Needing help with refinancing decision

[Hudson Walker]

In the process of refinancing my home. Spoke to 3 different lenders. Having a hard time making a decision. Need some guidance with this one. This is my personal home. I plan on moving out in about a year and keeping the home as a rental for the long term. Like 10 years or more.

Currently on a 30yr fixed with monthly payments at $1905. Bought in July of 18 with 3.5 down.

Original appraisal $245k

Original loan was $237k

Amount owed $225k

Will refinance for another 30 yr fixed. My main goal is to lower my monthly payment and no cash out.

Which one would y’all pick?

Here are the 3 lenders and the terms:

Note: all lenders have waived appraisal

JPM

Appraisal: $310k

Loan: $248k

Rate : 3.25

APR: 3.257

Monthly payment + escrow: $1,653

Closing cost: $8,898

Cash to close: $3,445

Pay off estimated: 12 months

Rocker Mortgage

Appraisal: 350k

Loan: $253k

Rate: 2.99

APR: 3.137

Monthly payment + escrow: $1663

Closing cost $11,166

Cash to close $50

Pay off 20 months

Ally Bank

Appraisal $310k

Loan $247k

Interest 2.625

APR 2.785

Monthly Payment + escrow $1503

Closing $13,130

Cash to close $9,000

Pay off 2yrs 10months

As y’all can see they are very different loans. JPM can close in 6 weeks, Rocket in 3 weeks, and Ally 3-5 weeks.

Appreciate the help

[Steve Vaughan]

Originally posted by @Hudson Walker:

@Steve Vaughan total amateur on my part by not putting down the original rate. It’s a 4.5%

So either way I would be saving over a point.

 Good to know!  Saving over 1% changes my answer.

Just separate out pre-paids to get to the true closing costs and select the least expensive.

My opinion is to support local banks if I can.  Rocket or Chase or any big national doesn't do crap for your community.