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Is a 4.875% refinancing loan for 30 years with 0 ...

Is a 4.875% refinancing loan for 30 years with 0 points and an estimated closing cost of $2300 a good deal? Our current mortgage is 6.375%. We plan to live here for at least 5-10 years. The house is 3 years old. Thanks. Theresa and Joe

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amasters
amasters Answered:

It's relative to the prevailing rates. That said, lowering your rate from 6.375 to 4.875 is a good thing in itself; though you should be careful about adding to the length of your mortgage term. Multiple your total principle+interest payment times the total number of remaining payments. Then multiply the proposed P+I times the proposed term. This should give you an idea of the total expense of the two loans. Until recently I provided consulting for loan officers who provide financing for Fishers real estate. I'm not sure where you're located, but state laws for maximum fees can vary by state.

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