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Should I refinance this ARM?
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   Questions from Mortgage Professionals-> Questions about Mortgage LendingMessage format
 
luca19608
Posted 1/24/2009 6:34 AM (#1920)
Subject: Should I refinance this ARM?
We currently have a 10 year lock interest only ARM that will adjust in 2017. We planned on refinancing between now and then. We currently have an offer to refinance to a fixed 30 at 4.875, We are currently at 6.875. The problem is the closing costs are close to $15,000, including over $3000 for mortgage insurance up front, along with $90 a month. My gut tells me no right now. We are paying a little principal every month. Our credit scores are over 700. I hate paying mortgage insurance, this is an FHA loan also. Looking for some advice on this. Thanks 19608
jmartin4955
Posted 2/16/2009 5:07 PM (#1926 - in reply to #1920)
Subject: RE: Should I refinance this ARM?
Posts: 3
Those closing costs sound high; I can offer a 5% 30 yr. fixed for 1 point plus about $2500 in closing costs. Mortgage insurance is mandatory for an FHA loan. You can get rid of it by going conventional at the same rate IF you have 80% loan to value.
What is your loan amount?
Jack Martin
Greg Phillips
Posted 2/19/2009 9:58 AM (#1935 - in reply to #1926)
Subject: RE: Should I refinance this ARM?
Posts: 6
Location: Chillicothe, Ohio
Jack, we can somewhat assume the amount of the mortgage is about 170k.

How can anyone even charge 15k in closing costs! Ridiculous! That is Section 32 High Cost.

I think you should refinance now. Someone will be able to lower the closing costs. Jack says he could. I know I could so find a better lender to do it.
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