i have a few numbers i want to see what you think.
chase called me about refi'ing my investment property. apparently they can do harp2 on it, so good for me.
7yr interest only arm currently at 6.375%
about 4.5 years in with 180k balance
30yr conventional fixed, 4.625%
getting a discount from wifes dad being retired from qualifying national union.
estimated loan costs $1550
Out of pocket to do the refi $11.96... yes Eleven Dollars, Ninety-Sis cents.
apparently my current reserves will get rolled in to lower the loan, then the new reserves are added on... this makes sense and i am fine with that.
prepaids... they are what they are.
loan costs... $1550 not too bad.
BUT do they really have to have Lenders Title Insurance on a refi? its $700 of the $1550 costs.
also. the loan officer talked about being able to buy down the rate, but when it came time to put the buydown in the computer, it wouldnt let him do it. does that make sense?
some other info
refi'd LTV will be right around 105%
the LO said that DTI ratio didnt matter for this program.
and i have excellent credit (777,811,818)