mortgage refi advice
So currently i closed on a deal in san diego that was all cash and had to be to close the deal out. (i would love to get into that deal later) reason i say that because it brings up the refi question.
from the wells fargo broker here in san diego California. if i refi tje mortgage on my primary residence i would get a better rate vs doing it to the investment property i just purchased for cash. the current loan is for 300k a 4.25% over 5 years ago the property is valued at 900k.
the following was offered from wells mortgage broker when i asked what rates would be offered.
First: There are many rates available, not just one. You can “buy” a rate that is below what I can provide you with zero-points. It’s just personal preference. Lower rates cost less over a long time period, but initially have higher fees to obtain.
Next: I initially showed you 3.750%/APR 3.750% because (1) it’s really cheap and (2) we haven’t finished validating your eligible asset account balances on deposit
. 3.375%/APR 3.402%, P&I = $2,785.21/month. Standard costs plus .500% charge ($3,150) for points.
2. 3.500%/APR 3.527%, P&I = $2,828.99/month. Standard costs but zero points.
3. 3.625%/APR 3.625%, P&I = $2,873.13/month. Costs are largely offset by $3,150 lender credit to you, so this is a very cheap transaction.
any expertise would be highly helpful and very grateful.
thanks