Refinance

DSM Turbos

Well-Known Member
Joined
Feb 25, 2006
Location
Raleigh, NC
This is not unusual. I refinanced with Entegra/First Citizens at the beginning of the year, and it was immediately bought out, even though the closing attorney swore up and down that First Citizens never sells them and it was good I was going that direction. Honestly I don't care as long as it doesn't cost me anything. In fact, the refi was initially through Entegra, who merged with First Citizens while we were doing paperwork, so it was initially Entegra after closing for like a day, then First citizens for a week, then Freddie/Fannie. Only reason I knew it had changed hands was because I got a letter in the mail saying it had been paid in full and I was like "I hope this is a fortunate error :D"

oh yeah for sure. Dealing with this one was a bit more of a pain in the ass though. Doesn't help I didn't get the new account number in time so I had to call to get it to make the payment, etc. Mine is Fannie now but serviced by dovenmuehle
 

UTfball68

Well-Known Member
Joined
Jul 18, 2008
Location
Granite Quarry
So far my guys have been pretty responsive. I got this ball rolling early November...tentative close date is supposed to be 12/15. I’m not sure what would still take a month, but my fingers are crossed.

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RatLabGuy

You look like a monkey and smell like one too
Joined
May 18, 2005
Location
Churchville, MD
So I locked my rate last Friday w/ Better.com. Had all my paperwork in their hands by Sat morning, except copy of my insurance b/c since I'd never setit up online I had to call an actual person and do it. That was done by Tues.
This evening they call and say Congrats, loan fully approved and on its way. Tentative close date is ~Dec 14. If true that would make it 1 month :eek:
 

77GreenMachine

Phillip Talton
Joined
Mar 30, 2010
Location
Trinity, NC
I have not followed this whole thread, but I am now considering doing a refi and pulling a bit of equity out for a remodel, anyone done that? Figure if I pull money out, drop 1% or more and update my kitchen it seems worth it. Maybe not the wisest choice, but I have no other bills.

I have already done an addition out of pocket that has added even more value to the house.

Just plugging in some basic info on some calcs on Quicken Loans, I can drop my rate by 1.3%
 

ghost

Well-Known Member
Joined
May 25, 2006
Location
Hartsville/Camden,SC
I have not followed this whole thread, but I am now considering doing a refi and pulling a bit of equity out for a remodel, anyone done that? Figure if I pull money out, drop 1% or more and update my kitchen it seems worth it. Maybe not the wisest choice, but I have no other bills.

I have already done an addition out of pocket that has added even more value to the house.

Just plugging in some basic info on some calcs on Quicken Loans, I can drop my rate by 1.3%
I'm doing something like that. Just started though. I need to try and figure out if my plan will pay it off in half time but the last calculator I looked at didn't make sense to me.
 

77GreenMachine

Phillip Talton
Joined
Mar 30, 2010
Location
Trinity, NC
I'm doing something like that. Just started though. I need to try and figure out if my plan will pay it off in half time but the last calculator I looked at didn't make sense to me.

My rates for a 15 year mortgage were extremely attractive, even with the cash out.
 

obullfish

Carolina Trail Blazers
Joined
Nov 21, 2011
Location
Candler N.C.
I have not followed this whole thread, but I am now considering doing a refi and pulling a bit of equity out for a remodel, anyone done that? Figure if I pull money out, drop 1% or more and update my kitchen it seems worth it. Maybe not the wisest choice, but I have no other bills.

I have already done an addition out of pocket that has added even more value to the house.

Just plugging in some basic info on some calcs on Quicken Loans, I can drop my rate by 1.3%
Do not bother with quicken or rocket mortgage.
 

ghost

Well-Known Member
Joined
May 25, 2006
Location
Hartsville/Camden,SC
So I went looking again. Finally found a site that puts it into language I can understand. Mortgage Payoff Calculator So refinancing my loan and pulling out the money to pay off my rental property frees up enough to almost make two payments a month. My 15 year load will be paid off in 7 years 9 months and it will save me $8379.83 in interest.
 

