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So, as we close in on a property that may well be the one, someting occurred to me, that I may change my original plan:
- My intent was to pay the total 1.75% point/fees to buy down the rate from 5.5% to 4.5%. This is/was going to cost around $5k, give or take. The difference on a $275k house, was about $168, just for P&I.
However, the more I've thought about this, it's occurred to me that I may be better off not paying the $5k to buy down the rate, leaving it initially at the 5.5%. Then, at some point in the near future, refinance the loan to a "normal" conventional rate in the 3.5% range, or whatever the normal rates are these days.
I will have about $15k in cash by the time any loan would close for purchase. I was going to use the cash for appliances that we need, and for paying off/down other monthly expenses. However, I caould also hold on to a large portion of that cash if it's going to cost something to refinance.
Thoughts/feedback?
What will your mortgage payment be using 100% financing?
Loan will be around $273k, and P&I will be around $1550. So, counting T&I, will be a little over $1700.
@Anonymous wrote:Loan will be around $273k, and P&I will be around $1550. So, counting T&I, will be a little over $1700.
So what did you end up doing?
don't buy down now, refi later like you thought.
What did you wind up doing?
Had I know about how to be a member of NFCU I would have gone for this loan.
The only other better one seems to be NACA but my landlord wont wait for that one.
I"m going to refi with NFCU /15 because none of their loans have PMI.
I have to work out the math for the lower interest rate on the 15 , drapping PMI
versus the closings costs...
I wonder if there is a calculator for this.
Of course.. since rates are headed back up .. I will have to wait until they go back down.
2 more things?
Sorry I did not see your post earlier. I plugged your numbers into a mortgage calculator I coded, and you will need to refinance in the next 1 year and 11 months before you start losing each month thereafter on this deal. Hope that helps and congrats on closing with NFCU! I am planning on getting a mortgage through them as well in the near future.
Would you please share what your mortgage payment is on a home $269K? This is around the price range we are wanting to stay around so we are trying to estimate what our payment would end up being. Also please share what your (and joint if you used a joint applicant) were at the time you applied.
Thanks in advance! 😊😊