Refinancing in Maryland

[Anonymous]

We're thinking of refinancing our house in Maryland. It's a jumbo loan and our current rate is 5.125%. I got a quote today for 4.75% with $2,500 in closing costs. This was from the major bank where we currently have our mortgage. I calculated that it would take less than two years for the refi to pay for itself, but those fees seem high.

I have two questions:

1) Are there any additional fees/taxes? I did not yet ask for a good faith estimate so I don't have all the details yet, but my realtor said you also have to pay for a new title insurance policy.
2) Has anyone seen a better deal out there recently? If so, can you say where specifically?

[Anonymous]

This is the OP. Any responses? We really want to do this soon. Thanks!

[Anonymous]

I don't know the answers to your questions, but my husband is a loan officer for MetLife and he'd love to help you.
Give him a ring and tell him you're a DCUM! Roger Dennis, 301-289-3131 or [e-mail]. He's done many purchase loans and refis for DCUMs. Good luck, hope you save some $.

[Anonymous]

Is this for a 30-year fixed? Above $729,000?

[Anonymous]

You'll need to pay for an appraisal and be sure to ask for the "reissue rate" on your title insurance. Reissue rates are discounts off the standard premiums charged on title insurance policies.

[Anonymous]

To answer your question: it's around $480K that's being financed.

[Anonymous]

We just refi. closing tonight actually under the HARP program. No additional appraisal costs, etc. We got 5% for 30 year fixed. The only out of pocket was $400 application fee. All other closing costs will be rolled into the loan. This is with the same lender we currently have. We discussed the 4.75% option (we heard it on the radio advertisement with the same Lender) but he said he'd have to charge us a point, which we didn't want to do. I don't know if he was BSing us or not.

Anyway 4.75% is pretty good.

[Anonymous]

That is not jumbo in Montgomery County. $729K is. I would use a mortgage broker who can shop the rates at all of the banks, not just the one who currently holds your mortgage. Depending on your loan-to-value, you should be able to gt closer to 4.5%, bringing down that two-year time to break even.

[Anonymous]

If you are refinancing you can elect not to repay the title insurance policy. It depends on your level of comfort. For us we closed 2 years ago with the insurance and are refinancing now w/o it.

[Anonymous]

MetLife offers 4.625 and pays all of the closing costs ( approx $2700) on a loan amount up to $729,750. Call Roger Dennis @ [phone]

Itemized closing costs
$425 - appraisal
$ 20 - credit report
$ 26 - flood report
$ 90 - tax service
$750 attorney fee
$700 lenders title insurance policy
$ 0 owners title policy (if reissued)
$ 70 - county recording
$295 - underwriting
$295 - processing
$ 35 - wire

[Anonymous]

Anonymous wrote:MetLife offers 4.625 and pays all of the closing costs ( approx $2700) on a loan amount up to $729,750. Call Roger Dennis @ [phone]

Itemized closing costs
$425 - appraisal
$ 20 - credit report
$ 26 - flood report
$ 90 - tax service
$750 attorney fee
$700 lenders title insurance policy
$ 0 owners title policy (if reissued)
$ 70 - county recording
$295 - underwriting
$295 - processing
$ 35 - wire

Hey, I'm the PP who is married to Roger - that's the wrong number. Call 301-289-3131 or his cell at 202-904-9573

[Anonymous]

OP here. Thanks for the advice so far. Do you have any additional mortgage brokers to recommend, including contact information?

By the way, the guy with the 4.75% quote said that the $2,100 includes the title insurance re-issue policy.

[Anonymous]

Brian T Walbert
Loan Officer
Chase Home Mortgage
Toll Free: 866 400-7871
Direct: 703 641-6279
Cell: 703 380-7029
Fax: [phone]

We were quoted $1,700 for the title insurance policy.

[Anonymous]

Brad Cohen
301.738.7203 (Direct)
301.841.9800 (eFax)
240.601.7556 (Cell)
[e-mail]

[Anonymous]

Anonymous wrote:We're thinking of refinancing our house in Maryland. It's a jumbo loan and our current rate is 5.125%. I got a quote today for 4.75% with $2,500 in closing costs. This was from the major bank where we currently have our mortgage. I calculated that it would take less than two years for the refi to pay for itself, but those fees seem high.

I have two questions:

1) Are there any additional fees/taxes? I did not yet ask for a good faith estimate so I don't have all the details yet, but my realtor said you also have to pay for a new title insurance policy.
2) Has anyone seen a better deal out there recently? If so, can you say where specifically?

How far into your loan are you? 5.125 is not a bad interest rate, and you have to consider how much more you'll be paying because you're setting the clock back to 30 years. I'm only one year into a 30 year, 5% loan, but I'm not considering any more refinances unless I can also reduce the time frame, eg., to a 20 or 15-year mortgage. Maybe a 4% 30 year would be ok, though.