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I am doing a re-fi for $140,600 and with my closing costs my total loan will be $147,000. Is that too much closing costs? My husband insisted that we take the 4.5 % which cost us $3123 (2.125 points) where as the 4.75% closing cost was about $4000. Did we make the right decision?

smckaybiz · Posted: Wed Jun 03, 2009 4:51 pm Post subject:

Hello jd3568,

I believe you made the right choice. Did you go for 30 years or shorter?

I am in the process of purchasing a home right now for around 100K and the closing costs are coming out to about 5K so it doesn't seem you're getting ripped off or anything like that.

Best of luck

Guest

Yes it is a 30 year loan. Thanks for your help!

jnoa · Posted: Thu Jun 04, 2009 8:31 am Post subject: Yes

Depending on escrow, mortgage insurance premium (if applicable) and title fees that is within a normal range I would say, and that you made the right decision to take advantage of the market.

gmakerley · Posted: Fri Jun 05, 2009 7:50 am Post subject:

paying additional in costs to obtain that lower rate will pay off in the long run. you'll be able to recoup the costs of the refinance in a short period of time while the reduction in rate will last for the entire term of the loan.

i agree that it was a good decision.

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