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Is a Mortgage refinance for me?

Discussion in 'Stocks & Investments' started by Bloodhound, Nov 30, 2011.

  1. Nov 30, 2011 at 1:03 PM
    #21
    sofiasdad11

    sofiasdad11 Reads more than posts

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    that's what we did. we purchased when prices were just beginning to peak and had a little one on the way and wanted to keep monthly payments low;)
     
  2. Nov 30, 2011 at 1:05 PM
    #22
    Bloodhound

    Bloodhound [OP] Space For Rent

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    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...
     
  3. Nov 30, 2011 at 1:05 PM
    #23
    NicNac22

    NicNac22 D.I.L.L.I.G.A.F

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    so much for my brain to take in...



    why does this crap gotta be so complicated?
     
  4. Nov 30, 2011 at 1:12 PM
    #24
    CrackerJackMack

    CrackerJackMack First class awesome

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    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.
     
  5. Nov 30, 2011 at 1:13 PM
    #25
    wmdpowell

    wmdpowell Well-Known Member

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  6. Nov 30, 2011 at 1:16 PM
    #26
    chadderkdawg

    chadderkdawg Don't ask questions you don't want the answer to..

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    My question is about the whole lowering your rate without a refi.... is that possible?
     
  7. Nov 30, 2011 at 1:18 PM
    #27
    elytravis

    elytravis Well-Known Member

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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.
     
  8. Dec 1, 2011 at 9:20 AM
    #28
    Bloodhound

    Bloodhound [OP] Space For Rent

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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?
     
  9. Dec 1, 2011 at 10:19 AM
    #29
    TJGARZA84

    TJGARZA84 Well-Known Member

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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.
     
  10. Dec 1, 2011 at 10:29 AM
    #30
    Bloodhound

    Bloodhound [OP] Space For Rent

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    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.
     
  11. Dec 1, 2011 at 10:39 AM
    #31
    Bloodhound

    Bloodhound [OP] Space For Rent

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    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...
     
  12. Dec 1, 2011 at 10:56 AM
    #32
    MountainEarth

    MountainEarth Well-Known Member

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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.
     
  13. Dec 1, 2011 at 11:08 AM
    #33
    NicNac22

    NicNac22 D.I.L.L.I.G.A.F

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    ok not to hijack his thread, but how would owner financing be different?
     
  14. Dec 1, 2011 at 11:44 AM
    #34
    Bloodhound

    Bloodhound [OP] Space For Rent

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    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:crapstorm:
     
  15. Dec 1, 2011 at 5:56 PM
    #35
    kimo

    kimo Well-Known Member

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    Wow ! I would take that deal any day of the week!!!
     
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