Looking to refi.
Currently at 5.9%
Product is just under 1 yr old.
Wife talked to our bank today and this is what they said.
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Hey- talked to Chuck over at nat city mort. Discussed re-fi. They can get us a rate right now at 4.5. Brings our payment down $182 a month. If we float the loan a few days and wait for a rate of 4.25, it will bring our payments down $50 more a month. Costs will be $500 out of our pocket. What they do is add it all on to the borrowed amount, so our loan would go up by $13,000.
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So $13,000 in closing costs. Seems kinda steep. Over 30 it'll save 72,000-13,000 = 59,000 Believe I paid ~$8,000 in closing on the original loan.
Seem out of whack to anyone?