Feb 27, 2012 Harp 2 - Is This Interest Rate too High?
Current Loan Amount $300,000
6.25% Interest Only ARM (adjusts in late 2013)
Current Home Value $175,000
Chase Refinance Offer: 4.625% - 30 year fixed
Closing Costs: 3000 total (2600 rolled into loan, $395 out of pocket)
Is this interest rate competitive? I am hearing that if i wait until March 15 smaller lenders may have an option to compete for my business and i could get a lower rate. Can i beat this offer or should i jump on it? (of course they are pressuring me to move fast)
I appreciate any input/advice.