Refinance

rodney eppes said:
Started my refi, with Fifth Third Bank, last Tuesday, since they hold my 30 year. Getting a 15 year at 2.625%. The old 30 is at 3.75%. Rolling in closing cost which is not finalized yet. Somewhere between 2K & 3K, which I should save in interest in 4-5 years. Also beat the Sept.1 deadline of the new $1400 Fee, that Freddie/Fannie, are tacking on! Closing in app. 45 days. So far I've spent about 6 hours doing the paperwork by computer & e mails. I had no work / forms, or anything come in Friday, so for now they must have enough information & E signed documents. Damn, I'd forgotten what a shitload of work it is!:mad:
Click to expand...
Sorry I didn't call you back about this the other day. I seem to always remember stuff like this when its not possible to call.
 
rodney eppes said:
Started my refi, with Fifth Third Bank, last Tuesday, since they hold my 30 year. Getting a 15 year at 2.625%. The old 30 is at 3.75%. Rolling in closing cost which is not finalized yet. Somewhere between 2K & 3K, which I should save in interest in 4-5 years. Also beat the Sept.1 deadline of the new $1400 Fee, that Freddie/Fannie, are tacking on! Closing in app. 45 days. So far I've spent about 6 hours doing the paperwork by computer & e mails. I had no work / forms, or anything come in Friday, so for now they must have enough information & E signed documents. Damn, I'd forgotten what a shitload of work it is!:mad:
Click to expand...
FYI the new fee was pushed back to December last week.
Also FYI you always get a better rate going to a different bank there is no incentive for your current mortgage holder to give you best rate
 
Ron said:
FYI the new fee was pushed back to December last week.
Also FYI you always get a better rate going to a different bank there is no incentive for your current mortgage holder to give you best rate
Click to expand...
I was just trying to beat a deadline, & figured "in-house" would be just as easy, & Maybe they'd like to keep my business. My Personal banker wasn't aware of the new Fee, but he's not a mortgage broker. The broker I spoke with Did know the new Fee, & mentioned nothing about the date being changed. I had figured I had All the time I wanted, to refi, Until that new fee came up! Then when my Bank, Didn't call me for 2 days, I called them. I'll never know the difference in a .25 or so % difference. Thanks anyway.
 
Recieved notification last night that underwriting has approved everything, so at this point, it looks like it might actually come to fruition. @DSM Turbos I believe we were dealing with the same bank around the same time. How's your's coming along? It took over a month for mine to get through underwriting.
 
jeepinmatt said:
Recieved notification last night that underwriting has approved everything, so at this point, it looks like it might actually come to fruition. @DSM Turbos I believe we were dealing with the same bank around the same time. How's your's coming along? It took over a month for mine to get through underwriting.
Click to expand...

I got the new disclosure last night, so that must mean mine is about to close, I know they were working on getting it closed this month.
 
jeepinmatt said:
Recieved notification last night that underwriting has approved everything, so at this point, it looks like it might actually come to fruition. @DSM Turbos I believe we were dealing with the same bank around the same time. How's your's coming along? It took over a month for mine to get through underwriting.
Click to expand...

Update - they are trying to do mine monday for closing.
 
Mine stated out with a Manager, & turned over to an assistant. A few days ago, I was emailed it still in Process, & being handled by Another assistant. My closing was app. 45 days, so probably be another couple weeks, before I get confirmation.
 
DSM Turbos said:
Holy hell.... thats insane.
Click to expand...
That’s what I thought, Mortgage guy said we had ruffly 500 applicants that were 1-10 days ahead of use that they were waiting on documents from the borrower. He said to get me every within 48 hours and you will be closer to the front of the line and get to underwriting before all the other borrowers. Had all required documents within 24 hours and we are moving right along.
 
obullfish said:
About a week into a 30 year fixed refi at 2.375%. Now the waiting game starts. They estimated closing at the start to be 54 days.
Click to expand...
How in teh world did you get such a rate?
They seem to have been slightly increasing, I unfortunately didn't jump on the 2.5% / 30 i had previously, now its back up to 2.65 w/ higher points cost.
 
Bumping back up. I locked in with Dan back at the end of August at 2.625% for a 30yr and closing costs rolled in. Still haven't closed and I'm still in the "pre-processing" stage. He told me upfront they were moving slow but good lawd! Dan has been great to work with, certainly give him that and this is out of his hands.

For those in the know, I'm guessing it's probably not worth me looking around anymore at this point if I can get something lower w/ shorter time to close...?? I'm thinking I'm probably still another 30 days out to close. Again, he let me know of this but I was hoping he was giving me worst case and I'd be closed by now but I'm still sitting on somebody's desk somewhere.
 
