Go to Jeff Salisbury LWGate Home Page.From: <Camil@concentric.net>
Subject: Are these NPNC Fees Reasonable
Date: Thu, 12 Nov 1998 14:51:41 -0500 (EST)
Next Article (by Subject): landlord URL's "Dill, Mary"
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Dear Persfin Members:
I have a 30 year Mortgage that was Just bought by PNC Mortgage Corp.
I have 25 years left with a balance of approximately 98,000. My current
interest rate is 8.125%. I asked PNC could they refinance my Loan
in house without any closing cost and Points. They could refinance the loan
today 10/12/98
at 7.25 % with the following Fees.
$500.00 out of pocket fees:
* covers cost of application, appraisal and Lock in Fee.
0.25% ($245) origination fee ( I still don't know what this is)
$375.00 Attorney Cost.
Total $1120.00
My Questions are:
1. Are these fees above reasonable for refinancing a NPNC mortgage ?
2. Is 7.25 a good interest rate to refinance a 8.125 interest mortgage ?
This would give me a annual savings of about 600.00 per year.
3. In refinancing my 30 year mortgage in which I have paid 5 years into,
should
I get a new mortgage with a lower rate for the 25 years or should I
refinance for
30 years ?
4. Is there ever a situation you would refinance a mortgage for a longer
period than you
have left of your you current mortgage, even if the NEW interest rate
is lower ? IF so why ?
5. Based on the Prime Interest rate at anytime what would be considered a
good and fair mortgage loan rate ?
Prime + ?
- -
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