Refinance

Mine had about $2000 in fees, and a $2500 credit, so that covered the fees plus put $500 towards the principal. I could have gotten a lower rate by paying closing costs or even buying points (interest rate discount points, basically prepaying a certain amount of the interest).
 
^^^What he said...@Ron tells me I'm a sucker for settling where I did, and that I need to kill my escrow account. I may be a sucker, but I lowered my interest to 2.75%, lowered my mortgage payment by $450/month (I know, stretching principal), didn't cost me a dime and I'm actually getting a $2,661 check scheduled to be overnighted on Wednesday. To me though, it's like going to the car dealership and knowing what you're willing to pay, the salesman tells you they can do even better...in those situations, I generally shut my mouth and don't get greedy splitting hairs.
 
My paperwork came in. Have not received a closing date yet. Paralegal got the covid... So house appraised for 119,00 with a 132,500 and low of 106,300. I'm financing 67,000 2.92% $1343.00 closing cost. Cash out to me is $25,062.00 That will pay off the office building I own. New payment will be $460 which is $200 less then my current payment and will free up a $650 rent check. Plan is to make double payments each month. I'm happy. I do want to thank those that encourage this. I told the wife she should look at it. She is refinancing her place in Camden and cutting her current mortgage by 5 years. She still owes 20 on hers.... So thanks to all you that are smarter than me and are willing to help.
 
Finally got all my paperwork done. If I had turned everything in when I first started I would close next month, but I drug my feet and now we're set to close first week of Feb. Cost me $500ish for the appraisal and like $1600 at closing. I don't think that's too bad. 2.5% for 30yr. Drops my monthly minimum about 350.
 
Got my date. Close on the January 5th. Started Nov. 20th. Kind of surprised they have it all done already....
 
Just hung up with them. They are ready to close this Saturday!
We did reschedule until next week however. Pretty insane it happened so quickly
 
DSM Turbos said:
What the heck, how did yours close so quick?? That Jody skill.
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Ain't lying.
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ghost said:
Got my date. Close on the January 5th. Started Nov. 20th. Kind of surprised they have it all done already....
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Jody Treadway said:
Just hung up with them. They are ready to close this Saturday!
We did reschedule until next week however. Pretty insane it happened so quickly
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I started mine Nov 13th.
Closed last week, Dec 23rd.

And it actually was supposed to be the 17th - which would have been 34 days total - but there was bad communication between the lender and title company, and they didn't have the docs in the hands of the agent i ntime for the apt.
She was overbooked and couldn't get to us until 5 days later.

I don't know what the difference is. We used Better.com, they claim that they are really fast b/c everything is online and it's set up so that as new docs/info are needed, you submit it. Any delays would have been my fault. It probably helps that all of our background stuff was really easy to verify, and we were exempt from needing an appraisal.

If anybody cares, in the end we did 2.5% for 30 on a remaining amt of $229k (houses are expensive here!), w/ 0.85% orig (pts). Paid something like $2900 total before escrow costs. Nothing added/wrapped into the loan.
 
Being that Fifth Third has already taken over 3 months of my time, now the request I update my paperwork. Financial statements, & such. Some items, the latest statement, other back 2-3 months. And my latest IRS Tax return. Since I do taxes once a year, I think we covered that, 3 months back! :flipoff:
 
I consulted my Financial Advisor this morning. After reviewing the results, I'd only save around $4000, over 15 years, versus my 30 year loan. Payment would be higher, & I don't like the closing cost. I sent an e mail to the lender advising them I'm dropping this proposed loan. Return mail advising the loan officer was on a week vacation. So I forwarded it to the Manager. Return mail from his office, "will be back next Tuesday".
But yet they kept telling me for 4 months they were So busy & Behind!:mad:
 
We close on Thursday.
Saving $470 a month, literally zero closing costs (we covered that aspect earlier) and even with us keeping our early payoff schedule- gonna save us a ton of moolah.
This will certainly speed up my shop build in 2021 (as soon as the building materials market comes out of orbit)
 
Well, after approx. 140 days since starting this process and submitting my initial paperwork, we FINALLY got a close date scheduled for Tuesday, Jan. 12th.

Not getting too excited yet as I've been woefully underwhelmed by the responsiveness and communication throughout the process.
 
Ron said:
I'm closing Friday. Started the new process on 12/1.
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I have actually since inquired with Better per above posts and then all of a sudden things finally started to speed up. 🤷‍♂️
 
Signed papers today... finally. Thank goodness! 2.5% & ~$1,400 net closing costs, no points. Attorney said it was the lowest rate she's seen on a 30. I'm happy with it & glad the process is over
 
Rambling observation...So my credit reporting thing I use through Experian has been going off constantly with alerts for a couple days now. Up 3 points, down 9 points, up 5 points, down 7 points, etc etc...so I'm down a net of 15 points on my credit score. Not a big deal, new line of credit, credit checks, etc...I understand those things usually negatively impact scores. My new loan 'hit' these reports on the 15th, which is when these alerts first started happening. I assumed someone was trying to steal my identity or something, but the only activity is the new mortgage. Usually, I only get pinged quarterly...congrats, your credit score improved. I guess a bank checking to see if I was a worthy candidate to loan money to, I would have expected a more linear credit impact calculation...bank checked your credit, that'll cost 15 points.
 
UTfball68 said:
Rambling observation...So my credit reporting thing I use through Experian has been going off constantly with alerts for a couple days now. Up 3 points, down 9 points, up 5 points, down 7 points, etc etc...so I'm down a net of 15 points on my credit score. Not a big deal, new line of credit, credit checks, etc...I understand those things usually negatively impact scores. My new loan 'hit' these reports on the 15th, which is when these alerts first started happening. I assumed someone was trying to steal my identity or something, but the only activity is the new mortgage. Usually, I only get pinged quarterly...congrats, your credit score improved. I guess a bank checking to see if I was a worthy candidate to loan money to, I would have expected a more linear credit impact calculation...bank checked your credit, that'll cost 15 points.
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same thing here. The refi cost me 13 points on my credit score.
 
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