Go to Jeff Salisbury LWGate Home Page.From: Scott Barnett <sab@crisp.net>
Subject: Re: Refinancing
Date: Thu, 08 Oct 1998 15:22:23 -0400
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>I play the 'no points no closing' (NPNC) game. What this does for me is to >let me jump with no historic committment to an earlier mortgage schedule on >which I had to lay out money. I estimate that I pay about 1/4 to 1/2 of a >point more for that type of deal. But look at my history. I am now >processing the application for my 6th, yes 6th, NPNC. All 30 fixed. In the >last three years I've gradually moved my interest costs from over 9.0% (on >an ARM that was going up and up) to 6.75%. And the beautiful thing is that >it costs me nothing. No totally true. A couple of times I had to pay $200. >for the appraisal. (But it is nice to see the appraised value going up these >days.)....... I'd like to understand what the "steps" were in interest that you've gone to. I have a 15 year fixed mortgage at 7.5%. I've looked at NPNC deals, and none of them save me much (if any) to make it worth the effort. I'm 4 years into the mortgage, so I'm paying more and more of the principle off each month - if I start over again, I lose that acceleration. Am I missing something? - -- Scott Barnett sab@crisp.net - -
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