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Step 1: Which Type of Mortgage Will Minimize Your Costs?


This page will help you find the best mortgage type for your situation. If you are refinancing without drawing any cash, the cost of various new mortgage options are compared to the cost of retaining your existing mortgage.

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Property Zip Code Help
Property State Help
Property County Help
Occupancy Type Help
Property Type Help
Loan Purpose Help
Property Value Help Don't know the value of your property? Click here to find it.
Loan Amount Help
Down Payment (calculated for you)
FICO Score Help Click here if you don't know your FICO score.
Lock Period Help
Waive Escrow? Help
VA Eligible? Help
Expected Years
in Your House
Help
Income Tax Bracket Help
Rate of Interest
on Savings
Help
Property State: The state where the property is located.
Property County: The county where the property is located.
Loan Amount: This is the amount you borrow and are obliged to repay. It includes any settlement costs that you elect to finance rather than pay in cash at closing.
Loan Amount: This is the amount you borrow and are obliged to repay. It is the balance on your existing loan as of your last monthly statement, plus interest on that loan from the last statement date to the payoff date, plus the balance of a second mortgage if you have one and intend to pay it off with the proceeds of the new loan. The loan amount also includes any settlement costs that you elect to finance rather than pay in cash at closing.
Loan Amount: This is the amount you borrow and are obliged to repay. It is the balance on your existing loan as of your last monthly statement, plus interest on that loan from the last statement date to the payoff date, plus the balance of a second mortgage if you have one and intend to pay it off with the proceeds of the new loan. The loan amount also includes the cash you intend to withdraw and any settlement costs that you elect to finance rather than pay in cash at closing, and any cash that you take out of the transaction.
Property Value: How much the subject property is worth.
Loan Purpose: A refinance is cash-out if a) you draw cash from the transaction in an amount exceeding the settlement costs plus the lesser of $2,000 or 2% of the new loan amount; or b) The old loan being repaid was taken out less than 12 months ago and was either a cash-out refinance or a second mortgage that was taken out after you purchased the home; or c) The old loan being repaid is a HELOC on which you have drawn in the period since your home purchase.
Occupancy Type: Your primary residence is where you live most of the time, and where you are registered to vote. A second home is one that is not your primary residence. An investment property is one that is used to generate rental income.
Property Type: The type of housing on the subject property.
Property Zip Code: The zip code where the property is located.
FICO Score: A measure of your creditworthiness on the FICO scale, which ranges from 350 to 850.
Rate of Interest on Savings: This is the interest rate you could earn on the money you pay on the mortgage.
Income Tax Bracket: If you don’t itemize expenses, set the rate to zero. If you itemize expenses, which would include mortgage interest and points, this is the rate you pay on Federal, state and local income taxes on the last dollar of income you earn. We use this to calculate the tax benefit of the mortgage as a deduction from the cost.
Expected Years in Your House: This is how long you expect to retain ownership of your house. We use this as the period over which we calculate the total cost of your mortgage.
VA Eligible: This requires that you obtain a VA certificate of eligibility.
Lock Period: The period for which the lender's price commitment holds.
Waive Escrow: Your price may be 0.500 points higher when you waive escrow. The option to waive escrows is not available for FHA loans or conforming loans with Loan-To-Value greater than 80%.
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