05-30-2020, 12:52 PM
I recently looked at refinancing too, but realized that due to the necessary payment of points to get the rate plus absurd NY state mortgage taxes, the payback period despite a very attractive 1% rate differential was 7 years.
We expect to stay here that long, but a 7-year payback period is too long to make sense. Told the disappointed mortgage broker to come back to us after wrangling the process that avoids most of the NY mortgage tax (=mortgage reassignment). Apparently that takes months due to the staffing of the company that currently holds our mortgage...but it was this mortgage broker (Quicken) that sold the last mortgage to them, so I don't feel bad about expecting them to address the issue if they want to close the deal.
We expect to stay here that long, but a 7-year payback period is too long to make sense. Told the disappointed mortgage broker to come back to us after wrangling the process that avoids most of the NY mortgage tax (=mortgage reassignment). Apparently that takes months due to the staffing of the company that currently holds our mortgage...but it was this mortgage broker (Quicken) that sold the last mortgage to them, so I don't feel bad about expecting them to address the issue if they want to close the deal.