Quote:
Originally Posted by RallyJon
LOL. When we bought our house, we paid 3 (!) points to get a "fantastic" rate--"we'll never beat this". Then we refinanced in '04 and those points turned out to be money flushed down the toilet.
Now I'm only comparing no-points loans.
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do the math, check the deals. Just look at total loan amounts VS where you are at.
The no cost aren't bad but they will have higher overall rates attached. In those situations, the banks PAY points towards closing costs. thats why they are free.
Look and new loan amount, vs. old loan amount and payment differences.
Oh, and rarely does paying extra points work out. THe more you pay, the longer you need to keep the loan to show benefit.