Lots of companies charge a 1% origination fee if you go to use the NJ refi option with them. Mathematically speaking, I would subtract this 1% from the interest rate savings I was banking on in the first place. So as a result, it’s not uncommon for some experts to desire a 3% spread between the market and their own rate. Another factor to consider is what my home appraisal may be with any changes in market price and things like this. Can I even use the NJ refi option if I don’t have enough equity?
This is how it is when you do the nj refi.