Calling Homeowners - Time to refinance

[highland145]

Unfortunately I can't refinance as I have two subordinate loans. No one will refinance all and I live in a state that needs 80% LTV, otherwise PMI kicks in (currently I don't have PMI).

Like a 2nd and 3rd heloc?

 

[TheUnk]

Time for me to look into refinancing.. I think I'm at 5.75% with PMI. Been there 6yrs, not 1 late pmt, and still paying PMI. Not fair. Probably at 90% LTV or more =/

 

[Triumph]

Eh, only bought 11 months ago and already have 4 3/8%. Not sure if it's even worth it for me, I've probably only paid off a couple thousand dollars in principle so far...

 

[Apple Of Sodom]

Eh, only bought 11 months ago and already have 4 3/8%. Not sure if it's even worth it for me, I've probably only paid off a couple thousand dollars in principle so far...

Probably not...unless you look at a 15 year loan. The general rule is that 1% is worth refinancing.

 

[CPA]

Like a 2nd and 3rd heloc?

I got a 80/20/0 loan when I first bought my house. The third loan was a pool loan. Both the 20% and the Pool Loan are subordinates of the Primary 80% loan.

 

[Homerboy]

just redid mine at 4.25 for 30years.
BOOYA!

 

[JTsyo]

Locked in my rate at 3.625% for 15 yr. monthly payments go up $500 but I get large savings.
Now I have to hope the loan I co-signed on didn't drop my credit rating below 750.

 

[pcgeek11]

In process now. Going from 6.25% down to 3% 15 year mortgage. Plus save about 40K in interest, plus my payment drops by 15$ a month.

 

[highland145]

In process now. Going from 6.25% down to 3% 15 year mortgage. Plus save about 40K in interest, plus my payment drops by 15$ a month.

Sweet.

 

[trmiv]

I'm either underwater about $8000 to being even depending on what it appraised at, so no can do for me. I'd love to though.

 

[jalaram]

In process now. Going from 6.25% down to 3% 15 year mortgage. Plus save about 40K in interest, plus my payment drops by 15$ a month.

Where is it 3%? Wells Fargo is still at 3.375 for 15 yr fixed.

 

[Eos]

We are likely to leave the area in less than five years. Is a refi still a good option?

Bought in Dec 2006.
6.875%
Principal: $190k

 

[edro]

We are likely to leave the area in less than five years. Is a refi still a good option?
Bought in Dec 2006.
6.875%
Principal: $190k

Hell yes. You can pay back the origination fees in less than 1 year and your payments will probably be lower too.

 

[pcgeek11]

Where is it 3%? Wells Fargo is still at 3.375 for 15 yr fixed.

I got a sweet deal from the Navy Federal Credit Union, Same place that holds my current mortgage.

Fuck a bank!

 

[PingSpike]

Stupid asshole appraiser still hasn't fucking submitted the report. He visited our house 11 days ago. I don't even give a shit what it says at this point, I just want a god damn answer.

 

[Eos]

I suppose I should get to painting the 1x2 furring strips attached to the T1-11 siding on the windward side of the house. Those were not primed like the siding, so nearly five years of wind has begun to peel the THIN layer of exterior paint. sigh...

 

[Apple Of Sodom]

We are likely to leave the area in less than five years. Is a refi still a good option?

Bought in Dec 2006.
6.875%
Principal: $190k

190K, 30 year at 6.875% should give a mortgage payment of: $1248 (plus taxes, insurance)

Rolll closing costs into loan...

196K, 30 year at 4%: $935

Savings per month (not to mention 10 years off the loan): $313

Closing costs would be recouped after fewer than 2 years of payments. This is assuming high closing cost. If I were you I would refinance for 20 years at 3.875% or something close to it. Either way, if you keep your loan at 6.875% then you are just screwing yourself at this point.

 

[SunnyD]

Let's see, I'm locked in at 4.25% for 30 years. This probably won't help much.

