Reply to Explain to me the what the benefits are to REFI

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Reply to "Explain to me the what the benefits are to REFI - I am just not getting it."

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Is it me or is the OP's rate absurdly low? 2.375%!!! That's way below the current rates.[/quote]

Frankly, the whole thing sounds weird.  [/quote]

https://www.navyfederal.org/products-services/loans/mortgage/mortgage-rates.php

So if Navy Fed's rates are higher, since they have no PMI I am just not seeing it.  That rates here are pretty darn low with good credit.  I am assuming 20% equity.[/quote]

The rates are higher if you DON'T have 20 percent down (i.e. don't have 20 percent equity).

That was the point, when the OP mentioned no PMI.  If they didn't put down 20 percent and/or don't have 20 percent equity, lenders will either charge PMI or charge a higher rate and pay the PMI out of that.

If you are assuming 20 percent equity, it's a non issue, because there wouldn't be PMI anyhow (so their rates wouldn't be higher).  The higher rates are only for a LTV of more than 80 percent (when lenders traditionally charge PMI).[/quote]

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