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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
I Just Completed my Re-Fi from an Option-ARM to a 5-1 ARM:
The house is located in Arrowhead Ranch in Glendale, just north of the new Hockey and Football stadiums right off the 101 freeway.
I used WAMU to secure my Option ARM with 20% down based on a purchase price of $220,000. Since then, with negative amortization, the loan balance has increased to $182,000 while the appraised value came in at $332,000, $8000 below my comps, but close enough.
My last payment was of $880.51 (with taxes), based on the rate of 7.684%, leaving a shortfall of $474.06 in principal per month. My intention was to sell the house after my seller-become-renter moved. He has decided to stay and thus my desire to refi.
I went back to WAMU last month after the 10-year bond dropped from 5.2% to 4.56% and locked in a 5.75%, 5-1 ARM rate for an invesment property on a stated income loan. Why stated income? Because, most of my income is derived from real estate and not "earned income". Easier for both sides.
My costs to refi:
- Appraisal .. $330
- Funding.. .....360
- Settlement .. 175
- tax fee ......... 81
- wire transfer .. 35
- title insurance 532
- Reconeyance .. 85
- Endorsement .. 170
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