| Author | Message | ||
     Wolfridgerider |
WOW... hope I can get on board this time. 3.75 on a 30 with less than 400 bucks in fees anybody else doing the refi dance? | ||
| Ratbuell |
No refi...but I just did a "fi" about 6 or 8 months ago. More house than I could possibly dream of...for a payment very similar to my old home. On top of being freshly divorced and being a second mortgage/second home. A-Ma-Zing. | ||
| Moxnix |
Now is a very good time to buy a home, even two. | ||
| 7873jake |
just did. Opted to refi a 30 yr conventional in to a 20 yr on a 3 yr old house and kept my payment the same. Still make add'l pmts toward principle to further reduce the overall term. | ||
| Wolfridgerider |
My bank... that I have been with for over 12 years.... doesn't bother to return my call. Sorry bout your luck!! Just spent less than 10 minutes doing the loan app. over the phone. I will close all my accounts and go elsewhere.... | ||
| Oldog |
Hey Wolf try a credit union before you land at the new institution. I bet you like whats available.. | ||
| Xl1200r |
I've considered refi, but I've only been in my house 3 years and I don't know if i'll be in it long enough to justify the extra fees or anything... | ||
| Nukeblue |
WOLF, a 30? how old will you be and still making payments?? go for a 15 dude! | ||
| Wolfridgerider |
How old will I be when a sell and move to TN? That is the question.... | ||
| Nukeblue |
ASAP! i got 7 to go on a 4.25% i see the light! | ||
| Mr_grumpy |
I got a Swiss mortgage. 2%, yes two percent, fixed rate over 20 with no early payoff fees. | ||
| Ourdee |
+1 on the 15. | ||
| Rde48 |
My bank does rate modifications. For $550 they change your rate to todays rate +.25% I did it once back when it was down in the high 4s so I got a rate of 5.125%. Now with the rates down another 1.25% I am thinking about doing it again. I seen it hit 3.6% the other day but its been sitting at 3.7% since. At that rate it would take me about 1 year to recover the $550 from the saved interest. After that its $$ in my pocket. Many people never even look into their options and end up paying banks way more $$ then they should be. | ||
| Boogiman1981 |
Wish I could but lost mine. Maybe in another few years?? I dunno back to renting for now. | ||
| Wolfridgerider |
well... I'm going to my bank on Monday and show them the loan app. to see if I can get a rate modification. If not, I'm gone | ||
| Xl1200r |
I may see about a rate modification - the threat of me doing a refi with another bank may get the ball rolling. I would, pretty much under any circumstance, do a refi through the bank I have my mortgage with now as they were far too difficult to work with (and that says a lot considering they are part of the company I work for!). The problem is I'm in New York State, and even with my humble abode, a refi with no points will result in roughly $5,000 in closing costs. I would need to be saving a pretty penny to make that up within the amount of time I plan on being here, and that kind of money could probably be put to better use like eliminating other debt. (Message edited by xl1200r on July 01, 2012) | ||
| Mr_grumpy |
That's the thing you have to calculate. Will the cost exceed the benefit? Short, medium & long term. Also, all the banks & credit organs are after your business, that's how they make their wedge after all. So when you're looking it pays to shop around & play them off against each other. Another thing to check into is "bundling", that is if you finance your house with "X" will they give you a better deal on home insurance, or health, or life, or whatever. It's a headache going through it all but it's time well spent generally. What we usually do is write all the + & - points on a separate sheet of paper for each company so as to be able to compare them properly. All that said, the bottom line isn't everything, you may consider somebody's service warrants a premium over another. | ||
| Xl1200r |
Grumps - That's what it comes down to - I'm not sure how mortgages work in France or the EU, but we can buy "points" here in the States, basically you donate a few thousand dollars to the bank to buy a lower APR. The bank I'm with now, which is the company I work for, gives you the bottom rate without having to buy points and waives another $1000 or so in closing costs as a benefit to employees. But the level of service was so lacking that I'll never use them again, even with the discounts. Within 48 hours of my closing date, the estimated amount I was going to need to bring with me varied between $4500 (WAY too low) and $12,000 (comically high). I was livid on the phone with my contact there and, at about 4:45 on a Friday afternoon, he informed that he wouldn't be able to work on this anymore because, "it was a nice day out and he wanted to get out of work for the weekend." I calmly told him that I didn't give a shyte, lol. Anyway, I'm just ranting at this point... I tend to keep all of my insurance in one place and as much of my banking in another, student loans and mortgage are the only exceptions at this point. The rest are with a local credit union and they are a downright pleasure to work with. | ||
