Refinancing Again!

[bruceb58]

I am refinancing my house again from last year. I currently have a 4 3/8% 30 year and am bringing it down to 4% with no cost and a $3K rebate to me. Amazing!

 

[robert graham]

Re: Refinancing Again!

Who'd ever believe it?...Daddy bought our house in 1943 for $7000, 20 years at 4-1/2....never thought I'd see 4%....Go For It!

 

[southkogs]

Re: Refinancing Again!

Looking at it right now too - it's CRAZY ... but I'm not complaining!!

 

[PS94]

Re: Refinancing Again!

why not put that 3K right back onto the principle, and then you'll be done your mortgage that much sooner....

 

[jkust]

Re: Refinancing Again!

Why not bring it down to a 15 year? I dont' know what the rates are because if I check, the banner ads will never stop. I've go to think they are near 3%.

 

[Eric 3.7LX Alpha 1]

Re: Refinancing Again!

Just went to my bank today for a deposit and inquired, Rates are 2.99% for the 15 no points.

 

[bassman284]

Re: Refinancing Again!

$3k rebate? That's what I'm wondering about! I'm at 4 1/8% right now but a 3k rebate might make it worth the hassle. Unless, of course, it got eaten up by closing costs.

For the guys waxing poetic about 15 year mortgages, these might make sense if you're under 50 years old. I'm not. I'm retired and may not live to the end of even a 15 year mortgage. Therefore, lowest possible payment is the goal. If I could get a 50 year mortgage at 5% right now, I'd jump on it like a duck on a June bug.

 

[bruceb58]

Re: Refinancing Again!

why not put that 3K right back onto the principle, and then you'll be done your mortgage that much sooner....

I have 3 mortgages. I am making an extra $1000/month payment on my higest interest mortgage right now.

The $3k refund is straight cash. All the closing costs are being paid for my the mortgage broker.

I would go to a 15 and will probably pay this off like its a 15 but I like the option of the lower payment in case something happens like a job loss.

 

[jasoutside]

Re: Refinancing Again!

Just went to my bank today for a deposit and inquired, Rates are 2.99% for the 15 no points.

I'm 4 years into a 15 year at 4.5%. I hate to back up the payoff date but this ^^^^ sounds very appealing! I think I may need to make some phone calls.

Edit: Looks like 3.5% - 4% in my neck of the wood. Still might be worth a phone call or two.

 

[bruceb58]

Re: Refinancing Again!

I'm 4 years into a 15 year at 4.5%. I hate to back up the payoff date but this ^^^^ sounds very appealing! I think I may need to make some phone calls.

If you keep making the same amount of payment you do now, it will pay off in less than the 11 years you have remaining.

 

[ezmobee]

Re: Refinancing Again!

Ugh, I'm so jealous. I'm stuck at 6-something and 7 something. Currently owe $193k combined first and second mortgages. House is worth maybe 180k. :facepalm::facepalm: Used to be worth 215k. I can't complain TOO much though. Lot of people in this country in much worse shape than me as far as being upside down. At least I have fixed rates and am not planning on moving anytime soon.

 

[jasoutside]

Re: Refinancing Again!

Ooo, that kinda hurts EZ.

 

[bigdee]

Re: Refinancing Again!

My mortgage company keeps bugging me to re-finance from 7% to a 4% loan. Sounds good but something is fishy, banks are in business to make money so why would they shoot themselves in the foot?

 

[ezmobee]

Re: Refinancing Again!

Ooo, that kinda hurts EZ.

Not too bad, ask Kev about his :facepalm:

 

[jasoutside]

Re: Refinancing Again!

Not too bad, ask Kev about his :facepalm:

Oh boy.

 

[jmarty10]

Re: Refinancing Again!

My mortgage company keeps bugging me to re-finance from 7% to a 4% loan. Sounds good but something is fishy, banks are in business to make money so why would they shoot themselves in the foot?

Thats becasue your mortgage company in not a bank. They are partnering with a bank to find clients like yourself and when you refi they get a nice fee from the new bank that is actually giving you the loan. If you are not paying any of the fees or points etc.....you are going to be able to save yourself many many boat upgrades when going from 7 to 4. Go for it

 

[jmarty10]

Re: Refinancing Again!

BTW guys - I have a sweet amortization spreadsheet. So if you ever want to know your payment to the penny just let me know some variables. Amount to be borrowed, interest, year of loan and closing date.

 

[sschefer]

Re: Refinancing Again!

Keep in mind folks that the only reason you should ever re-fi is to ease your cash flow. You never want to do any major financing on your own so if a deal sounds really good make sure it is by having an attorney look over the loan doc's before you sign. Have him/her compare what you have with what your getting. If it makes sense and eases your cash flow over a reasonable period of time then go for it. If not, walk away. Please be careful, the problems we've had in the past were mainly because folks jumped in with both feet and didn't realize the water was acid.

 

[bigdee]

Re: Refinancing Again!

Thats becasue your mortgage company in not a bank. They are partnering with a bank to find clients like yourself and when you refi they get a nice fee from the new bank that is actually giving you the loan. If you are not paying any of the fees or points etc.....you are going to be able to save yourself many many boat upgrades when going from 7 to 4. Go for it

?????????? I thought my mortgage was with a bank. It is one of the largest (bailout)banks in America and it is the same bank that is trying to get me to re-finance. I cannot believe they are that generous so I feel there has to be a hook in it??????

 

[jkust]

Re: Refinancing Again!

Ok I couldn't resist. Rates are 2.75% on a 15 year and the APR is just over 3%. Compared to my 3.75% rate on my 15 year refi from last year, it saves me very little by way of cash flow. The down side is the out of pocket cost to attain that rate is high. If you want a mid 3's rate you can get a nice rebate. I refied through Amerisave last year and back then the rates were too good to be true. I called Quicken loans and lending tree and I was a week into the process with Amerisave by the time they called me back. We closed in 30 days when nobody was closing their loans for months if at all. My credit score is over 800 which made it simple plus we didn't need to utilize my wife's income on the mortgate. All it took by way of documentation was two pay stubs, some personal verification stuff/ misc docs and to prove that I had the amount of closing costs in a bank as I did not finance them. They didn't like that i paid cash for the closing costs as it seems that is not the usual. They even tried to roll them into the mortgate against my instructions and had to redo some of the process all the while acting suprised as though I had never communicated I was paying the costs out of pocket. The big name banks offered the highest rates it seemed while the direct lenders were well below.