I am 8 months into a 30 yr. mortgage with a fixed 5.125% rate. original loan amount 236000. considering a 20 yr. fixed @ 4.5% with an amount of 240300 (including closing costs,no point, no pmi) Is it worth it?
I want to refinance on my home but I just found out from the bank I’m working with now that I’ll have around $2500 in closing costs. Is that a lot or not? I’ve heard of people refinancing from much less, like $400. Thanks.
I am an shareholder with a group of investors who have have real estate properties around the US, mostly single family, townhomes and condos. One of our investment strategies requires result buyers who are not able to qualify for a traditional loan. With us, the only need 3 payments and closing costs to qualify to get into one of our properties and own a home. My question is how do I go about result these buyers and/or establishing relationships with agents and lenders to work with their unqualified buyers to get them into a property and make it a win win for all parties involved?
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I know lenders will be different, but what’s the GENERAL rule?
Thanks. I know I can question my mortgage broker tomorrow, but this is really bothering me now!