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Should we refinance in NJ?

Should we refinance in NJ?# Living

G*Z2012-06-13 07:06

1 楼

We have 30yr 4% now. The agent said today's no cost refinance rate is 30 Yr
fixed 3.625%, and 15 Yr fixed 3% from Provident Funding? Anyone used
Provident Funding before?

t*e2012-06-13 07:06

2 楼

可以。

Yr

【在 G*********Z 的大作中提到】

: We have 30yr 4% now. The agent said today's no cost refinance rate is 30 Yr
: fixed 3.625%, and 15 Yr fixed 3% from Provident Funding? Anyone used
: Provident Funding before?

b*22012-06-13 07:06

3 楼

why not, PF要求比较严, 但如果条件满足, 做起来也很快
30年最好可以做到3.5%

u*i2012-06-13 07:06

4 楼

求推荐一家 30年 no closing cost 可以做到3.5% 的。我原来的银行才只能做到3.75%
，还不算lock rate.

【在 b********2 的大作中提到】

: why not, PF要求比较严, 但如果条件满足, 做起来也很快
: 30年最好可以做到3.5%

l*n2012-06-13 07:06

5 楼

It seems no one (included some of the agents on the board) mention the
negative side: You might not be able to refinance even if you wanted to
after spending time and money for the application. Here is why
1) your appraisal is significantly lower, therefore to refinance, you need
put more money (say e.g. 20k) into equity and borrow less. Note that
appraisal fee is >$400 upfront. So you might throw away $400 if you can't
refinance after all. Most agent won't tell the the risk of losing more than
$400, which is kind of curious.
2) your credit profile is not good enough for some broker (typcial example
is Provident, I would avoid them no matter how good a deal they are offering)
Hope that helps.

Yr

【在 G*********Z 的大作中提到】

: We have 30yr 4% now. The agent said today's no cost refinance rate is 30 Yr
: fixed 3.625%, and 15 Yr fixed 3% from Provident Funding? Anyone used
: Provident Funding before?

b*22012-06-13 07:06

6 楼

Yes, we do tell the downside of refinance, including but not limited what
you said.
I even refund half of the appraisal fee if the appraisal value comes too low
to minimize borrower's loss.
For PF, it has the best rate. it does require a lot of effort from both
client and agent, but you get what you paid for. And if I take a client case
and can't close it, I'll refund all the appraisal and credit report fee.
But so far, I'm lucky all the cases closed.