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Ballon/Reset Closing Cost

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chandrapgiri Joined: 13 Oct 2009 Posts: 1 1.27 Dollars($)	Posted: Tue Oct 13, 2009 10:06 am    Post subject: Ballon/Reset Closing Cost Like 0 Dislike 0 My 7 years ballon is about to expire or end. I have an option to reset. Do I need to pay the closing costs to reset? If yes, how much?
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1256 Location: River Edge, New Jersey 264.15 Dollars($)	Posted: Tue Oct 13, 2009 10:31 am    Post subject: Balloon Like 0 Dislike 0 You have to ask the existing lender if there are any costs to reset. I'm thinking there should not be. The other option is to refinance while rates are so low. What rate will the preenet loan reset to and for how long? _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
chandragiri Guest	Posted: Tue Oct 13, 2009 12:38 pm    Post subject: reset Like 0 Dislike 0 They have not given me the exact rate as yet but it will be for 23 years. I have about 10 months left in my ballon. I guess they are giving me the rate in 5 months. Should I refiance or wait for another 5 months. They told me the reset rate will be the existing market rate. if the rate does not change (that much) in 5 months, refianancing at this time with $3000 closing cost does not makes sense. I will inqure about the reset cost with my lender. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant

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