3. Russ says:

    Your 2nd’s rate isn’t bad,they are always higher due to lien position.
    Contrary to what others say, 2nd’s are still available, but the rates on them are so high now that doing a standalone 1st with PMI will probably be about the same payment.
    Remember , you probably did the 2nd to avoid PMI, so unless you now have 20% equity you really won’t gain alot by changing things as your rate on the 1st is great and no longer out there.
    If you refinanced now, you’d have to refinance both combined at a higher combined rate than 5.5% (max CLTV 95%) , and even if the refi was cost free your benefit would be minimal ,if any at all.

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