We Are About To Refinance,the Total Would Be 185.000 We Would Like A 30yr Fixed With No Points At 6.5% We Don't Know What The Closing Costs Will Be.does Anyone Know Approx How Much It Would Be.
2006-11-08 09:10:32 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Current rates, without points, is 6.125. Closing costs should be less than $2000, including appraisal, title insurance, prepaid homeowner's insurance, escrow closing fee, tax service fee. Your lender should give you a Good Faith Estimate, detailing all costs involved in the loan.
2006-11-08 09:13:33 · answer #1 · answered by schweetums 5 · 1⤊ 0⤋
That depends: If you are an "A-paper" borrower (you have good credit, a clean mortgage history, documented income, etc.), you can probably expect to pay roughly 2% of the loan amount at an interest rate of 6.5% ($3,500 - $4,000). Basically, you will be lowering your closing costs in return for a slightly higher rate (the higher rate covers the lenders/broker's origination fee)
Some people choose the above route. The other way is to get the lowest possible rate (the PAR rate) and pay the normal origination fee. Note that this is NOT buying the rate down - that is above and beyond the lender/broker origination fees. Total fees of around 3% are customary if you want the PAR rate.
Based on a lack of information, I cannot suggest your best choice. See my contact info if you want more info.
- Rob
P.S. Be aware that if you have less than perfect qualifying criteria, you may not be able to have a portion of the fees paid for and get a 6.5% rate.
2006-11-08 22:42:52 · answer #2 · answered by robert_byrne 2 · 0⤊ 0⤋
Closing costs completely depend on the lender, but you're probably looking at 3000-5000 dollars
2006-11-08 17:13:19 · answer #3 · answered by Anonymous · 0⤊ 0⤋
closing costs include title insurance (500), appraisal (350), doc prep (50), origination fee (1,850), the list goes on and on....
in general, its a 2,500 - 4,000. Some people roll those costs into the new mortgage - that's rarely a good idea.
I'm not hawking them, but I keep hearing about Lennox Financial on the radio and they claim to actually PAY all closing costs.. I called out of curiosity (but had no need to use them), and it SEEMS promising.....check out all your options before you commit.....
good luck
2006-11-08 17:29:26 · answer #4 · answered by Paula M 5 · 0⤊ 1⤋
For what State and County?
2006-11-08 19:11:34 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It really depends. My parents recently paid $1,500.
2006-11-08 17:17:51 · answer #6 · answered by chocolate-drop 5 · 0⤊ 1⤋