| Satori |
I’ve avoided jumping into this, but here goes. First to the Mods, none of this is intended as a solicitation; I am only licensed in WA State. This is intended as friendly Professional advice; it’s exactly what I’ve told close personal friends. Full Disclosure, I am a Licensed Mortgage Banker. This advice only applies to the US Ok on with it. Nothing against Grumpy but shopping around comes with cautions. If you are going to do it, be organized, and do it quickly. If your comparing cost based on anything other than a rate quote, that is more than a few hours old, especially if its past the time that a rate can be locked (that varies with location) for my bank that’s 3pm. the cost to get that rate, at bank x, y or z, will be different. It changes daily, sometimes mid-day, sometimes every hour. I’ve seen pricing change in 6 minutes. And as many as 8 times in a day. Really the only thing to compare is their fixed costs, and sometimes they will match each other. I usually will. The other biggie to ask is how fast they will close it. My opinion, if it’s longer than 45 days, look around. That said turn times to get files for everyone have exploded with the volume, I know of places where their time went from 48 hours in under writing to 15-16 days. A good place to look is at Mortgage banks. They are usually faster, for many reasons. And will usually give good service. Because it’s all that they do. My banks biggest closest competition is a Credit union, and I get business from their customers all the time, because we have better service. I close refi's all the time in 2-3 weeks. Closing time is huge on how expensive it is to get a certain rate. The thing I didn’t see mentioned besides points to buy down the rate is bank credit. It’s the polar opposite of buy down points. It’s figured the same way. So you can get a credit from the bank to cover closing costs, fund the escrow account and pay any bank fee's underwriting etc. 1/8 more in rate can be thousands. One I structured yesterday will get 8,000 in credit, and cost him 20 more per month. Given that he is moving in 3 yrs. it’s a smart move. Plus he will get his current escrow account back, so + 2k there to. Plus he will save 300 a month. No losing there. As far as rate mod's that will usually only be available if they are actually servicing the mortgage. Most are not serviced by the bank that originated them. In fact the better your credit, the more likely it was sold off. If you really want to get majorly educated, Mortgagenewsdaily.com is a great resource (I am not affiliated) I use it to keep tabs on things myself. I don’t mind answering questions posted. But that’s dependent on how busy I get. | ||
| Mr_grumpy |
No offence taken Satori. I can only give general thoughts & advice as the systems are so different. It's good of you to take the time to lay it all out so clearly, well done. | ||
| Wolfridgerider |
just got off the phone with my bank. Lets see how long it takes for them to call me back.... the tune changes when you tell them you are on your way out the door.... | ||
| Wolfridgerider |
well... they NEVER called me back... and with that, I am gone The funny thing is, I had called the bank we use at work. It took them about a week to get back to me... BUT, their rate was 3.5 with $1800 bucks in fees. They put the offer in writing and I forwarded it to my soon to be new lender. They matched it  | ||
| Satori |
Wolf, good for you. Sounds like a good deal | ||
| Jhuppdog |
My wife and I are in the process of refinancing as well. Long story short is that our mortgage was just sold from the absolute worst mortgage company to what appears to be a good mortgage company. We have been trying to refinance for the past 3 years with our old mortgage company with no luck. Every time I spoke with them they gave me a new excuse for why they could not refinance. It turns out the company has closed its doors and it is being sued my 100's and potentially thousands of people for many different issues. I cannot tell you what a relief it is to be working with a decent mortgage company. | ||
| Cityxslicker |
the last mortgage / housing fiasco ensures that I will not have to worry about either ever again. |
