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Mortgage refi

Discussion in 'Off-Topic Discussion' started by Njmike13, Mar 5, 2020.

  1. Mar 18, 2020 at 11:13 AM
    #31
    fisherman951

    fisherman951 MT dreams

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    So did any one lock anything in? What’s the lowest you did? Seems like rates went up again
     
  2. Mar 18, 2020 at 11:20 AM
    #32
    Doylfish

    Doylfish New Member

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    I have a conventional loan as well at 3.5% .. houses have gone up exponentially in my area, my home is $100k valuation higher than when we bought 5 years ago. Looking to drop PMI, but inquired at my lender and they require $500 appraisal through their appraisal company only. Wish it was only $150 .. the $500 is making me thing it will be worth it to refi if I can get 0.5-0.75 lower ... could’ve gotten 2.875% for 30 the other day from previous mortgage person I dealt with, but market changed too quickly before I could even get the package completed. Have a standing package completed now and as someone else stated the guy I’m speaking with also believes they will be dropping again.
     
  3. Mar 18, 2020 at 11:29 AM
    #33
    fisherman951

    fisherman951 MT dreams

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    We are all waiting lol
     
  4. Mar 18, 2020 at 11:30 AM
    #34
    The Californian

    The Californian Good Vibes Only

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    We locked in over the weekend at 3.25% for a 30 year fixed conventional, with the option to go lower if the rate goes down before we close. We feel pretty good about that.
     
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  5. Mar 18, 2020 at 11:36 AM
    #35
    19h341

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    Anyone have any advice on cash out refi? Some numbers to help.
    Current loan 123,000 3.375% 15 year
    Home value 200,000
    Hoping to get 30,000 out for kitchen remodel.
    With closing costs I’d be financing about 160 at hopefully 2.75 if they drop enough again. Anyone have any experience with this?
     
  6. Mar 18, 2020 at 11:37 AM
    #36
    UTAHRTK

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    @TheCalifornian may I ask which broker you went with? I am in San Diego- not a refi- a purchase..
     
  7. Mar 18, 2020 at 11:48 AM
    #37
    The Californian

    The Californian Good Vibes Only

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    https://www.fullcirclehomeloans.com/, I've purchased with them, and this will be my second refi with them. I've dealt with many other brokers over the years, and they are hands down the best I've ever worked with.
     
  8. Mar 18, 2020 at 11:52 AM
    #38
    backinblack

    backinblack New Member

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    I'm in the middle of trying to refi. VA rate was quoted at 3% last week, but I didn't get it locked in. Supply and demand has rates climbing some and my broker is inundated with applications so I'm not sure when we're going to get it done or if we'll have to move it down the road after rates decline again.
     
  9. Mar 18, 2020 at 12:09 PM
    #39
    CookieMonsterTundra

    CookieMonsterTundra New Member

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    Hey, here is an idea. Why don't you take the money you would spend to refi and put it towards the principal payment left on your note. This only works if you are actively paying down your balance. I just hate giving any more money to the banks than I need to. My .02.
     
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  10. Mar 18, 2020 at 12:14 PM
    #40
    UTAHRTK

    UTAHRTK New Member

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    thanks
     
  11. Mar 18, 2020 at 12:21 PM
    #41
    The Californian

    The Californian Good Vibes Only

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    That's a great idea, but we're only 1 year in to our 30 year loan - makes more sense to refinance, lower our payment, and save money in the long run.
     
    14burrito likes this.
  12. Mar 18, 2020 at 12:24 PM
    #42
    Spitfire

    Spitfire New Member

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    I'm at 3.5 on a 30yr.. have about 170k in equity.. we will be in the house until my kids are out of school 13yrs..
    Would love to lower my rate.. all the closing costs etc makes menthinknit might now be worth it. Owe about 380k still. No pmi
     
  13. Mar 18, 2020 at 12:27 PM
    #43
    19h341

    19h341 New Member

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    Because math. Pay extra 5k towards loan. Or pay 5k in closing costs and save 20k in interest over life of loan. Banks getting your money regardless.
     
  14. Mar 18, 2020 at 12:30 PM
    #44
    scpete24

    scpete24 Duuuuuuude

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    I'm in a similar situation as @The Californian . Refi locked in at 3.25% 30-year conventional. Be aware of what people say on here. You really need to compare similar situations with people in your area (socal) People on here talking about 180K loan on a 250K house on 15-year fixed - of course they are going to get a better % and will not be in same situation. However, that has 0% in common with housing prices you'll see out here in California. My brother in law does mortgages, PM me if you have questions.
     
  15. Mar 18, 2020 at 12:32 PM
    #45
    scpete24

    scpete24 Duuuuuuude

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    Haha exactly what I thought. 5K against my loan wont do shit to my monthly, maybe $10-15. But if monthly goes down 300 bucks a month I make up the 5K in 17 months and its all gravy from there. Its like I said in my previous post were not exactly comparing apples to apples here based on the location of where you are looking to purchase and how that purchase price will affect the amount financed and what the buyer can afford monthly
     
  16. Mar 18, 2020 at 12:50 PM
    #46
    TheBeast

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    I had a 2.875 for 30 years fixed no closing cost last week. by the time i sent my paperwork, it went back up. now waiting on next drop to lock in with my broker.
    REfi, no points, excellent credit.
     
