Any problems? I inquired about it bc I hear no closing fees. Is that true? From his email it doesnt show any but wondering if they pull a fast one? I want the same terms:
loan 309,192
years: 25 ( we are at 25 8 months
our rate now is 3.75, they are offering 3.25
It doesnt save much in payment 1593 to 1502.5 but when I calculate over 25 years, it says 168,142 vs 140,751 also plan to pay extra and refi if we can again.
also they say credit pull fee of 1500 bc we are under 740 supposed to be getting rid of PMI but I dont see how bc I cannot see where that exta 100 a month is going. This doesnt include our escrow 531.87 ( PMI 1103.74) a year
are my calculations right? thanks for any tips 
Happy New Year
@Anonymous wrote:Any problems? I inquired about it bc I hear no closing fees. Is that true? From his email it doesnt show any but wondering if they pull a fast one? I want the same terms:
loan 309,192
years: 25 ( we are at 25 8 months
our rate now is 3.75, they are offering 3.25
It doesnt save much in payment 1593 to 1502.5 but when I calculate over 25 years, it says 168,142 vs 140,751 also plan to pay extra and refi if we can again.
also they say credit pull fee of 1500 bc we are under 740 supposed to be getting rid of PMI but I dont see how bc I cannot see where that exta 100 a month is going. This doesnt include our escrow 531.87 ( PMI 1103.74) a year
are my calculations right? thanks for any tips
Based on the info you provided and my calculations your current total payment should be $2,216.72 including PMI.
A new loan amount of 309K at 3.25% on a 25 year loan w/o PMI would be $2,037.68 for an overall savings of $179.04 per month.
You also have to be careful/realistic when looking at the total interest over the life of the loan. On average, people stay in their home/mortgage for 5-7 years and will never realize the savings over the life of the loan.
If you do intend to stay in your home long term, you should look at buy down options as well.