Please Help.. Loan Refinance Advice

[Marvin Anaya]

Hello BP community,

I am considering refinancing out of my FHA loan to conventional, and I need some help determining if it's worth it. I have a loan estimate from Quicken Loans and seeking someone to help me navigate it and help tell me what my true cost to refinance is.

Here are the quick and dirty details:

Original loan amount $180,000 FHA @ 3.75%

Refinanced Conventional new loan amount $190,750 @ 4.75%

They said they would pay off about $1,000 in credit cards I have and give me about $800 cash back as well.

Please PM me and I can send you the actual estimate, thanks a million + 1 !!!!!!!!!!!!!!!!!!!!!!!!!!!!

[Lydia B.]

funny thing, I just dropped 2 loan applications with them with the exact same rates.   Keep the rates you have, unless you plan to keep the new loans for at least 5+ years.  It takes at least 3 years to pay off the cost of the loan in a roll-in scenario, but in this case your P&I will be higher once your financed.