Broker help......opinions on which rate to take

[gpeach]

IRRRL Refinance 30 yrs

Got apprasial back too low. We owe 1000 less than apprasial. Good news is it is still high enough we have options.

3.75 with 4300.00 due at closing

or 

4.25 with 1000.00 due at closing

I guess I am fixated on that 3.75. It is 75.00 less than the 4.25...... 

[Booner72]

I took 4.75 instead of 4.5 to have closing costs paid.  The house was 150K and someone here did the math for me and it came out to about 8-9K over the life of the loan to do that.

It was really nice to have that extra money.  If you have the money, then obviously go w/ the lower rate.  If it's pushing it, then take the higher.

Only you can decide.

Good Luck!

[CS800]

So there is a difference of $3300 in the closing cost.

With a 0.5% difference in APR. Ask yourself how long would it take for you to recover this extra $3300 per say

AS you said you will also be paying $75 less per months and thats $900/y in savings. So about 4 years to recuperate the extra $3300.

If you have the money, then go with the 3.75. Thre are some amortization calculators on google. Compare both rates and it will tell you how much less interest you will be payign for the life of your loan.

[gpeach]

 If it's pushing it, then take the higher.

Yes it is pushing it. Comman sense in me says take higher. That darn 3.75 is so tempting though. We can do it but it will be tight a couple months. 

The 3.75 saves us 220 a month from our current payment. So figure 24 mths to break even. The 4.25 saves us 150 and takes 7 months to break even. 

Big picture good problem to have either way. Have till Monday to decide.