Refinance

Ron

Dum Spiro Spero
Moderator
Joined
Apr 16, 2005
Location
Sharon, SC
When you refi you pay off an existing loan and start a new one.
A major component of all 3 bureaus is average age of all your credit accounts.
So closing an account that was greater than brand new days old and opening a new account that is brand new day old will LOWER your average age of account.
Also the inquiries will lower slightly.
 

ghost

Well-Known Member
Joined
May 25, 2006
Location
Hartsville/Camden,SC
Mailed my check Tuesday to PNC to pay off the other mortgage. They received it Wednesday. Any one have any idea how long it takes to show up? Check was from my Credit Union.
 

obullfish

Carolina Trail Blazers
Joined
Nov 21, 2011
Location
Candler N.C.
With our refi my credit score dropped 8 points when the dust settled. Went up a few down a few multiple times in a 20-30 day period now it’s stabilized for the last couple weeks.
 

UTfball68

Well-Known Member
Joined
Jul 18, 2008
Location
Granite Quarry
When you refi you pay off an existing loan and start a new one.
A major component of all 3 bureaus is average age of all your credit accounts.
So closing an account that was greater than brand new days old and opening a new account that is brand new day old will LOWER your average age of account.
Also the inquiries will lower slightly.

Understood...but that seems like a rather simple weighted average calculation, that wouldn't/shouldn't result in multiple changes per day...unless the further from zero you get the more the calculation smooths out. But even then, I'd figure I'd be a higher risk of defaulting the further from zero I got.
 

/dev/yj

Ralph Graw
Joined
May 19, 2005
Location
Raleigh, NC
He offer that up or you have to press on how long it was taking? I've only been in line since Nov but I really need the cashout to pay off debts from med bills, get into a vehicle that runs, etc. All I got was a statement that they'd look to bump me up in the line, but that's not as tangible as cash.
 

Ron

Dum Spiro Spero
Moderator
Joined
Apr 16, 2005
Location
Sharon, SC
He offer that up or you have to press on how long it was taking? I've only been in line since Nov but I really need the cashout to pay off debts from med bills, get into a vehicle that runs, etc. All I got was a statement that they'd look to bump me up in the line, but that's not as tangible as cash.
Ralph...I feel bad because I recommend Dan to you guys. Dan's a good dude, but his company is failing him.
I'd strongly recommend spenind 15 minutes checking with rattys better recommendation.
They will close in 3 weeks
 

rabb11d

Well-Known Member
Joined
Nov 14, 2009
Location
Statesville,NC
He offer that up or you have to press on how long it was taking? I've only been in line since Nov but I really need the cashout to pay off debts from med bills, get into a vehicle that runs, etc. All I got was a statement that they'd look to bump me up in the line, but that's not as tangible as cash.
I asked what they could do since it took so long. Thats all he could offer. It hasn't been a huge deal since we aren't doing cash out.

If I were you I would tell him he has 4 weeks or your going somewhere else.

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rabb11d

Well-Known Member
Joined
Nov 14, 2009
Location
Statesville,NC
Ralph...I feel bad because I recommend Dan to you guys. Dan's a good dude, but his company is failing him.
I'd strongly recommend spenind 15 minutes checking with rattys better recommendation.
They will close in 3 weeks
No worries. He has been a good guy to deal with. It was much preferred to talk to someone and not get hassled like some of these web deals.

The wait just stunk.

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/dev/yj

Ralph Graw
Joined
May 19, 2005
Location
Raleigh, NC
Ralph...I feel bad because I recommend Dan to you guys. Dan's a good dude, but his company is failing him.
I'd strongly recommend spenind 15 minutes checking with rattys better recommendation.
They will close in 3 weeks
Dan has been great, and I do sense that he's being held back by the bank, but starting over seems like another wait too. I got a great appraisal, like no way it will ever sell for that, so going thru that again is nerve racking. And I deliberately delayed it to fix some things up, so that's on me. You did good. Maybe I'll hint at looking around. Hope the guy doesn't have a stroke - shit, he and his family made it thru having COVID! My financial woes are fairly constant, so I'll be fine. 😎
 

