y********n
发帖数: 145 | 1 刚收到BROKER发来的文档，为什么REFINANCE里面LOAN的数额和PAYMENT的次数与原来的
数额一样呢？REFINANCE后会扣除已经付掉的LOAN吗，PAYMENT的次数会相应减少吗？ | b*d
发帖数: 9308 | 2 payment的次数不会减少,只是每个月付的钱少了.
【在 y********n 的大作中提到】
: 刚收到BROKER发来的文档，为什么REFINANCE里面LOAN的数额和PAYMENT的次数与原来的
: 数额一样呢？REFINANCE后会扣除已经付掉的LOAN吗，PAYMENT的次数会相应减少吗？
| g*****9
发帖数: 4125 | 3 Refi means you are getting/starting a new loan at lower rate to pay off the
old loan. For example, if you are getting 30 year loan, you will have 360
payments to make at lower monthly payment.
You were thinking about is bank modify the existing loan to a lower interest
rate, which I never heard of (but it is possible for some small bank to
offer it). If that is the case, your payment number will not increase, but
your monthly payment could drop.
Another way to look at it, if you continue to make
【在 y********n 的大作中提到】
: 刚收到BROKER发来的文档，为什么REFINANCE里面LOAN的数额和PAYMENT的次数与原来的
: 数额一样呢？REFINANCE后会扣除已经付掉的LOAN吗，PAYMENT的次数会相应减少吗？
| y********n
发帖数: 145 | 4 Should the new loan amount be the remaining balance from the original loan?
Thanks for the clarification.
the
interest
【在 g*****9 的大作中提到】
: Refi means you are getting/starting a new loan at lower rate to pay off the
: old loan. For example, if you are getting 30 year loan, you will have 360
: payments to make at lower monthly payment.
: You were thinking about is bank modify the existing loan to a lower interest
: rate, which I never heard of (but it is possible for some small bank to
: offer it). If that is the case, your payment number will not increase, but
: your monthly payment could drop.
: Another way to look at it, if you continue to make
| b*d
发帖数: 9308 | 5 Yes, that is correct.
【在 y********n 的大作中提到】
: Should the new loan amount be the remaining balance from the original loan?
: Thanks for the clarification.
:
: the
: interest
| g*****9
发帖数: 4125 | 6 Depends, if you are getting a no fee or no up front fee refi.
If no fee, means your loan is very large or you pay a higher interest rate,
than the answer to your question is yes.
If you choose no up front fee and your loan amount is not so large, the
closing cost will be rolled into the new loan, so the loan amount will
increase by a little.
【在 y********n 的大作中提到】
: Should the new loan amount be the remaining balance from the original loan?
: Thanks for the clarification.
:
: the
: interest
| b*d
发帖数: 9308 | 7 Well, people are getting no cost refinance in most cases.
,
【在 g*****9 的大作中提到】
: Depends, if you are getting a no fee or no up front fee refi.
: If no fee, means your loan is very large or you pay a higher interest rate,
: than the answer to your question is yes.
: If you choose no up front fee and your loan amount is not so large, the
: closing cost will be rolled into the new loan, so the loan amount will
: increase by a little.
| g*****9
发帖数: 4125 | 8 Well, you are paying it one way or the other, there is no free lunch here.
Actually I choose to pay the closing cost in most of my refi to get a lower
interest rate. But that depend on how soon you plan to move or do another
refi. If you plan to finish the loan, it is always better to pay the closing
cost up front to get a lower interest rate.
【在 b*d 的大作中提到】
: Well, people are getting no cost refinance in most cases.
:
: ,
| b*d
发帖数: 9308 | 9 The risk of paying closing cost (getting a lower rate) is that you might
lose the opportunity to refinance again when the rate drops by another 0.25%.
lower
closing
【在 g*****9 的大作中提到】
: Well, you are paying it one way or the other, there is no free lunch here.
: Actually I choose to pay the closing cost in most of my refi to get a lower
: interest rate. But that depend on how soon you plan to move or do another
: refi. If you plan to finish the loan, it is always better to pay the closing
: cost up front to get a lower interest rate.
| g*****9
发帖数: 4125 | 10 Yes, you are right, I already mentioned this in my post.
25%.
【在 b*d 的大作中提到】
: The risk of paying closing cost (getting a lower rate) is that you might
: lose the opportunity to refinance again when the rate drops by another 0.25%.
:
: lower
: closing
| b*d
发帖数: 9308 | 11 Sorry, I didn't see your post carefully.
【在 g*****9 的大作中提到】
: Yes, you are right, I already mentioned this in my post.
:
: 25%.
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