  17. Mar 18, 2020 at 12:51 PM
    #47
    xtyfighterx

    xtyfighterx New Member

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    We did a new conventional loan last year that had higher interest and no mortgage insurance which was a better deal than getting a lower rate with mortgage insurance. We just sent our refi app in couple days ago curious to see if we can save any cash.
     
  18. Mar 18, 2020 at 12:54 PM
    #48
    BravoDeltaRomeo

    BravoDeltaRomeo Old Man Little Blue Finger

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    Or more cash to pay off your house quicker. o_O

    I'm so glad we paid off our house with weekly payments and a few lump sums.

    Pay off your house.

    You don't need friends in finance or have to watch videos. It's pretty simple stuff, don't put everything on credit and don't pay interest on credit cards.

    Oh yeah....don't take out a 30y loan on a house or an 8y loan for a vehicle.
     
    tye, 19h341 and FrenchToasty like this.
  19. Mar 18, 2020 at 1:13 PM
    #49
    The Californian

    The Californian Good Vibes Only

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    Great advice, I will promptly ignore it.
     
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  20. Mar 18, 2020 at 1:31 PM
    #50
    BravoDeltaRomeo

    BravoDeltaRomeo Old Man Little Blue Finger

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    Enjoy your debt. :thumbsup:
     
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  21. Mar 18, 2020 at 1:38 PM
    #51
    Theonlyway

    Theonlyway New Member

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    I have 0% for 30 so probably won’t refinance ;)

    I would like to buy a second home eventually though
     
  22. Mar 18, 2020 at 1:51 PM
    #52
    The Californian

    The Californian Good Vibes Only

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    Like I said, your advice is great. Just not always practical.
     
  23. Mar 18, 2020 at 1:53 PM
    #53
    BravoDeltaRomeo

    BravoDeltaRomeo Old Man Little Blue Finger

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    It is if people were willing to live withing their means.

    But most aren't willing to accept that lifestyle.

    That's all.
     
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  24. Mar 18, 2020 at 1:59 PM
    #54
    The Californian

    The Californian Good Vibes Only

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    You're absolutely correct; but as for now it makes more sense for my wife and I to carry a mortgage and have liquid funds to go on trips, buy fun toys, and enjoy life while we're young. If we wanted to hunker down, only live with the essentials, never take trips, own economical vehicles - we could pay off our mortgage in a few years - but we feel life is about the journey, not the destination.
     
  25. Mar 18, 2020 at 2:04 PM
    #55
    MTRock

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    Paid our House off 2 years ago! It can be done!
     
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  26. Mar 18, 2020 at 2:07 PM
    #56
    BravoDeltaRomeo

    BravoDeltaRomeo Old Man Little Blue Finger

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    Took us 17y and we are in the house we can retire in. The extra funds paid for kitchen Reno, two bathroom Reno's, Tundra and others goodies.

    Being debt free is fun. :dancingbacon:
     
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  27. Mar 18, 2020 at 2:43 PM
    #57
    OV-1794

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    I locked at 3.25% with no points on a 30 year jumbo loan a couple weeks ago in NorCal through Safe Credit Union. Just bought last summer so not resetting too much. Saving $200 a month and will break even within a year.
     
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  28. Mar 18, 2020 at 3:50 PM
    #58
    aperezsh

    aperezsh Blessed are the peacemakers

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  29. Mar 18, 2020 at 4:45 PM
    #59
    Njmike13

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    By refinancing we will be able to make additional payments and pay off our home by the time our kid is done with grammar school. I didn't need any videos to show me how to do this.
    1. My wife and I are extremely lucky to have good jobs.
    2. We only buy what we can afford
    3. In laws who can watch my kid while we work.
    4. Save money when we have a little extra.

    More now than ever I'm aware that a ton of people are not nearly as lucky as I am.
    I started this post with simple question. Is anyone fortunate enough to refi and save a few dollars. What they do with their savings is up to them. If it came down to something fun with my son or add a year to the mortgage, well I guess I'll keep working.
     
  30. Mar 18, 2020 at 4:53 PM
    #60
    BravoDeltaRomeo

    BravoDeltaRomeo Old Man Little Blue Finger

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    You pretty much nailed my situation.

    The only reason I voiced my opinion was you mentioned using the extra money for truck mods. A better use of the money saved by refinancing would be to top up and pay extra down each month, keeping your payments the same, but more would be going to the principal.

    My mortgage is paid off, which I am grateful for. I always advise people to pay off their principal when they can. Be it extra payments or paying off bi-weekly or even better, weekly. The less money the banks get from all of us, the better.

    I've heard talk from coworkers about refinancing as the rates are low up here too.

    I've also heard too many people talking about their 3000 sqft homes with 6 bathrooms and 4 car garages and their 35y mortgage and trading in their Tundra (insert any car make here) for a new model every year and they can't eat out on a Friday because it isn't payday. When in reality, they should be in a 1200 sqft home and keep their car for a few years and everything would probably be paid off.

    Everyone has choices and I'm not saying one is right or wrong, just stating what I feel is the best use of money in regards to a mortgage. Pay it off sooner, sacrifice a few things here and there and reap the benefits when it's paid off.

    In the end people can do whatever they want with their money, it doesn't affect me.
     
    Last edited: Mar 18, 2020
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