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Mortgage refi

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

  1. Apr 3, 2020 at 8:57 PM
    #121
    xtyfighterx

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    Went from a 5.5 conventional no mortgage insurance to a 3.1 FHA with mortgage insurance saving $300 a month roughly. Almost have 20% equity so hopefully next year I can drop that mortgages insurance and save another $150
     
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  2. Apr 4, 2020 at 4:44 AM
    #122
    Skey44

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    They offered me 3.375% on Friday for a 30 yr fixed. Think if I can get below that I’ll lock in. Currently 4 and 1/2 years into a 4.25% 30yr fixed.
    So yeah if I can go down a percentage point and over $100 a month I’d be happy. My current loan also has an overage fee which has bothered me since I realized I was paying an extra monthly fee. Didn’t know any better, and my wife bought the house alone before we were married.
     
    Last edited: Apr 4, 2020
  3. Apr 4, 2020 at 7:38 AM
    #123
    Johnsonman

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    If new lender does refi at no cost, zero fees then its a Good Deal. Bummer they scammed her on an "overage", they screw over women just like many mechanics and new car dealers....Sucks.
     
  4. Apr 6, 2020 at 1:34 PM
    #124
    TheBeast

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    locked at 3.25% 30 years no points no closing costs. Decided to bit the bullet since they are tightening lending restrictions and with current job situation, I better do it now before I don't qualify anymore. Still better than my current 4.375 rate. It still takes about 45 days to close.
     
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  5. Apr 6, 2020 at 1:57 PM
    #125
    14burrito

    14burrito IG @14burrito

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    Single time float down? My guy wont do that for me :(

    I'm at 4.375% right now as well
     
  6. Apr 6, 2020 at 2:00 PM
    #126
    TheBeast

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    nope..they wont do it. just too difficult to line up everything right now. I'm fine with 3.25 vs my old 4.375.
     
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  7. Apr 6, 2020 at 4:13 PM
    #127
    fisherman951

    fisherman951 LT dreams ....

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    My lender just emailed me with 3.625 with cash out. I’m trying to get rid of my FHA loan and save that PMI. I’m laid off tho with this whole covid 19 so I don’t think I can qualify now :(
     
  8. Apr 6, 2020 at 4:16 PM
    #128
    daays

    daays New Member

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    Locked in a VA IRRL streamline for a 30 year fixed back in late Feb. Going from a 4.25% (Sep ‘17) to a 2.99%. Just got the email today they finally have a clear title so we should be done with this soon. Should drop my monthly almost $200.
     
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  9. Apr 6, 2020 at 4:39 PM
    #129
    TheBeast

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    yeah..they now require a pay stub on the day you are closing..crazy
     
  10. Apr 7, 2020 at 8:14 AM
    #130
    Kung

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    Bad news: Refinancing won't save me squat.
    Good news: That's because, when we built an addition to our house 3 years ago, we refinanced to a 15-year loan, and the rate was 2.99%. No clue how the hell I got that lucky then, but I'm good with that. :D
     
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  11. Apr 7, 2020 at 8:17 AM
    #131
    zachzap361

    zachzap361 New Member

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    Purchasing a home right now and took advantage of the rates with my lender. Got locked in at 3.25
     
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  12. Apr 9, 2020 at 10:10 AM
    #132
    TheBeast

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  13. Apr 9, 2020 at 10:10 AM
    #133
    TheBeast

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    congrats !
     
  14. Apr 9, 2020 at 10:43 AM
    #134
    14burrito

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    Locked in yesterday afternoon, 3.25% with enough credit to pay for the refi costs.
     
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  15. Apr 9, 2020 at 10:44 AM
    #135
    TheBeast

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    congrats buddy. my broker covered for most of the refi costs since I used her when I purchased the house. I only have to pay for appraisal.
     
  16. Apr 9, 2020 at 10:46 AM
    #136
    fisherman951

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    For everyone that is locking in a good rate congrats
     
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  17. Apr 9, 2020 at 10:46 AM
    #137
    14burrito

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    Got tired of waiting.

