Refinance Your Home (1 Viewer)

[Saints318]

not to mention you just took 10 years off the amortization schedule.

And what you will notice is the amounts for interest and principal will level out pretty fast.

Thanks. I needed to hear that. I've been nervous over whether this was the right thing to do or if I was getting a good deal. I'm sure interest rates will be 0.99% next week or something. lol

 

[efil4stnias]

Thanks. I needed to hear that. I've been nervous over whether this was the right thing to do or if I was getting a good deal. I'm sure interest rates will be 0.99% next week or something. lol

they will never go below 2.0. Absolutely right thing to do.

At that point, with all the servicing involved, it would cost the mtg co over the life of the loan. My tennis pal that works for Standard Mortgage said there is no way it goes lower than 2.25.

Just wait til you tell folks who own what your rate is...watch their facial expressions. LOL.

 

[whoah whoah]

went from 4.125% to 2.875% on a 30. Bought out PMI and am saving about $400/mo

 

[Rickboy]

I guess it’s time for me to get this done. I’m at slightly higher than 4%. Maybe I’ll move to a 15 or 20 yr loan.

 

[whoah whoah]

I guess it’s time for me to get this done. I’m at slightly higher than 4%. Maybe I’ll move to a 15 or 20 yr loan.

I wasn't going to do it at first but with the pandemic and real unknowns we are facing, extra $400/mo in cash flow is super important. Typically, I suggest people do the longest term, but pay it out as if it is a shorter term. That way if stuff hits the fan you have a lower required monthly payment...

 

[El Caliente]

This is annoying as sheet on my shoes, I started this process in March, and we are still in the process of trying to close. I work for the bank that is handling this sheet show. I am getting a “team member deal”, but damn, if this is how they treat team members I would hate how to see how they treat those outside of the bank who go through this process.

 

[jrdbrn]

I refinanced. Saving a few hundred a month. I went with InterLinc Mortgage. I suggest NOT using them. They pulled a bait and switch on me with fees. They did the same thing to my coworker. They will tell you there's nothing owed going into closing, then they will charge you extra fees the DAY BEFORE. Same exactly situation to both of us.

 

[zeetes]

how does refinance work? are the fees included in the refinance? my house is worth more than 70% of what i owe and i'd love to get rid of pmi.

 

[jrdbrn]

how does refinance work? are the fees included in the refinance? my house is worth more than 70% of what i owe and i'd love to get rid of pmi.

It can be. We had to pay the appraisal and I bought 1 point to bring down the %.

 

[zeetes]

It can be. We had to pay the appraisal and I bought 1 point to bring down the %.

ahh ok thanks. i've been considering. i'm at 3.5 but the pmi makes it much higher

 

[zeetes]

ahh ok thanks. i've been considering. i'm at 3.5 but the pmi makes it much higher

rates are around 2.5 but without pmi, i'd save at least $300. definitely looking into it.

 

[jrdbrn]

rates are around 2.5 but without pmi, i'd save at least $300. definitely looking into it.

I got it at 3%. I should have waited

 

[zeetes]

I got it at 3%. I should have waited

hah

 

[Dallas_Saint73]

Fannie and Freddie both added an "adverse market" pricing adjustment of .50 BPS for certain refinances such as cash-out refis. This means that you will automatically have an increase in your rate by .50- which equates to roughly an additional 1400-1750 in extra cost for the average loan amount simply for your transaction type. To offset your rate increase (if it applies), you'll have to pay more in points to lower your rate.

I work in the industry and many are up in arms over this bump in pricing. I just read a letter from the Senate to FHFA (who manages both Fannie and Freddie) calling for the reversal of this policy.

 

[whoah whoah]

Fannie and Freddie both added an "adverse market" pricing adjustment of .50 BPS for certain refinances such as cash-out refis. This means that you will automatically have an increase in your rate by .50- which equates to roughly an additional 1400-1750 in extra cost for the average loan amount simply for your transaction type. To offset your rate increase (if it applies), you'll have to pay more in points to lower your rate.

I work in the industry and many are up in arms over this bump in pricing. I just read a letter from the Senate to FHFA (who manages both Fannie and Freddie) calling for the reversal of this policy.

yeah I thought this was really interesting. I wonder if its a signal that the market may be coming down soon