Current Mortgage Information
$
Enter the current
outstanding balance on your loan.
Enter the stated yearly
interest rate on your current mortgage.
Enter the number of years
you have left to pay off your mortgage.
Refinance Information
Enter the stated yearly
interest rate on the new loan.
Enter the term of your new
loan. Conventional mortgages are usually amortized over 30 years. You
may want to enter 15 years to see if you would be able to make the
payment.
Enter the origination fee,
as a percentage of the loan. Typically, lenders charge a 1% origination
fee for refinancing the loan. This is generally the loan officer's
commission and may be negotiable.
If you are "buying down"
the interest rate, the lender will charge you discount points. Enter
any discount points here.
$
Enter the amount of the
closing costs and any other fees. Closing costs usually run between
$1000 and $3000, depending on the size of the loan, etc. This includes
appraisal ($300), credit report ($56), processing ($350), underwriting
($375), title insurance ($300-$1200), government recording ($50), tax
and flood certification ($100), etc.