77GreenMachine

Phillip Talton
Joined
Mar 30, 2010
Location
Trinity, NC
Do not bother with quicken or rocket mortgage.

I was just using it as a reference, I will go with one of the contacts Ron sent me.
 

RatLabGuy

You look like a monkey and smell like one too
Joined
May 18, 2005
Location
Churchville, MD
So I went looking again. Finally found a site that puts it into language I can understand. Mortgage Payoff Calculator So refinancing my loan and pulling out the money to pay off my rental property frees up enough to almost make two payments a month. My 15 year load will be paid off in 7 years 9 months and it will save me $8379.83 in interest.
Be sure to account for closing costs when you calculate that savings.
 

RatLabGuy

You look like a monkey and smell like one too
Joined
May 18, 2005
Location
Churchville, MD
For anyone that wants to compare eates and total savings, i really liked Better.com bc once you give them a little info, they provide a whole table of rates based on loan length and how many points you take ((origination fees) and it says exactly what your monthly and total savings are over your current loan.
You can select any and it gives a full statement of the total closing costs right there so there's no guessing.
Then every day it updates based on the current rate fluctuations
 

Jody Treadway

Croc wearing fool
Moderator
Joined
Mar 20, 2005
Location
Hendersonville, NC
I have not followed this whole thread, but I am now considering doing a refi and pulling a bit of equity out for a remodel, anyone done that? Figure if I pull money out, drop 1% or more and update my kitchen it seems worth it. Maybe not the wisest choice, but I have no other bills.

I have already done an addition out of pocket that has added even more value to the house.

Just plugging in some basic info on some calcs on Quicken Loans, I can drop my rate by 1.3%
If you push "Enter" at any point on Quicken.com, expect daily calls, emails and texts to the poi t of extreme nuisance.
Just a heads up
 

77GreenMachine

Phillip Talton
Joined
Mar 30, 2010
Location
Trinity, NC
If you push "Enter" at any point on Quicken.com, expect daily calls, emails and texts to the poi t of extreme nuisance.
Just a heads up

I am really, really regretting doing that. I got 5 calls today!! The last one I told them I expect to be removed from their list, that I regret filling it out, I don’t appreciate the calls in a Sunday while trying to have family time, and that I would make sure to absolutely NOT use Quicken Loans period, EVER!!
 

Jason W.

Carolina Trail Blazers
Joined
Feb 27, 2009
Location
nebo nc
Do not bother with quicken or rocket mortgage.

Qouted again, I used and had to stick it out, good results but it was a horrible experience.

.... Everyone you talk to is in Detroit
 

awheelterd

Well-Known Member
Joined
Oct 18, 2007
Location
johnston co./ ncsu
You guys need to check with your local bb&t loan officer. Their book rate was 3.25 or something, but my guy worked mine into a 2.5 through a federal program that gives a better rate if one of the signers makes below 75k. I've been with first citizens my whole life, my parents have been, my grandparents have been and our business has been with them since they loaned my grandparents the money to buy it in the early 70's and they still couldn't come close to the bb&t rate. If your guy doesn't know what it is, keep pressing, it's there.
 

CLRracer

Mopar Nut
Joined
Mar 20, 2005
Location
Archer Lodge
You guys need to check with your local bb&t loan officer. Their book rate was 3.25 or something, but my guy worked mine into a 2.5 through a federal program that gives a better rate if one of the signers makes below 75k. I've been with first citizens my whole life, my parents have been, my grandparents have been and our business has been with them since they loaned my grandparents the money to buy it in the early 70's and they still couldn't come close to the bb&t rate. If your guy doesn't know what it is, keep pressing, it's there.

Just for curiosity sake, which BBT office did you use? Or PM me your loan officer's name. I bought my house with BBT and refi'd it in '18 with them, always been pleased and the rates were competitive.

Duane
 

awheelterd

Well-Known Member
Joined
Oct 18, 2007
Location
johnston co./ ncsu
Just for curiosity sake, which BBT office did you use? Or PM me your loan officer's name. I bought my house with BBT and refi'd it in '18 with them, always been pleased and the rates were competitive.