I'm in the same spot only Im doing 2.375 and 15.
Would have been 2.25 but we are closing a HELOC at the same time so it classifies as a cash out refi
 
rcalexander105 said:
Bumping back up. I locked in with Dan back at the end of August at 2.625% for a 30yr and closing costs rolled in. Still haven't closed and I'm still in the "pre-processing" stage. He told me upfront they were moving slow but good lawd! Dan has been great to work with, certainly give him that and this is out of his hands.

For those in the know, I'm guessing it's probably not worth me looking around anymore at this point if I can get something lower w/ shorter time to close...?? I'm thinking I'm probably still another 30 days out to close. Again, he let me know of this but I was hoping he was giving me worst case and I'd be closed by now but I'm still sitting on somebody's desk somewhere.
Click to expand...
Locked in with Dan around August 17th. Same experience, great guy. However they are structured its very slow. A guy I work with signed after me for good rate and closed in about 3 weeks with someone else.

Sent from my SM-G981V using Tapatalk
 
I've been talking w/ a rep from Better.com. They claim the average right now is 32 days. Supposedly since they are an online-only outfit and a primary lender, it goes quick. I don't understand how that's related.
 
So I'm not a numbers guy and hate loans but I have learned recently that my house is at 4.75% and have it half paid off. In 7 years it's done. Last thing I want is to extend that date.... however. If the current mortgage rate's are 2.xx% it seems crazy not to look at it. Any suggestions or help you want to give a dumb ole redkneck from SC?
 
ghost said:
So I'm not a numbers guy and hate loans but I have learned recently that my house is at 4.75% and have it half paid off. In 7 years it's done. Last thing I want is to extend that date.... however. If the current mortgage rate's are 2.xx% it seems crazy not to look at it. Any suggestions or help you want to give a dumb ole redkneck from SC?
Click to expand...
You NEED to refinance if you're at 4.75% brotha!!! There's a lot that goes into your rate (credit score, loan-to-value, etc., etc., etc.) but you're definitely high for what the market rates are currently.

In layman's terms, if you keep paying your same monthly payment you are right now, a lesser amount will be going to interest (you simply giving the bank $ for the privilege of them lending you $) and more will go to your principal (the actual amount you owe on your home until you own it outright). If you kept your same payment, you'll likely pay it off in less than 5 years (ballpark...without me doing all the math).

@Ron has some good contacts he can probably turn you on to.
 
Ron said:
I'm in the same spot only Im doing 2.375 and 15.
Would have been 2.25 but we are closing a HELOC at the same time so it classifies as a cash out refi
Click to expand...

I'm looking at 3.125, 30 yrs, with a sizable cash out, roughly 76% LTV and decent credit. No points, loan orig fees, etc. Just the cost of the appraisal. Aside from not feeling great about that rate (seems like it ought to be lower) but I'm not up on how the various factors affect it, I also can't get my mortgage person to call me back... :-/

What your thoughts on Dan and his options?
 
rcalexander105 said:
You NEED to refinance if you're at 4.75% brotha!!! There's a lot that goes into your rate (credit score, loan-to-value, etc., etc., etc.) but you're definitely high for what the market rates are currently.

In layman's terms, if you keep paying your same monthly payment you are right now, a lesser amount will be going to interest (you simply giving the bank $ for the privilege of them lending you $) and more will go to your principal (the actual amount you owe on your home until you own it outright). If you kept your same payment, you'll likely pay it off in less than 5 years (ballpark...without me doing all the math).

@Ron has some good contacts he can probably turn you on to.
Click to expand...
I called my bank that has it now. They said 2.92% right now. I only owe $40K on the house. I filled in some info on Quicken loans and the phone rang the second I finished trying to get a rate idea. Damn lady irritated me too. I got some thinking to do. I was really looking forward to paying that off in 6 years.....
 
ghost said:
So I'm not a numbers guy and hate loans but I have learned recently that my house is at 4.75% and have it half paid off. In 7 years it's done. Last thing I want is to extend that date.... however. If the current mortgage rate's are 2.xx% it seems crazy not to look at it. Any suggestions or help you want to give a dumb ole redkneck from SC?
Click to expand...
Dude, get a 15 year loan. Right now I can get one at 2.25%. Even if its 2.75 you're miles ahead.
If you really don't want to extend the end maturation date, then do some mat hand figure out how much extra you have to pay on it monthly to do it in half the time. It will still be much less than you pay now.
Or, if yo uwant to make more $$ in the long run, keep the low payments of the 15 year note and use the extra $$ in your pocket to put into the market, which will get a much higher rate of return.
 
Back
Top