Pennymac called today to offer us a lower interest rate from 5.75% to 4.8% on our VA loan. Has anyone else been contacted lately as well? Refinance will save nearly $215 a month. This is a no brainier right? Refinance VA loan byu/ryswogg17 inMilitaryFinance Posted by ryswogg17
GreyGoblin on August 21, 2024 12:52 am It’s not free. The will charge for the service. Ask how much this will add to the principal. – Calculate how long to breakeven on the deal. Added principle / Dollars saved on monthly payment. – Estimated how long you’ll own the property – Figure out how the outstanding principal will be different around the time you expect to move again. Balance those three factors to determine how the refi will effect you.
__DeezNuts__ on August 21, 2024 1:20 am That’s less than 1% difference, I would wait to see what September rates go down to.
bennyboy722 on August 21, 2024 1:24 am Are you paying any discount points or origination fees to get that 4.8% rate? What are the total closing costs?
4 Comments
Find out what the rate is with no points and no lender fees.
It’s not free. The will charge for the service. Ask how much this will add to the principal.
– Calculate how long to breakeven on the deal. Added principle / Dollars saved on monthly payment.
– Estimated how long you’ll own the property
– Figure out how the outstanding principal will be different around the time you expect to move again.
Balance those three factors to determine how the refi will effect you.
That’s less than 1% difference, I would wait to see what September rates go down to.
Are you paying any discount points or origination fees to get that 4.8% rate? What are the total closing costs?