Houston Refinance: Where Are You Shopping For Rates?

Where are you shopping for refinance rates?

Today is July 29th, 2010.  

I was just at my Chase bank to deposit some money into my checking account. I couldn’t help but notice they big sign they have near the door.

They charge 4.75% for 30 years fixed mortgage rate. Almost 0.1% of closing costs. WOW! That’s pretty high. But they do offer cash back if you choose to get a mortgage with Chase. I’m curious to find out how much cash I would get back. So I went to check it out.

https://www.chase.com/chf/mortgage/mcb-details

The cash back offer 1% cash back on your mortgage. One condition is that I would need a Chase checking account and setup automatic mortgage payment in order to receive the cash back. That’s not a problem since I already have a checking account with Chase. But what if you have a different bank?

So how much is 1% going to really save on my new mortgage?

Well, on a $200K loan with 30 years fixed at 4.5% rate, I would save only $125 a year.

That’s it? I thought I would get at least $300 a year savings.

Currently, we offer the market rate of 4.5% and the APR is 4.568%. There is no points, just a flat $500 fee. You can also check out our closing costs at www.mylendingplace.com

Let’s compare the savings. Based a loan amount of $200K, you would save $30 a month and save $360 a year. 

On top of that, you would save $500 a year just on interest.   Just look at the bottom line, look at the rate, the costs of getting that rate and the closing costs when getting any mortgage or refinance.

Isn’t this better than just saving $125 a year?

Give me a call today to see how much I can save you when you are shopping around for your next mortgage.

Call Frank Zhu at 512-919-0154 when you are comparing your rates.