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re-finance question re also: $16,000 settlement costs
We’re refinancing our home (our very own top residence) in order to a great 31 12 months loan which have Skyrocket. Our rate of interest often decrease of 4.63% so you’re able to 2.75%. Our mission is always to down the month-to-month even as we want to disperse and you may rent out our house next few age.
Our company is happy with new monthly payment, and you will this new interest rate, however, I want to ensure that the $16,000 we have been contributing to all of our amount borrowed adds up.
I’ve become the procedure, and they are currently waiting into second strategies. I am not sure when we is also stop the process given that it’s been become (I guess we are able to?), but I desired to inquire about this community in the event that you’ll find people warning flag with this guess.
The dominating is $243,000. Our very own this new financing might be $259,000 once we wants to move the expenses toward the mortgage. The fresh estimated worth of our home is actually $550,000 so you’re able to $600,000.
Refinance matter lso are: $16,000 closing costs
The loan Costs have a look regular, even in the event I don’t know. They are: $5,788 = origination costs step 1.75% away from loan amount (points) = $cuatro,538 running commission = $900 underwriting fee = $350
$step 1,480 = Very first Escrow during the closure Homeowner’s Insurance policies = $413 getting 6 mo Assets taxes = $step 1,067 for two mo