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How many points is normal to pay for a refi?

Are there any no point options available? I am a bit confused by simpsonj from Chicago, Illinois. Jun 7th 2013 Reply


Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

If you want 0 points standard, feel free to contact me directly! We don't charge points unless you are looking to buy down a rate and at that point, those are called "discount points" and not loan origination points!

Jun 7th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Yes... you can do a refinance and not pay points.. in fact its advisable that you don't pay points when refinancing.. a good mortgage broker can balance your so you don't pay any points, and they can even offer you a credit to pay your costs for you. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com .

Jun 7th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,960 contributions

There is no "normal". It all depends on the client, their individual situation, along with their wants, needs, goals, and desires. You can do no cost, a little cost, full cost, or pay points to buy down the rate. Whatever makes sense for you. Of course what you pay in cost also translates into what you get for an interest rate. Most people go in the middle somewhere. Get in your car and drive down to a local IL mortgage broker.

Jun 7th 2013
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

As a general rule, you should never pay points to refinance. That said, there are times when it is possible to reduce your interest rate by 0.125% for very little cost. A good Mortgage Professional will not only help you determine what makes the most sense for your situation, but show you why paying a discount fee is or is not a good investment for your particular situation. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Jun 7th 2013
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Steven Cook (stcookmortgage@gmail.com)
#38 ranked lender in Washington - 256 contributions

Depending on the program (VA, FHA, USDA, conventional) and what the market happens to be doing that particular day, what interest rate one is attempting to have you may have to pay points. Usually there are "no points" offers available or in some cases, there may be options where the lender is paying some funds back to help cover the closing costs. You need to talk to a local, licensed mortgage professional to find the best program/rate package for your situation.

Jun 7th 2013
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James Barath (JamesBarath)
#10 ranked lender in Indiana - 351 contributions

Points are all relative to your specific loan scenario and therefore would require a little bit more information. In regards to whether or not there is no point option... yes. Still confused, have a candid conversation with your loan officer and ask about the points.

Jun 7th 2013
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Shaun Fischer (shaun.fischer@guaranteedrate.com)
#66 ranked lender in Illinois - 9 contributions

Yes there are plenty of no points options if you like. You can give me a call at 773-739-5157 or email me at shaun.fischer@guaranteedrare.com to discuss.

Jun 7th 2013
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KRIS KRAJECKI (IMCALLINGKRIS)
#16 ranked lender in Illinois - 19 contributions

With rates this low, I wouldn't pay ANY points for a refinance!I am a full service Mortgage Broker and all of my lenders will pay your closing costs.Feel free to give me a call...Kris KrajeckiGreat MortgageGeneva, IL630-347-6321

Jun 7th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

"No points" usually means you will have to pay a slightly higher interest rate. Do the math, based on how long you are going to keep the property, in order to make a wise decision.

Jun 7th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

yes, you need to talk to a Lender41l Loan officer to get clarificaiton on the points your are paying. They could be origination or discount.

Jun 7th 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

yes

Jun 7th 2013
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Ron Wohlfarth (RonWohlfarth)
#35 ranked lender in New Jersey - 65 contributions

Good Morning Simson...When you have a chance, please contact us, we would like to discuss this with you...Contact us at: 856-853-1234 or e/m Money@RonWohlfarth.com...

Jun 7th 2013
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