On Dec 17, 6:45*pm, "John A. Weeks III" <j...[at]johnweeks.com> wrote:
- quote -

I got an initial estimate for a pretty good rate (less than 4.825%),
but once the agent pulled the existing mortgage info, she said that
since it's to replace a HELOC, it has to be regarded as a cash out per
FM & FM rules (???). Therefore the rate is not as good (5.25%), as
well as some fees that she couldn't leave out anymore.

All in all, with 0.5% points up-front, the closing costs will pay
themselves in about 2 years. It still seems reasonable, especially
for having a regular mortgage again...

Thanks.

In article
<bb21f2bc-e9a0-46c8-bec5-089c2ea5640a[at]i18g2000prf.googlegroups.com> ,
Augustine <evandro[at]mailinator.com> wrote:

- quote -

That is going to take a little math to figure out. First, find
a loan and find out what the terms are. Then figure out how much
it costs to do the refi. Next, figure out how much the new loan
will save you. Finally, figure out how long it will take for
those savings to pay for the costs. If it is more than 18
months or so, it probably isn't worth it, not unless you are
pretty sure that you will be living in that house for the rest
of the loan.

-john-

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John A. Weeks III * * * * * 612-720-2854 * * * * * *john[at]johnweeks.com
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A few years ago I refinanced my mortgage and I ended up with a HELOC
for the same value
as my mortgage balance, about which I was informed that, for all
purposes, it would be equivalent to a new mortgage. Is it so now that
with lower interest rates it would be interesting to refinance it
again?

TIA