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I'm looking to re-fi my 30 yr (23 left)/ 5.6% fixed loan to a 15 yr. fixed. Cash flow not an issue. Can handle increased payment. Goal is to minimize interest paid and maximize pinciple payback. Needs rates on a 15yr.

Current Balance: $93,000 (original loan was $110,500, 30yr fixed, 5.6%)Current Payment: $634 (P&I only) plus $50 principle paydown per monthCurrent Value: $120,000 - $125,000 (can put down additional cash if needed to reduce rate)Plan to stay in home approx another 5 yrs. by Chris Newcomb from Cincinnati, Ohio. Nov 18th 2010 Reply


Jake Belcher (JakeBelcher)
#19 ranked lender in Kansas - 87 contributions

3.875% 15 Year Fixed

Nov 18th 2010
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Tim Bradford (Tim Bradford)
#5 ranked lender in Ohio - 145 contributions

Chris, There is no mention of where the property is located. If in Ohio, I would be very glad to assist you. Based upon your current rates and a no points rate, it will likely take you about 2 years to recoup the cost of refinancing. I suspect some of the rates quoted include points, I would suggest that you avoid the payment of any Points or Origination Fees. The payment of points as a percentage of the Loan Amount generally take about 4 years to recover so with your 5 year plan , Buying down the rate for an additional year under your plan would not make sense to me. If you are in Ohio, I would be glad to talk with you.

Nov 18th 2010
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Scott Fazekas (s.fazekas)
#15 ranked lender in Ohio - 2 contributions

If you really only plan on staying in the house for 5 years, you can qualify for an ARM at 3%. ARMs have outperformed fixed rate mortgages over the past 20 years! Now's the perfect time to take advantage of the low rates. With the money you'll save over the 15 year loans, you could put a plan together to own the house in 8 years! Give me a call!!

Nov 18th 2010
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Jake Belcher (JakeBelcher)
#19 ranked lender in Kansas - 87 contributions

If you are going to stay in the house for only 5 years have you considered a 7 year arm?

Nov 18th 2010
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Sunny Singh (916Mortgage)
#352 ranked lender in California - 18 contributions

There is some info still missing from you that will be needed for an accurate quote or ballpark. For example, location of the property, Fico score, impounds or no impounds, you mention your plan of staying in the home for 5 years...so I assume this is owner occupied, etc.If this is a SFR, CA Property, Owner Occupied, Impounds Included, and your scores are above 720...then3.625% - 3.875% on a 15 Year would be about right with No Points. Your total costs should be in the neighborhood of $1800 - $2300...bringing the APR to about 3.812% - 3.948%...Hope this helped. Happy Fundings!

Nov 18th 2010
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