Refinance

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.
 
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.
 
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.
 
Ron said:
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.
Click to expand...

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.
 
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.
 
/dev/yj said:
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.
Click to expand...
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
 
/dev/yj said:
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.
Click to expand...
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.

Sent from my SM-G981V using Tapatalk
 
Ron said:
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
Click to expand...
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.

Sent from my SM-G981V using Tapatalk
 
Ron said:
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
Click to expand...
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. 😎
 
/dev/yj said:
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. 😎
Click to expand...

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
 
UTfball68 said:
Turns out my mortgage was ‘sold’ before I even made my first new payment. No biggie, just noting that it happened.
Click to expand...
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).
 
They pretty much all get sold to Fannie and Freddie.
 
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.....
 
Last edited:
Ron said:
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
Click to expand...
rabb11d said:
Dan wasn't bad to deal with and I would honestly use him again if they weren't busy.
Click to expand...
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.
 
obullfish said:
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.
Click to expand...

Mine fluctuates within a 20 point range month to month. Who knows why.
 
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.
 
Atla said:
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.
Click to expand...
Dang, sounds like rates are still falling slightly. Great rate on a 30yr!
 
Decided to refi after a bunch of thought. Going from a 3.75% 30 yr that I'm 8 years into to a 2.625% 15 yr. Monthly payment going up just $100 and it'll be paid off 7 yrs sooner!

Going through amerisave and it sounds like it'll be a really fast deal.

$500 out of pocket application fee/appraisal cost/whatever that he says I'll get back at closing.
 
grapehead said:
Decided to refi after a bunch of thought. Going from a 3.75% 30 yr that I'm 8 years into to a 2.625% 15 yr. Monthly payment going up just $100 and it'll be paid off 7 yrs sooner!

Going through amerisave and it sounds like it'll be a really fast deal.

$500 out of pocket application fee/appraisal cost/whatever that he says I'll get back at closing.
Click to expand...
Congrats!

Glad to see ppl are still taking advantage of the rates right now.

I haven't looked in a while - anybody know where rates are on a 30yr?
 
I always seem to be behind the curve for everything, but we close on our refinance next Tuesday. Going from 6% 30 yr that we're 8 years into to a 2.75% 10 year. Payment went up 200 bucks, but it'll be paid off in at most 10 years. We're pretty happy with how everything turned out. Excited to save some money and have an end in sight!
 
NCJeeplover said:
I always seem to be behind the curve for everything, but we close on our refinance next Tuesday. Going from 6% 30 yr that we're 8 years into to a 2.75% 10 year. Payment went up 200 bucks, but it'll be paid off in at most 10 years. We're pretty happy with how everything turned out. Excited to save some money and have an end in sight!
Click to expand...

Man that’s a huge drop! Good for you.
 
NCJeeplover said:
I always seem to be behind the curve for everything, but we close on our refinance next Tuesday. Going from 6% 30 yr that we're 8 years into to a 2.75% 10 year. Payment went up 200 bucks, but it'll be paid off in at most 10 years. We're pretty happy with how everything turned out. Excited to save some money and have an end in sight!
Click to expand...
77GreenMachine said:
Man that’s a huge drop! Good for you.
Click to expand...
We were just talking about this the other night and wondering what rates were at these days. Good for you, buddy! That's a huge savings!

Anybody else going through the process now?
 
Back
Top