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Is a Mortgage refinance for me?

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Old 11-30-2011, 01:05 PM   #22
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Quote:
Originally Posted by Dead Heretic View Post
Thanks OZ.


Another thing is you probably can get away not coming to closing with any cash because they can raise the loan amount to cover it. You can request that when you apply.
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Originally Posted by Bloodhound View Post
I think tomorrow or Friday I will shop around for a 15yr mortgage... Based upon what I owe vs. the homes value I think I shouldn't have an issue.

As far as paying extra on the mortgage every month, what I have been doing all this time is:

1. rounding up to the nearest hundred dollars, even if it cost me $98.75 a month. Then,

2. adding another $100 dollars on top of that.

When I sat down and crunched numbers when I originally got the loan, I was told to pay ahead at least a $100 a month and the loan duration should drop down to 17.8yrs. or so.


Another on-topic question: For the loan closing cost, should I just pay that out of pocket or finance that into the loan...I would rather cough up 3K in advance and pay this MFer off...
Ya caught me typing the above question. Would they offer a discount for paying it out-of-pocket possibly? Less money they would have tied up in my loan, granted, they get no interest but it frees up bank capital to work with...
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Old 11-30-2011, 01:05 PM   #23
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so much for my brain to take in...



why does this crap gotta be so complicated?
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Old 11-30-2011, 01:12 PM   #24
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Quote:
Originally Posted by Dead Heretic View Post
Steps sound like a great idea. And paying the closing costs is up to you. A few thousand won't make a considerable difference on your payment but off you have the cash to spare do it!

Liquidity is golden in today's chaotic economy. Just keep that in mind when you are wanting to put extra $$ down each month. FWIW, I lost ~$40K in equity on my house because I 1) bought in a bad area and didn't know it, 2) economy and development in my area has been abondended.

Equity is always a gamble, but if you feel secure in your investment, then working to pay it off earlier might not be a bad thing. But for me, I'm not so sure I'll be doing that again.
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Old 11-30-2011, 01:13 PM   #25
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Rates right now are great. My website is: http://bpowell-tdbanklo.mortgagewebcenter.com/

www.tdbank.com/billpowell


Check my site for a comparison of what rates are (I can only lend in the eastern states). You do want to compare what the new payment will be and what the costs are.

Let me know if ever I can assist
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Old 11-30-2011, 01:16 PM   #26
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My question is about the whole lowering your rate without a refi.... is that possible?
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Old 11-30-2011, 01:18 PM   #27
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I have refied twice, once from 6.825% down to 5.5% then last may again to 4.7%. I went with the same company each time and didn't have to worry about paying for an appraisal because I already had a loan with them. (they gave me my last loan). With my last refinance to 4.7%, after I started the process, I checked back within two weeks and was told that the rate hasn't changed if I refinanced then vs. the two weeks prior i did, but the credit increased. After some talk, I still got the additional credit from the refi I already started and ended up paying NO CLOSING COST as a result. I will probably refinance again early next year if I can get another % down, because the rates are going to go back up soon and probaby not be as low as they are. With a 30 yr loan at 5.5% changing to 4.7% I saved $25,000 in interest paying the minimum and brought my mortgage payment within $100 of what I charge for rent. The excel doc shown on page one of this thread is great! you can also check out http://www.dinkytown.net/. I say refinance unless your paying it off this year.
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Old 12-01-2011, 09:20 AM   #28
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Just got off the phone with my personal bank...Right now, a 15yr. fixed rate is at 3.5% APR and with a $1800 closing cost (less if appraisal is not needed).

Does this sound alright?
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Old 12-01-2011, 10:19 AM   #29
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Sounds good to me --- Just for your knowledge ask what the rate and payment would be at a 10 year and 15 year. If the rate is similar go with the longer term so you are not obligated to the higher payment.

I would suggest once they give you the numbers - before signing anything go home and bring up an ammortization schedule and figure out which one will benefit you.

The closing cost you mentioned sound right for the overall loan amount and if you need an appraisal which im sure the lender will want it will probably be another $300 or so.

Good luck with everything and remember its your future and you money so dont let them talk you into anything your dont feel comfortable with and any more questions let us know. If any one of us can help . We will try.
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Old 12-01-2011, 10:29 AM   #30
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Quote:
Originally Posted by Dead Heretic View Post
That rate sounds great, your closing costs seem pretty low, with escrows, admin fees, interest, and title fees it could be a little higher. You more then likely will have to get an appraisal. Ask what their origination charges are. Those are their fees the rest of the fees they and yourself can't control. Also depends on what title company you go with if ypu know what title company you used before check with them because a good portion of the time they will offer discounted closing fees for using them again, the lender will try to have you use their preferred title company because they pass each other business.

This time I'm gonna pay the taxes and insurance myself...right now the account I have pays interest, albeit not much, but I should be able to keep everything payed up myself. I'd rather keep the $360 a month generating interest rather than sitting doing nothing in escrow.
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Old 12-01-2011, 10:39 AM   #31
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Quote:
Originally Posted by TJGARZA84 View Post
Sounds good to me --- Just for your knowledge ask what the rate and payment would be at a 10 year and 15 year. If the rate is similar go with the longer term so you are not obligated to the higher payment.

I would suggest once they give you the numbers - before signing anything go home and bring up an ammortization schedule and figure out which one will benefit you.

The closing cost you mentioned sound right for the overall loan amount and if you need an appraisal which im sure the lender will want it will probably be another $300 or so.

Good luck with everything and remember its your future and you money so dont let them talk you into anything your dont feel comfortable with and any more questions let us know. If any one of us can help . We will try.

I really don't understand the need to re-appraise...I'm paid down nearly half-way and not adding any additional funds to the loan...
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Old 12-01-2011, 10:56 AM   #32
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Hell I've refi'd 4 times on the last 11 years LOL. We went from 8.25% to 6.875% to 5.75% to 4.875%. I bet we've paid $8,000 in loan and closing costs. But overall, if we stay in this house for life (and we will since the payment is so damn low) we'll have saved over $150,000 in interest alone.

As for a reappraisal .. yeah it's just part of the deal. The new bank will want to know what your house is worth. Enter the appraiser.
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Old 12-01-2011, 11:08 AM   #33
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ok not to hijack his thread, but how would owner financing be different?
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Old 12-01-2011, 11:44 AM   #34
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Quote:
Originally Posted by Dead Heretic View Post
with your loan amount then that seems about right then looks like a good deal to me.
Good idea, personally I would rather have it escrowed then deal with paying it myself. With interest rates on savings accounts now you might loose money paying for stamps

Insurance agent is a few blocks away on the way to the grocery store (around 5 blocks) and the County Courthouse is about 3 miles from where I work...either I pay my bills online or hand-deliver to avoid postage fees...of course, I remember when stamps were 19 cents
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Old 12-01-2011, 05:56 PM   #35
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Quote:
Originally Posted by Bloodhound View Post
Just got off the phone with my personal bank...Right now, a 15yr. fixed rate is at 3.5% APR and with a $1800 closing cost (less if appraisal is not needed).

Does this sound alright?
Wow ! I would take that deal any day of the week!!!
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