Updated over 5 years ago on . Most recent reply
Refinance Primary Residence
Hello guys, I'm currently in the process of refinancing my first property in CA as a primary residence I currently got a 3.99% rate 405k loan property valued at 495k?.... payments being $2750 taxes included
Option 1 from New American Funding
-Appraisal fee of $525.00 WAVED -No appraisal needed
-Rate: %2.74
-Monthly Savings: $ 312 per month
-Total Interest Savings over the life of the loan: $84500
-Lender credit: $1629
-Total Closing cost: $1786 only for 3rd party fees
- No PMI (they appraised my home at 515k)
- Closing cost added to loan
Better.com Option 2:
- 2.375 rate
-15,454 in closing cost including ($8,538 points) (rolled into loan)
- PMI $57 a month $2250 1-2 years payments
Option 3 Rocket Mortgage:
PMI
10k closing costs
2.75%
I'm leaning toward option one just because it's less closing cost but also like option 2 because I plan on renting out my home in a year so I will be able to cash flow more. Which one would you guys pick?