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Mortgage refi

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

  1. May 9, 2020 at 11:07 AM
    #151
    SouthWestGA

    SouthWestGA New Member

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    That may be something to be considered,however not all refi have high closing costs
     
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  2. May 13, 2020 at 3:48 AM
    #152
    Cfincke

    Cfincke Mall Crawler but capable

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    Just filled out the paperwork yesterday with my lender to refi at 2.85% for 15 years, with a float down 1 point option. I currently have 21.5 years left on my loan at 3.875. My payment will go up $130, but shave over 6 years off. I am debating asking for some cash out to knock out a chunk of the camper loan, as it is at 6.9%. The closing costs were a little more than I anticipated, will be around $6k after rolling over the funds in the escrow account and waving the land survey since my lender did one when I first bought the house. My break even is 5 years, but we like the house and school district and will likely be here longer than 5 years. House value has been going up 8-12% every year too. Over the 15 years, I will save over $14K in interest.
     
    Last edited: May 13, 2020
    Njmike13 [OP] likes this.
  3. May 13, 2020 at 7:05 AM
    #153
    SouthWestGA

    SouthWestGA New Member

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    I am considering a cash out refi
    Going down to 3.49 for 30yrs
    Getting 37k cashed out to me
    The payment will be going from $848 everything included to $912
     
  4. May 13, 2020 at 7:36 AM
    #154
    trucksareforgirls2

    trucksareforgirls2 Flowerpower

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    I just closed a week or so ago on my refi. Ended up with 3.125% for 30 years and NO MORE PMI thankfully! Previous mortgage holder wanted loan to value to be down to 75% to get rid of PMI, and I am only at 78%, so I had to get rid of them they left me no choice. Saving 160.00 a month in PMI costs and interest! I was only 3.5 years into the loan so no biggie that the amortization started over! Paid around 3K in closing costs as well, but that will be equaled out in cost savings in about 18 months.

    Good luck to everyone going through a refi!! It's a long process because the banks are so inundated, but worth the wait!!

    -T
     
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  5. May 22, 2020 at 5:52 PM
    #155
    Zero One Actual

    Zero One Actual Member among Members

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    I am going through loan depot right now with a VA loan at 2.25% fixed for 30 years. PM me if you want my agents info if you also qualify for a VA loan or IRRL. No, this is not spam and I get nothing from this.
     
  6. May 22, 2020 at 6:06 PM
    #156
    jeremyd

    jeremyd 2014 Crewmax SR5

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    Interesting..Got a call from my current lender and said if I signed a few disclosures they would immediately start the process for a 2.6, currently at a 3.75..I think the numbers are gonna drop ..We decided to wait a little longer.
     
  7. May 22, 2020 at 6:44 PM
    #157
    TheBeast

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    yep numbers dropping, I will probably refi end of the year or next year again lol. you have to pay 6 months on new loan before refi again. Talks about some low 2's towards end of year. However it's getting difficult to qualify and with 40 millions unemployed it's only gonna get worst before it gets better unfortunately. If you can do it, do it.
     
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  8. May 22, 2020 at 6:54 PM
    #158
    jewsNbrews

    jewsNbrews Super Secret Elite Member #8

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    Just closed on mine. Got 3% for 15 years. Was at 4%. Got off of mortgage insurance and shaved 10 years.
     
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  9. May 22, 2020 at 8:56 PM
    #159
    Toyotoholic

    Toyotoholic -4Life-

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    Closed this week from 4.25%/20yr to 3%/15yr
    Zero cost closing. Dropped $200 monthly and saved 35k overall. Feels great.
     
  10. May 22, 2020 at 9:06 PM
    #160
    Toyotoholic

    Toyotoholic -4Life-

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    I had to jump through many hoops being self-employed... The government and the federal lenders are at opposition with each other with terms of qualifications. They both literally require you to do opposite things. (Gov=Stay home non-essential workers and Federal Underwriters=show us proof you are currently working.!!!!). WTF
    And
    If you have opted for mortgage payment deferments for Co-vid, certain banks would immediately disqualify you for a refi.
    Get it done!
     