 

[HardcoreRobot]

thanks to the earthquake, they closed my work building, home early

just locked at 4.125 (currently at 5.875), and they waived the appraisal (which is awesome bc I was right at the 20% mark + saved 400)

 

[edro]

Is there a good way to get an easy quote on a rental property?
They are normally higher than standard refi rates, but bankrate type websites don't list them.

 

[Eos]

Current mortgage holder is quoting us 4.625% over the phone. They pulled a credit score of 774 from Experian. The mortgage rate at time of original loan was ~6.2%, so today's quote is closer to the current rate of 4.55%. Interesting. .125%. vs. ~.6%.
The credit check was only $11, which seems very reasonable. All fees are rolled into the new loan.
It sounds like the no cost refi is not possible. We're also calling a local mortgage firm for their best offer, as long as people are pinging her credit rating.
One odd thing, the mortgage person thought our home was a multi-family dwelling. It's not, so we need to look into that.

Thanks for the push.

Edit: Went to Experian myself and it threw back 790. Whatevs...

 

[marmasatt]

Is it still true you should not refi if you are going to move in the next year or two? We are at 5.06% on a 30 yr (just refi'd from 6% to this 3 yrs ago). We have $160,000 on the mortgage and $17K out of $25K home equity. So basically $177K? So we are now 27 yrs in again and I'm not sure we could necessarily afford payments going to a 20 year... A hundred hundred or two, probably. More than that, absolutely not. We are basically living hand to mouth w/ 4 kids. My wife wants to move, but she's been saying that for 5 years....so it's always like "we shouldn't be doing this, because we might be moving"....Should I be looking at this?

 

[edro]

Is it still true you should not refi if you are going to move in the next year or two? We are at 5.06% on a 30 yr (just refi'd from 6% to this 3 yrs ago). We have $160,000 on the mortgage and $17K out of $25K home equity. So basically $177K? So we are now 27 yrs in again and I'm not sure we could necessarily afford payments going to a 20 year... A hundred hundred or two, probably. More than that, absolutely not. We are basically living hand to mouth w/ 4 kids. My wife wants to move, but she's been saying that for 5 years....so it's always like "we shouldn't be doing this, because we might be moving"....Should I be looking at this?

Going from 5% to 4.x% probably won't payback for at least 2 years.

 

[SandEagle]

Current mortgage holder is quoting us 4.625% over the phone. They pulled a credit score of 774 from Experian. The mortgage rate at time of original loan was ~6.2%, so today's quote is closer to the current rate of 4.55%. Interesting. .125%. vs. ~.6%.
The credit check was only $11, which seems very reasonable. All fees are rolled into the new loan.
It sounds like the no cost refi is not possible. We're also calling a local mortgage firm for their best offer, as long as people are pinging her credit rating.
One odd thing, the mortgage person thought our home was a multi-family dwelling. It's not, so we need to look into that.

Thanks for the push.

Edit: Went to Experian myself and it threw back 790. Whatevs...

with that score you should be able to secure the lowest rate possible. did you shop around? i refi'd last year from a 30y @ 6% to a 15y @ 3.8% fixed. was 5 yrs in already. my score at the tile was mid 600s. i threatened to foreclose if they didn't help. got charged 2500 closing costs, which took 6 mos to break even. still, nice to see principal go down so quickly.

 

[TheUnk]

with that score you should be able to secure the lowest rate possible. did you shop around? i refi'd last year from a 30y @ 6% to a 15y @ 3.8% fixed. was 5 yrs in already. my score at the tile was mid 600s. i threatened to foreclose if they didn't help. got charged 2500 closing costs, which took 6 mos to break even. still, nice to see principal go down so quickly.

Sounds very similar to what I'm getting. Going from a 30yr@5.75% to 15yr@3.8%. Payments only go up about $125. I was 7yrs in. I was also quoted around $2500 for closing costs.

They charged me $300 for the application fee and credit check, which seemed kinda high to me.. But whatever, knocking off 8yrs and saving almost 100k in interest over the life for only $125 more a month is pretty awesome.