Refinancing - Points vs No Points

Detroit Iron

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I just refinanced last month. 15yr @ 2.25%, my out pocket closing costs were $700. Don't waste your time paying down points, you are essentially just lowering your rate with up front cash. The way things are going, we'll likely see lower rates in the future where you can just refinance again.

I went to bankrate.com and shopped around to refi my mortgage. I was a little skeptical at first, but it ended up being super easy, quick and painless. Everything was done on line. They sent out a notary to my house to sign final paperwork. The whole process to about three weeks.
 

MG0h3

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I just refinanced last month. 15yr @ 2.25%, my out pocket closing costs were $700. Don't waste your time paying down points, you are essentially just lowering your rate with up front cash. The way things are going, we'll likely see lower rates in the future where you can just refinance again.

I went to bankrate.com and shopped around to refi my mortgage. I was a little skeptical at first, but it ended up being super easy, quick and painless. Everything was done on line. They sent out a notary to my house to sign final paperwork. The whole process to about three weeks.

We’re there other closing costs that they rolled into the loan?

$700 is very low


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2KblackGT

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72MachOne99GT

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Low indeed. I also don’t see rates dropping much further.

They’re already damn near two. And as we are going to be in the home until it’s paid off, I don’t see the issue with paying about 2900 dollars to save 4/10s of a % on a 212,000 dollar mortgage that’s going to be out for 12-15 years.
 

Detroit Iron

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We’re there other closing costs that they rolled into the loan?

$700 is very low


“BLM is doing God’s work”
2KblackGT

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No closing costs were rolled into the loan. There was an $800 lender credit that I got. The appraial fee ($500) was waived since I had a good amount of equity in the house. I've done a bunch of refis in the past 20 years. This one was the easiest I ever did. The company that I ended up using was Bluespot Mortgage out of Colorado. Like I said before, I went to bankrate.com and entered some basic info regarding the refi and about 10 options came up. I picked what I thought was the best one and a few short phone calls and everything done on line.
 

GNBRETT

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It all comes down to how long u plan on living there period. If its a long time then yes the points are worth it. if not, not they aren't.
 

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