Refinance

rcalexander105 said:
A lot of these assume he pays the "minimum" payment. @ghost said his main objective was to not extent the 7 years to pay it off. If he refi's and continues to make the same payment he currently makes...that 7 years more than likely goes down significantly irrespective of the extended "term" by jumping back in another 15/20/30yr mortgage.
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that was exactly the point of my post where I showed the math.
Ghost would *only* come out ahead if he pays extra. And even then the amount saved is not massive, depending heavily on closing costs.
 
Alright. Just committed to lock in at 3.125 / 30 yrs, no closing etc costs not even appraisal, same monthly payment, 30K cashout, yeehaw! Rates have snuck up slightly, my LTV close to 80% so not the absolute best rate but does what I need to do. This is thru Dan, and one thing that's nice is their rate lock - even if it goes longer than 75 days to closing, which is likely, they pay to keep the rate. If it were to drop then they can try to renegotiate but might not get the then current lowest. Not a big risk in current environment with what looks to be the new group of people with their hands in my pockets...

So, one more thanks to @Ron !
 
I emailed Dan because we are closing in on 90 days since all our paper work was submitted. He said I'm looking at end of December to close.

They must be doing a huge amount of refinancing, I guess @Ron told alot of people!

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UTfball68 said:
Just got off the phone with my mortgage broker...can get me to 2.75% with a point on a 30yr fixed. The point plus closing, looks like break even is 27 months.
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Got a text shortly after this post for a different mortgage broker...got me an 1/8 better...no points, no closing costs (lender credits). Will require a $525 appraisal though, due to the valuation being about $50k more than what I paid 4 years ago.
 
jeepinmatt said:
BTW, I'm still not done with the refinance yet. Took forever to get the appraisal, then they had difficulty finding comps, and everything is just generally slow as crap. On the plus side, the lender credit went from $1200 to $2500 as things drug out, so it is actually costing me even less. I'm not sure if its going to be free, but its gonna be pretty close.
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Finally closed on ours on Election Tuesday. Started the process the first week of August. 3 months. But its done. Saving $230/month over the 3.25% rate i had just refinanced to in February 2020.
 
jeepinmatt said:
Finally closed on ours on Election Tuesday. Started the process the first week of August. 3 months. But its done. Saving $230/month over the 3.25% rate i had just refinanced to in February 2020.
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Did you go thru someone local? We are still sitting on 5.5% from when I bought the house and just have never got around to doing a refi. Yeah I know I've been giving a lot of $ away.
 
I called Friday to get some more numbers. Banker was off until Monday. So I have two mortgages. One on the office which has 4 years left and about $23K and the house which has 6 years left @ $41K. I asked about refinancing my house @ $65K and paying the office off. Would extend the mortgage to 15 year vs 6 but would cut my payment to $405/month vs my current $650. I would then have the $650 rent income and no payment. Which I could put towards the new mortgage. How do I figure double payment on the new one. I'm thinking I'd take $400 from the rent every month and pay the new mortgage. My other option is just refinance the house for 10 year. Which I don't know the interest rate on or the payment. That is what I was after yesterday when I called.
 
My problem with refi so far has been the lack of comps. Not a real issue, but a bit of a stumbling block. Apparently a stick built house on acreage is not normal anymore. West 10 miles, stick built on 1/3 acre. Here and east it's a double wide in mom and dad's backyard :lol:
 
DSM Turbos said:
All depends though. I got the appraisal waived.
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obullfish said:
No appraisal required for mine as well.
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I'm working on our 80s POS house. Replacing some water damage in the eaves/facia before w get a new roof.The house needs to be washed and painted too. Would we get a better rate with it spruced up with or without an appraisal?
 
mommucked said:
Do we have to have an appraisal before we refi?
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Applied to waive mine...but due to such a significant increase to valuation, in an attempt to better my rate, the waiver was declined. I’m really not that worried about it, I’ll recoup that cost in 5 weeks.
 
UTfball68 said:
Applied to waive mine...but due to such a significant increase to valuation, in an attempt to better my rate, the waiver was declined. I’m really not that worried about it, I’ll recoup that cost in 5 weeks.
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So you're saying the condition of the house has nothing to do w the new rate, only the assessed tax value?
 
mommucked said:
So you're saying the condition of the house has nothing to do w the new rate, only the assessed tax value?
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No...I’m saying when this particular broker did some due diligence he saw the house directly behind mine just sold for $140sq/ft, and at that rate puts my house at about $54k more than what I paid 3.5 years ago. I felt that was a bit excessive, but the broker felt showing a larger spread between loan amount and property value would help my rate. In doing so, it triggered the lender to question the property value accuracy, and decline the waiver. At least that’s how I understand it.
 
UTfball68 said:
No...I’m saying when this particular broker did some due diligence he saw the house directly behind mine just sold for $140sq/ft, and at that rate puts my house at about $54k more than what I paid 3.5 years ago. I felt that was a bit excessive, but the broker felt showing a larger spread between loan amount and property value would help my rate. In doing so, it triggered the lender to question the property value accuracy, and decline the waiver. At least that’s how I understand it.
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Whereas if there had been appraisal at that value, no issue. Risk/reward... I'm suffering similar, not with the broker, just in general that my house needs a little TLC. If an appraisal hits at least as high as the one 1.5 yrs ago, I'm good. That was a rainy day, so I'm positive some things got overlooked. I want to fix some things, but new roof, new driveway, new retaining wall, new paint, new windows/front door, etc. ain't gonna happen for this house-poor guy. That's where the cash-out comes in. The irony...
 
jeepinmatt said:
No, went through these guys:
Today's Mortgage Rates
@UTfball68 did you get a quote from them?
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Yup...that's who I decided to move forward with:

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No out of pocket and 2.75% fixed...assuming the appraisal does what we need it to. It'll drop my monthly about $400.
 
/dev/yj said:
Whereas if there had been appraisal at that value, no issue. Risk/reward... I'm suffering similar, not with the broker, just in general that my house needs a little TLC. If an appraisal hits at least as high as the one 1.5 yrs ago, I'm good. That was a rainy day, so I'm positive some things got overlooked. I want to fix some things, but new roof, new driveway, new retaining wall, new paint, new windows/front door, etc. ain't gonna happen for this house-poor guy. That's where the cash-out comes in. The irony...
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Correct...woulda probably been a 2.875-3% rate with a sub-$15k increase in valuation...or so I'm told. For $525, figured it was worth it...especially considering what houses in my neighborhood have been selling for.
 
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