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  11. May 22, 2020 at 10:34 PM
    #161
    TheBeast

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    they were asking for pay stubs and calling my employer til the day it funded..crazy....so yeah you can probably get an even lower rate in 2 months but will you qualify in 2 months ? I say if you thinking of doing it, do it now.
    went from 4.4 to 3.2% /30yrs so I'm happy. my broker covered all the costs. no points either, no insurance. This is the third time we use her.
     
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  12. May 22, 2020 at 10:43 PM
    #162
    xtyfighterx

    xtyfighterx New Member

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    Closed today 3.125 $300 drop in payment took forever at least two months for this whole process
     
  13. May 23, 2020 at 12:24 AM
    #163
    Flyinryank

    Flyinryank New Member

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    Nice!

    Just got my last piece of required paperwork in today. They’re telling me I’ll close some time in June. I won’t be holing my breath.
     
  14. May 23, 2020 at 1:42 AM
    #164
    jewsNbrews

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    Dang, I guess I feel lucky. Took less than a month for mine. I applied 4/30/2020.
     
  15. May 23, 2020 at 3:28 AM
    #165
    SouthWestGA

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    I’m applying for a cash out refinance

    Paying off all medical/CC debt and saving the rest.

    My payment will increase about $200 a month but being debt free except the house will be a great accomplishment.

    My debt to income percentage will greatly improve and my credit score will improve as well
     
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  16. May 23, 2020 at 12:30 PM
    #166
    TheBeast

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    took us about 2 months as well.
     
  17. May 23, 2020 at 1:14 PM
    #167
    Tundra_Sam

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    2.99% at 30 year fixed with no cost to refi with Owning.
     
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  18. May 30, 2020 at 7:48 AM
    #168
    daays

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    So I had to put our refi on hold since I was deployed and couldn't meet a notary to sign paperwork. In that time, I applied for a different job (military) in Omaha and I'm still waiting to hear back during the selection process. Of course they're taking their time and the bank wants to close June 5th. Hoping I hear a yes or no before that so I know whether I should complete the process or not. If I refi and end up not getting the job, that's fine. But if I refi and get it, I basically just lost $4k if I have to sell to move in November. Hopefully they come through soon.
     
  19. May 30, 2020 at 9:19 AM
    #169
    Danimal86

    Danimal86 What's a Dickfir?

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    What are you guys using to track rates?
    We got in a 3.625 four years ago. If the rates go low enough, would be nice to get into a 20 or 15yr loan.
     
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  20. May 30, 2020 at 10:58 AM
    #170
    Tunka

    Tunka New Member

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    Rates aren't that crazy low yet i refi 5 years ago at 3% for 20 year still waiting for a 2% interest media seems to get people on the refi band wagon fast
     
  21. May 30, 2020 at 11:07 AM
    #171
    TheBeast

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    Have a broker line up. The rates she was getting me were always lower than what I was reading online by 0.3 ish

    you could probably swing a 15 year loan for 2.8 maybe less.
     
  22. May 30, 2020 at 11:10 AM
    #172
    TheBeast

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    it's all about timing and personal situation really. I'm pretty sure it will keep going down. some companies advertising for 2.5% for 30 years already so the 15 year should get close to 2.


    https://themortgagereports.com/65914/2-percent-mortgage-rates-are-here
     
  23. May 30, 2020 at 11:43 AM
    #173
    SouthWestGA

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    Well dang

    I had to stop my refinance since there was an issue from my home affordable loan modification back in the day.

    Eff this crap it tees me off
     
  24. Jun 3, 2020 at 6:44 AM
    #174
    EG1

    EG1 New Member

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    Our bank allowed us to do a loan modification as a refi. Didn't even realize it was an option, thought they were for people who were behind or having issues. Only took a few days and cost $1000.
     
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  25. Jun 3, 2020 at 12:55 PM
    #175
    Kung

    Kung FNG

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    I got lucky, so to speak; when I first moved here, got a 4.75% rate (30 year), which at the time wasn't terrible.

    About 3.5 years ago, I was able to complete an addition onto our house (we had a carport with a fully trussed roof and a construction-grade, rebarred 20" slab) that added something like 650 sq ft onto our house, for a master suite, on-suite bathroom, laundry room, etc.

    ANYWAYS....not only was the total cost of the previous mortage + the cost of the extension quite a bit less than the appraisal of the house, but on top of that, rate went from 4.75% to 2.25%, 15 year loan, and the total payment went up maybe $175 or so. :)
     
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