Post by Knee Deep in Water Chloe on Apr 5, 2022 20:13:49 GMT -5
From the loan officer:
Below are a few options for today’s interest rates. For every .125% change in the rate, your monthly principal and interest changes by approximately $49. Your monthly principal and interest payment is $3385 for Option 1.
1) 4.875% (APR 4.921%).
2) 4.75% (APR 4.839%). This has a one-time cost of .50% (approx. $3198). This will be added to your closing costs.
3) 4.625% (APR 4.756%). This has a one-time cost of 1.00% (approx. $6396). This will be added to your closing costs.
Along the break even point vein, what else could you be doing with the 7K?
If you plan to do some extensive work and/or need to buy different furniture for the house, then I would be tempted to just go with A or B. When we moved, we discovered we couldn't get our queen box spring up the stairs. We bought a 70s style house, which meant the bedrooms didn't have light fixtures. So, we went to Menards on a lamp run on move in day as well.
It was nice to have a good chunk of money set aside for move in purposes...
Any reason why you cannot do 2 loans and get a smaller interest rate on the first instead of locking in a higher rate for the whole amount? You may have to be careful on the second loan as they usually jack up the rates there.
Not sure if they are still being offered, but something you may have to check.