Tim88XJ

Well-Known Member
Joined
Mar 20, 2005
Location
Raleigh NC
Dan has been great, and I do sense that he's being held back by the bank, but starting over seems like another wait too. I got a great appraisal, like no way it will ever sell for that, so going thru that again is nerve racking. And I deliberately delayed it to fix some things up, so that's on me. You did good. Maybe I'll hint at looking around. Hope the guy doesn't have a stroke - shit, he and his family made it thru having COVID! My financial woes are fairly constant, so I'll be fine. 😎

Assuming all your ducks are in a row (All your documents required are ready to go), and there aren't any crazy circumstances that make your situation incredibly unique there is absolutely no reason you shouldn't be able to complete the process in 3-4weeks
 

RatLabGuy

You look like a monkey and smell like one too
Joined
May 18, 2005
Location
Churchville, MD
Turns out my mortgage was ‘sold’ before I even made my first new payment. No biggie, just noting that it happened.
pretty much al;ways happens. Mine was too, but not effective until mid this month.

What really cheeses me off about that is the lack of any control by the homeowner on who it goes to. I understand that my mortgage is just a "product" that can be traded... but I was traded to a company who aparently has a very bad record of terrible customer service, not fixing problems they cretate, screwing up escrow, etc etc. I'm hoping my experience is not what gets complained about.
It just seems very unfair for a person to be able to be put in a situation like that with no voice in the matter (besides an expensive re-fi again, where you're just rolling the dice on who the eventual servicer will be).
 

jeepinmatt

At least half the people are dumber than the rest
Joined
Mar 24, 2005
Location
Stanley, NC
They pretty much all get sold to Fannie and Freddie.
 

ghost

Well-Known Member
Joined
May 25, 2006
Location
Hartsville/Camden,SC
So office/shop is paid for. All done. Wife's got tied up with her loan officer having surgery. So now they have to start hers over.....
 
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rcalexander105

JV Wheeler
Joined
Nov 3, 2017
Location
High Point
Ralph...I feel bad because I recommend Dan to you guys. Dan's a good dude, but his company is failing him.
I'd strongly recommend spenind 15 minutes checking with rattys better recommendation.
They will close in 3 weeks
Dan wasn't bad to deal with and I would honestly use him again if they weren't busy.
Not your fault at all @Ron. I'd echo @rabb11d, Dan was good to deal with, his hands are just tied. I got a great rate and $600 credit at closing. The process sucked, but I'm happy with where I ended up.
 

shawn

running dog lackey of the oppressor class
Administrator
Joined
Mar 13, 2005
Location
Raleigh, NC
With our refi my credit score dropped 8 points when the dust settled. Went up a few down a few multiple times in a 20-30 day period now it’s stabilized for the last couple weeks.

Mine fluctuates within a 20 point range month to month. Who knows why.
 

/dev/yj

Ralph Graw
Joined
May 19, 2005
Location
Raleigh, NC
Mine fluctuates within a 20 point range month to month. Who knows why.
Not quite that much, but mine does too. It will fluctuate with the balance on my day-to-day credit card, even tho I pay it off every month. I need to turn off the alerts at Experian!
 

Atla

Pew Pew! Vroom Vroom!
Joined
Nov 23, 2010
Location
NC
Just started the refinance papers last week. Going from 3.625% to 2.490%.

It will lower our payments by roughly $200 a month AND save me $65,132 in interest over the course of the loan. (30 year) If I pay the same amount I'm paying now, I'll save $92,267 in interest and pay off 6 years early.

I'm glad I put it off until now.
 

rcalexander105

JV Wheeler
Joined
Nov 3, 2017
Location
High Point
Just started the refinance papers last week. Going from 3.625% to 2.490%.

It will lower our payments by roughly $200 a month AND save me $65,132 in interest over the course of the loan. (30 year) If I pay the same amount I'm paying now, I'll save $92,267 in interest and pay off 6 years early.

I'm glad I put it off until now.
Dang, sounds like rates are still falling slightly. Great rate on a 30yr!
 
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