COnfused about 3 different refi options - please help....

I'm with the do nothing crowd...

Those rates suck...with a good FICO score and average other factors like DTI, income etc. you should be able to get a 30 yr fixed rate at 3.375% and a 25 yr fixed for 2.99%. Contact a local mortgage broker and shop your loan with them, DO NOT go to the big banks because you get crappy service, crappy rates and it will take them 3 months or longer to do your loan.

I'm not seeing any benefit here for you at all.. In fact.. I'm not sure where your getting these quotes from, because none of them seem to line up with the current interest rate market... all 3 options are higher than the going rates.. It's a big mistake to walk into the local banks and get quotes.. Instead, you should shop for a local mortgage broker... By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Your best bet if you are staying long term is to take advantage of the low rates in the last great refi boom of our time. Do a 25 year for 3.25% fixed with no points, PI would be $1251 plus the MI monthly for $80 as you stated above. All you would have is an appraisal/credit $350, title approximately $1750-1950 and lender fee $625. Please call or email with any questions. Get the lowest rate you can, and you will recoup your costs in no time. Good luck.

Honestly none of those options make a lot of sense. Paying 495 to save 7 isn't worth it and the other options are not any better. Are you paying PMI know? Can you tell us what your credit score is and the value of the property so that we can see if those rates are competitive. It may just make sense to stay where you are at know and pay a little more monthly.

None of the options make sense. You are not saving enough. However, I would say that if you do not plan to move in the near term the following two options seem the best: 1) Keep what you have and make extra principal payments or even go to a bi-weekly payment (same results), or 2) Refinance into a 15 yr if you can afford the monthly payment increase.

From what I am seeing none of the options make sense. I would do a 30 year fixed which you should save around $200 a month and if you make one extra payment a year towards principal you will take years off the loan. We cover PA please reach out to us to discuss. 201-962-3555 Team@BestMortgageOption.com