Duane

Smithfield/Clayton. Same guy does both. He was actually the loan officer for first citizens when we started our construction loan process 2 yrs ago, that's how I know him. He switched back to bbt between our construction closing and conversion to conventional. When rates tanked I called new FC guy and he hemmed and hawed and could only do 3.2 or some BS. I really like the bbt guy so I called him up.
 

RatLabGuy

You look like a monkey and smell like one too
Joined
May 18, 2005
Location
Churchville, MD
Do you guys escrow your taxes / insurance?

I always have. People say "why not let that money accumulated interest for you instead of the bank" but that never made much sense... for me it;s around $3500 total/ yr, since I need that money it has to be saved in a secury easy-access account (these days thats like 2% max on a magical money market) and you are accumulatin gfrom zero, so functionally half annnually.. .so I could make ~$35 in the most ideal scenario. Hardly seems worth it.

BUT now going through my refi paperwork, I'm realizing that they take a whole year up front and hold that, PLUS what you pay in monthly. Which means effectively yo uare out an entire years contribution annually.
If thats correct, it totally changes things. That $3500 in even a conservative market fund getting 5% is $175 annually PLUS the other $35 saved.
This isn't huge $$ but now into the realm of possibly being worth the time.

Thoughts? Am I reading this right? Seems if during my refi I drop out of escrow payments I'll actually get $3500 back from what I paid initially... which would more than make up for the cost of the refi.
 

Ron

Dum Spiro Spero
Moderator
Joined
Apr 16, 2005
Location
Sharon, SC
I am adamant that I wont escrow either one.
And my reasoning has nothing to do with interest.

Mine is more convenience and making sure things are handled right. When I had escrow accounts 15 years ago Wells Fargo could never figure it out. Every year they either over drew and sent me a check or underdrew and had to increase my payments. Then one year I decided to change home owners insurance and they paid the wrong company, 4 months after I sent all the paperwork in.

ETC by paying it myself I control it like any other bill. For me I pay my HOI lump sum and its like $1,200 a year. I dont need to save up all year for that. Same with property taxes, etc.

BTW escrow has to have a full year reserve at all times and cant exceed something like 18 months at any point. Per Fannie/Freddie standards as I understand it.
 

RatLabGuy

You look like a monkey and smell like one too
Joined
May 18, 2005
Location
Churchville, MD
ETC by paying it myself I control it like any other bill. For me I pay my HOI lump sum and its like $1,200 a year. I dont need to save up all year for that. Same with property taxes, etc.

BTW escrow has to have a full year reserve at all times and cant exceed something like 18 months at any point. Per Fannie/Freddie standards as I understand it.
1. Yeah it occured to me I'm sure my homowners ins co would do a monthly auto pay bill just like my car insurance and pretty much every bill. So 0% effort. Then its just taxes.
2. I was just reading and yes it seems there is both a ceiling and a floor to how much they can hold onto.
Per this site
Mortgage closing: Why does my lender want so much escrow money? | Mortgage Rates, Mortgage News and Strategy : The Mortgage Reports.

"Under federal rules, a lender can collect enough escrow funds to cover your annual bills, plus two monthly payments, plus $50.
In the example above, the lender could have in escrow as much as $5,200 (the expected size of the bills), plus $887 (an amount equal to two monthly escrow payments), and $50. This is a total of $6,137."

I can't wrap my head around how that could work wit hregard to taxes. I thought our county billed semi-annually or anually. If thats the case then how can they buid up enough to pay the bill, and stay above the minimu without going over the max? Guess I need to look at a statement.
 

Ron

Dum Spiro Spero
Moderator
Joined
Apr 16, 2005
Location
Sharon, SC
because HOI and taxes arent due at same time and escrow company will work to make sure they arent.
 

rodney eppes

Well-Known Member
Joined
Feb 3, 2010
Location
Mt.Holly NC 28120
I started my loan app on 8/25, with my mortgage holder, Fifth Third. Was told due to the back log, expect closing mid November. Last email/update, I heard from them was a month ago. This past week, I've sent Two emails to the last person that was "supposedly" handling my loan. No replies! Guess I need to threaten to back out!
 
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