    It will happen, I still feel they will go down - even if it's another short blip into high 2s again. I dont want to wait, I'd like the extra $300 in my pocket now as life is changing for our family.
     
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  18. Apr 9, 2020 at 11:01 AM
    #138
    TheBeast

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    yep same here.
     
  19. Apr 9, 2020 at 12:54 PM
    #139
    Skey44

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    Locked in 3.25% yesterday! Dropped almost a whole percentage point. Feeling pretty good about it
     
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  20. Apr 9, 2020 at 2:11 PM
    #140
    liquid_g

    liquid_g New Member

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    Been curious about refinancing, I'm 1yr into a 10yr Fixed at 4.375, paying way over principal and on track to pay off in 4 years. Not sure if its worth looking at refi in my situation.
    When people mention "including cash out" does that just mean a higher loan amount that gives you cash for other things? Have a shitty RV loan at 6.5% I'd love to pay that off with something like that.
     
    Last edited: Apr 9, 2020
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  21. Apr 9, 2020 at 4:52 PM
    #141
    TheBeast

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    yep..ask more and use it to pay off that RV at 3.5% instead of 6.5% however unlike your house which tends to go up in value, the RV goes down :)

    refi, since you paying more toward your loan, depends how much are your closing costs.

    run some simulations here and see if you come up on top:

    https://www.bankrate.com/calculators/mortgages/amortization-calculator.aspx
     
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  22. Apr 9, 2020 at 5:35 PM
    #142
    19h341

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    And a boat. And a new tundra. Annd if you have any leftover invest it
     
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  23. Apr 9, 2020 at 5:47 PM
    #143
    Njmike13

    Njmike13 [OP] New Member

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    If you are on track to pay off a 10 year in 4 years it may not make sense for you. Even though you can probably get 3% on a 10 or even 5 year mortgage you are already paying down the interest at crazy speed.

    Why don't you pay down the RV first if the rate is that high? Or sell it and buy an even nicer one in 3 years when you're mortgage free?
    Or you could refi take additional money out and pay off the RV.

    Good luck :thumbsup:
     
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  24. Apr 9, 2020 at 7:54 PM
    #144
    mrmachinist

    mrmachinist New Member

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    Yes on a cash out refi you borrow more than your payoff.

    I closed today on mine. I got cash to build a big patio, outdoor kitchen, and fence my 1+ acre back yard. Basically everything I’ve wanted to do since we bought the house.

    paying off an rv might make sense depending on the term. You would have to run the numbers.
     
  25. Apr 9, 2020 at 7:59 PM
    #145
    CodyP

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    I wouldn’t be so sure. I’m 99% positive you CANNOT drop PMI on an FHA loan. You would have to refinance to get rid of it even if you’re less than 80%. On a conventional they have to drop it automatically once you reach below 80% though. Better go back and check so you don’t hold out for something and get screwed thinking the wrong thing.
     
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  26. Apr 9, 2020 at 8:26 PM
    #146
    xtyfighterx

    xtyfighterx New Member

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    He said once I get 20% they will do something I forget what it’s called but it will be gone he assured me I’ve used this guy for years so has my family he knows his stuff appreciate the heads up tho.
     
  27. May 9, 2020 at 2:50 AM
    #147
    Flyinryank

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    Just had my guy prepare one for me. Going from 4.625 down to 3.125
     
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  28. May 9, 2020 at 10:15 AM
    #148
    TheBeast

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    big drop for you. We are close to closing for us, taking forever.
     
  29. May 9, 2020 at 10:18 AM
    #149
    jeremyd

    jeremyd 2014 Crewmax SR5

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    I'm currently at 3.75, Told my guy a month ago to let me know when he can offer me an interest rate with at least a 200 dollar drop in payment. He's never called..
     
  30. May 9, 2020 at 10:23 AM
    #150
    TheBeast

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    I'm hoping some drop end of year...right now too many people are refinancing from a high 4 so why would the banks give us a good discount..supply and demand...
    Feds are loaning at 0% to the banks so plenty of room to still go down imo...depends on a lot of things and the virus throwing a wrench into it too.
     

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