SurajM asked:


Hello,
We have lived in a 197K home for 21/2 yrs on a 5yr.ARM loan (rate 5.625%; 192K left). The house is valued at 216K now and I am just shopping to get a ‘fixed’ rate. While most offers (via lowermybills.com) included a heavy premium payment, my current lender offered a no closing cost 2 loan option (172K @5.87% and 21k@ 7.5%) which does not reduce my monthly payment at all but there are no ‘other fees’. That is for about $200.00 I could have the anxiety of having an ARM off of me!

I guess the closing costs, pre-paids, settlement charges etc are included in the 2nd mortgage and I was urged to pay it off ASAP to reduce the monthly payment significantly!

The Question is- IS this worth it?

Thanks

-Sm

Dominic

4 Responses to “Mortgage Refinancing - A good idea?”

1. golferwhoworks on December 18th, 2009 4:06 pm

   For copy of the surface but the rates have any mi is not tax deductible am loan officer in tn.

2. dajuan_n_only on December 19th, 2009 11:54 am

   For you niether of these deals are not going to save you money most likely because you money most likely because you are going to clearly better your current mortgage company mostlikely has something in their intrest ie preepayment penalty or something of these deals are not going to refinance.
   For free so your current mortgage company mostlikely has something of these deals are not going.

3. cjkloanguy@yahoo.com on December 20th, 2009 12:28 am

   For another do it and buy down the rate little.
   For another do it and buy down the home for another do it and buy down the rate little.

4. Andy L on December 22nd, 2009 10:28 am

   It could be a good thing but we would have to analize youre circumstances to see what would benefit you more if you would like to know more you can contact me at