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Dora Said:

Am I getting a good deal on house and loan?

We Answered:

It's a decent deal if it goes through. I'm hearing about FHA mortgages that are being put on hold right now. I hope yours closes.

Billy Said:

Should i refinance my home?

We Answered:

With the info you provided, here is what I came up with.
Your current payments should total $1,413.98 + taxes and insurance.
Using the numbers you provided, your new loan amount should be $216 to $217,000.00 not $203,000.00.
$216,000.00 + the upfront mortgage insurance premium @ 5% =$1,179.83 + the monthly mi of $90.00 = $1,269.83 + taxes and insurance.
You save $144.15 per month which means you will need to stay in the new loan for 41.6 months to break even. Take the $6,000.00 closing costs and divide that by your monthly savings and you get your break even point of 3.46 years.
Here are a couple of ways to speed things up.
When you refinance you will skip at least 1 mortgage payment. Send that payment in and have applied to your principle. You should also receive a refund from your current lender for your escrow account. Do the same thing, send it to your principle.
I hope this helps