Should Frank refi for 1% improvement?
He has a 7.5% interest rate on a $400,000 mortgage balance?
How long until the savings overtakes the transaction cost?
What are the payment pieces?
Pithimi - That's Latin for "no pay no stay".
Principal - how much you pay toward the amount you owe
Interest - How much interest you paid for just this month CAUTION can be hard on your eyes and heart.
Tax - Even when you own it, the govt wants a slice
Homeowners Insurance - Too scary to skip, but let's hope you never use it.
Mortgage Insurance - When you're putting down less than 20% of the value of the home
What are the closing costs?
$1000 Underwriting
$1000 Attorney
$1000 Ten bs fees
$1500 Title Insurance
$1500 Transfer taxes
$500 Appraisal
=$6500 in one-time transactional costs
$300 per month savings for
$6500 transactional costs
= 22 months to overcome the fees
Jotham says, "do what's best for you"
"Working with Jotham was an absolute delight - his expertise and professionalism guided us seamlessly through our home buying journey."
Tammy in Georgia
We're legit
Jotham McCauley 678-372-3358 NMLS: 2633405 Affinity Home Lending • 84 Church St, Ste A, Marietta, GA 30060 • NMLS#1181151• 404-418-7542
GA#42129 AL# 23111 CO#1181151 FL#MLD2157 MS#1181151 NC#L214519 OH#RM804930 SC#L214519 TN#182797 TX#1181151 VA#MC7205
Equal Housing Opportunity Lender. Figures deemed reliable, but errors may occur. Rates and terms subject to change without notice. This is not an offer to make a loan or to make a loan on any particular terms. All loan applicants must qualify under the underwriting requirements and satisfy all contingencies of loan approval.