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Should I Refinance – Chase Customer

Question:
I am in need of some help with a possible refinance. I hope someone can assist. I have a feeling refinancing is the way to go but when I asked my current lender, Chase several questions today, my head went spinning.

Should I Refinance

My situation is as follows:
498,00 purchase price in 7/05 and current value is also 498,000
373,500 financed at closing in 2005
351,000 is my balance now
5.75 is my current rate with a 10 year fixed and then 20 year variable
2179.00 monthly payments now
Chase offered 2 options today to start thinking about:
30 fixed at 4.625 1 discount point at a cost of 3500 making the monthly payment 1840 or
30 year fixed 5.125 par no points making the monthly payment 1932
the 2100 in closing costs quoted will be rolled into new loan and are included in the above monthly payment calculations above.
The 750 app fee cannot be rolled into the new mortgage.
My management company / corporation (I am in a coop) is going to charge me approx 1800 app fees etc. to close as well.
With all these fees, etc., how do I know when I will break even? Is either a good deal? I will be shopping and look at other lenders but before I spend the time, I needed a baseline. I should be in the apt at a min of 4 years more but anything is possible. I could be here forever, or I could move next year….who knows? By the way, I am in NY.

Thanks!

Answer:
Calculate your mortgage payment Prin & Interest divide that into the total closing cost and that will tell you what your break even point is. Should I Refinance My Home

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