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Updated about 6 years ago on . Most recent reply

Rashmi Nigam's profile image
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Rashmi Nigam
  • from Van Nuys, California
  • Member since Mar 28, 2017
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Rashmi Nigam's profile image
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Rashmi Nigam
  • from Van Nuys, California
  • Member since Mar 28, 2017
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Rashmi Nigam
  • Van Nuys, CA
1
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14
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Private Lending & Conventional Mortgage Advice

Question on refinancing

Rashmi Nigam
  • Van Nuys, CA
Posted

Bought a primary residence with 10% down. Property has appreciated in 6 months so I can refi myself out of PMI. However, interest rate is going up by .125% and i have to pay closing costs of 2500. Is that normal? Total monthly savings is around 225 after all this.

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Jeff Brower's profile image
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Jeff Brower
  • Real Estate Agent
  • from Willoughby, OH
  • Member since Dec 30, 2014
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Jeff Brower
  • Real Estate Agent
  • from Willoughby, OH
  • Member since Dec 30, 2014
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Jeff Brower
  • Real Estate Agent
  • Willoughby, OH
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Jeff Brower
  • Real Estate Agent
  • Willoughby, OH
Replied

If total monthly savings is 225 and the cost is 2500, you will make your money back in 14 months and continue to save for the life of the loan. No brainer in my opinion, get that rate locked in!

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