I think that ended with Trump's tax plan? At least if the total of deductions was over the higher standard deduction which for many it isn't.
Right... if you itemize it is still there, but if one can just use the standard deduction it's essentially gone.
I refinanced to lower my rate by 0.375% and paid little in closing costs. I pay $300 less per month, but I extended my mortgage a few years and will end up paying a few thousand dollars more by the end of the loan. But it makes sense for me because I can reinvest those monthly savings to come out further ahead.
About to close refinance in about a week. Got a 20 year at 2.375% with closing costs estimated to be approximately $3k. This is coming from a 30 year at 3.875%. I ran an amortization schedule to compare (1) my new refinanced loan vs (2) my old loan based on the remaining years left and found I'll ultimately be saving $80k in interest! $$$CHA-CHING$$$
How much is everyone paying for closing costs? You ever try to negotiate those closing costs? About a $500 spread, but same rate. Wonder if anyone ever tries to "beat" another one, or do you just need to keep searching? This is a 15 year note at 2.375%, a little under 2500 for closing is what I have seen.
I applied at better.com. They would not give me the loan because my equity is slightly below 5%. Applied with amerisave and was pre approved for 30, 25, 20 year rates. Currently working with them to see what they can do. My credit, debt to income ratio, etc... are excellent, so the rate should be in the 2.5 range. My only concern is closing costs.
3.5 weeks. No origination fees but I did pay half a point for the rate (was 2.75 for no points). Others are all things you can shop for (title etc) but I’m lazy and just used their vendors. edit: just seeing your post above this one. Yeah I was assuming you had an 80% LTV minimum. Best of luck lots of lenders out there
i have an offer for a 30 yr conventional loan at a 2.75 rate. PMI will fall off in 46 months. Im saving 200+ a month on a note. However the closing costs are 8k and would be rolled over into the loan. Does that sound like a good deal? I currently have 4.87 interest on an fha
Quicken loans just partnered with my home lender a couple of months ago, knocked my 30 year 4.75% loan to a 30 year 2.875% loan with like $110 closing cost (I bought my rate down a bit). I had 2 years into my mortgage and my loan is like $4k more than what I started with but my payments will be about $200 less a month and with it being a new neighborhood still I owed taxes from the first year that i was paying into the 2nd year making my monthly morgagte payments an additional $300 more. So In reality I'm saving $500+ a month from both the refinance and the taxes being paid off. Took a little over a month to get everything completed, I close tomorrow morning, they're coming to my home to close. My Credit is in the 700s but not Excellent (750+) due to some medical bill BS, also my debt to income isn't great either, wife and I just had a baby 6 months ago and she's no longer working (stay at home mom) also her business as an esthetician is too risky during these COVID times with her being pregnant during the pandemic and now having a baby. But I've been overall happy with the process, albeit less smooth than I'd originally wanted. It's a good time to refi.
Well that depends on you and your financial situation. Even though you can finance the closing costs, just remember that it will take roughly 40 months of payments before you break even on those costs. Then every month after that is savings. Go into any loan calculator, put in your current principal and interest rate and look at total interest. Put in the new principal with closing costs and interest and look at total interest. Then you need to think about how long you plan on staying in this house. The closing costs are going to cost you around 3500 in interest over the 30 year loan based on 8k at 2.75. So just weigh everything and decide. The closing costs are really only costing you around $32 per month. So totally up to you. But you are getting a pretty good interest rate drop.
I ended up completing the refinance. Signed my closing papers today. My payment dropped $359 a month. Could not pass that up. Appreciate all the advice!
