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Message
Is it too late to refi?
Posted on 9/3/13 at 6:27 pm
Posted on 9/3/13 at 6:27 pm
Finally have the ability to do so and am looking at our options. My initial scans don't seem to be too promising.
I've got a 30yr fixed FHA at 4.875% with a LTV of about 88%
I've got a 30yr fixed FHA at 4.875% with a LTV of about 88%
3
Posted on 9/3/13 at 6:31 pm to Golfer
Probably not. Seeing most 30 yr fixed in the mid to upper 4s. Also, if you refi into another FHA you may not be able to pull mortgage insurance off until the loan is paid off where you probably have the ability to currently do so.
Posted on 9/3/13 at 6:33 pm to rmc
I remember reading where it needed to be 1% lower to make it worth anything. Or is this BS?
I honestly forgot about it until I opened some junk mail from CashCall offering me 4.149 APR on 30-yr fixed
I honestly forgot about it until I opened some junk mail from CashCall offering me 4.149 APR on 30-yr fixed
Posted on 9/3/13 at 6:53 pm to Golfer
I guess you have to run the #s. 4.149 APR would be the best rate you could find right now on a 30 yr fixed. That rate would have to be 4.0 or so with the APR at 4.149. With transaction costs, you would probably need to be committed to staying in that house for 10+ years to realize any significant benefit. If you are refi-ing into FHA the mortgage insurance thing would be huge though.
Posted on 9/3/13 at 11:12 pm to Golfer
Run the numbers, simple as that. Depending on your situation it could still be an easy call one way or the other.
Posted on 9/3/13 at 11:13 pm to foshizzle
We'll probably be in this house for 3-5 years. Guess ill just figure out what our BE is for refi-ing.
This post was edited on 9/3/13 at 11:14 pm
Posted on 9/3/13 at 11:21 pm to Golfer
quote:
We'll probably be in this house for 3-5 years.
Might not be worth it then. But run the numbers anyway, maybe there's something there.
Posted on 9/4/13 at 7:49 am to Golfer
quote:
We'll probably be in this house for 3-5 years.
Not knowing your current payment, run an interest-only calculation. If worthy, let the capital appreciation of the property dictate your future mortgage moves (meaning sell at a gain, refinance if staying, etc.).
Posted on 9/4/13 at 9:56 am to Golfer
the only way a refi makes sense if you can drop the PMI, with an LTV off 88% you cant do that so its not going to make since, the current 30yr rate is the same as your current Rate, the FHA rate is around 4.25% but the FHA PMI is triple of what you pay know so that kills that option.
Posted on 9/4/13 at 10:25 am to BestBanker
quote:
Not knowing your current payment, run an interest-only calculation. If worthy, let the capital appreciation of the property dictate your future mortgage moves (meaning sell at a gain, refinance if staying, etc.).
What about a 5/1 or 7/1 ARM? We won't be in this house in 7 years, I can tell you that.
Posted on 9/4/13 at 1:33 pm to Golfer
the 5/1 arm rate this morning with my bank was 3.5% the 7/1 is higher and not worth it
This post was edited on 9/4/13 at 1:35 pm
Posted on 9/4/13 at 1:40 pm to Golfer
quote:
What about a 5/1 or 7/1 ARM? We won't be in this house in 7 years, I can tell you that.
If it makes your monthly payment substantially lower to satisfy your desired figure, the one that gives you the lowest monthly payment is the one to select. Should be the 5/1.
Posted on 9/4/13 at 6:31 pm to Golfer
quote:
What about a 5/1
You should look into this at PenFed, current is 3.125%. If it stays on the books for 36 months you will not pay any closing costs, you do not pay closing costs upfront but they will prorate if pay it off prior to month 36. I looked at it a few months ago for a sibling when at 3% as it had excellent caps but she, as usual, drug her feet and f'd up.
LINK
ETA if you are > 80% LTV if may not fly.
Posted on 9/4/13 at 7:38 pm to tirebiter
not worth it, just take the extra would be savings and put it towards extra principle(sp.) each month
unless its more than 1 point dont do it, especially if you're going to be out in 5 years.
unless its more than 1 point dont do it, especially if you're going to be out in 5 years.
Posted on 9/5/13 at 4:22 pm to dallastiger55
You could look into doing a 5/1 ARM and choose a single upfront PMI premium to save you on your monthly payment. You can finance it into the loan as well. Really makes a big difference, but would have to way the pros and cons since you're only going to be in the home for another 3-5 years.
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