I have a 488,000 options arms loan that has 2 years left before I refi without pre-payment penalty. As of now the pre-payment penalty is 15,000. Got a quote from my loan agent at 6.125% for a 30-year fixed, no pionts and no cost. Estimate out of pocket $3500. I plan to roll the 15,0000 into the refi. Should I bite the bullet and just refi. I estimate that I can save $600 from what I pay right now and be able to recoupe the amount in 31 months. I plan to stay in the house for another 5-7 years. Rates look low right now. what should I do? Also, anything other questions I should raise with my loan agent. Got into bad option arm loan and now I am hesitant and want to get everything defined before I sign.
Finances are in effect too because I am getting married in 5 months and money is getting tight.
2007-01-02
11:13:26
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11 answers
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asked by
Spiderman
2