I am refinancing my house in the process?

Chelsea
I bought it at 590, 000 and now is worth 670, 000 in one year.If the refinance company is charging me 2 points how much is it from 80, 000 dollars? And how soon can I refinance again?

Enoch
A point represents one percent of your loan amount. So multiply your loan amount by .02. It's not clear to me what the amount is. My guess is that you're looking to net $80, 000? Remember your points are based on the actual loan amount, not what you're getting back.You can refinance as soon as you want. I'd be careful though; if the loan you're getting has a prepayment penalty (a penalty for paying the loan off early), it may not be a good idea to refinance right away, and you may want to try and get a loan that doesn't have a penalty. Also, weigh the cost of refinancing again to what you're going to save overall. Will the reduction in your interest rate over time make up for what it cost you?Have your closer prepare an estimated closing statement to make sure you're getting back what you need. It won't be exact, but it will give you an idea of what your proceeds are going to be after all costs have been paid.

Carson
You need to talk to your lender about interest rates, etc. but you can always refinance any time you want.

Brant
Please shop that! Go around to a few different lenders and have them do a good faith estimate for you. This will put them all on the same playing field for you to see what they are actually charging. http://www.jennsellsfast.com

Lena
The points are charged based on the amount of the loan. 2 points on a $500, 000 loan is $10, 000. If you shop around, you should be able to find a no points loan. If you can get a no cost loan, you can refinance when you find a lower rate. If you are paying costs, then you have to determine the amount of time it takes to recoup the costs spent to refinance the first and second time to see if it pays to refinance.

Siu
2 points is high, 1 point max. your being taken

Marlon
You can refinance anytime you want. The question is...what type of prepayment penalty exists (if any) on your current mortgage. The points charged are on the entire loan amount...not just a percentage of your cash out. So, if the loan is $590K and you are paying 2 points that equates to $11, 800.2 points on this is definitely high. There are many programs that would allow for no points on a $590K loan, even with less than perfect credit.

Marcene
2 points of that loan amount will be $13, 400 they are going to charge 2 points on the total loan amount the will be 590+the 80kand you new loan amount will be 670, you will have to wait until you house appresiated more before refi again.

Dollie
Whatever anyone offers you I will give you a lower rate and cost if you give me the opportunity. You have nothing to loose...Jamie_Madden2000@yahoo.com. Good luck!