Credit from preferred agent for new construction
I am buying a new house from “KB Homes”. They also have their own financing arm i.e. KB loans. If I take a loan from them then I will get $5000 towards closings costs. In case I don’t get favorable rates from them, can I just use the credit as soon as closing is completed refinance immediately? Do lenders have a waiting period where if I have to wait for X amount of time before I can refinance?
Shop around for credit. Try and get an outside agency beat your preferred agent's offer either by lowering their fee or giving you better rate
Pretty sure Dodd-Frank prohibition landers from charging fees for pre-payment. But remember that refinance is basically a getting new mortgage so you will have to pay most is closing costs again
How much will be the refinancing costs for 700K house in Hayward (94544)? Just a ball park estimate!
Up to .5-2.5% of the loan. Especially if you’re refinancing to a different lender.
Some banks can give it online but your best best is just to walk in into any branch of the bank and ask for estimate. Or, what your builder gave you is probably pretty good estimate
Use the $5k to buy your rate down. You can deduct a portion of your other closing costs. Its a win win. Check with your CPA.
I don’t think you have to wait but chances are you also have to pay closing costs with whoever you refinance with, which makes the $5k closing cost savings useless. I suggest shopping around for mortgage rates and push them to match the best offer you get from the get go.