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I went into my house 2 years and an interest rate of 5.375% – 30 years together, I bought 1 point on the loan (pre-paid interest $ 5,000) I paid 665,000 dollars for the place and have about $ 519,000 on the loan. I intend in my place more than 5 Jahren.zwei question: Is it too early in the loan to refinance What are the costs associated with re-Fi on a jumbo loan? What dollar amount I could expect to be paid by

3 Thoughts on What are the costs associated with mortgage refinancing?
  1. Reply
    January 27, 2013 at 2:51 pm

    The costs vary by lender. I would take a look at ING Direct and I think they will give you an online estimate of costs. If you can lower your interest rate by 1%, then that would save you about 22-24K over 5 years. That is what you want to compare to the costs to see if a re-fi is worth the expense.. The savings are even greater if the rate is less than 4.375%

  2. Reply
    January 27, 2013 at 3:30 pm

    The real answer is anywhere from $ 0 to about $ 3000. The costs can be absorbed in a slightly higher interest rate if that interest rate is still satisfactory to you. Or, you could get the lowest possible market rate and pay the costs (probably $ 2000-$ 3000) or roll it into the loan amount. No, it’s not too early, and with interest rates at historic lows, I would recommend it – especially for a large loan such as yours. (If you can get 4.375%, you’re saving about $ 5000 in the first year!)

    Best of luck!

  3. Reply
    January 27, 2013 at 4:01 pm

    Check with a local mortgage broker and see if you qualify for a no cost loan. I just closed on a no cost refinance mortgage at 4.375% in California.

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