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Message
Just refinanced my 30 year to a 15 year......
Posted on 3/30/16 at 1:52 pm
Posted on 3/30/16 at 1:52 pm
Been paying on my home for 3 years....usually put about 200 bucks above principle a month....
Got contacted by my mortgage broker last week and made her run me some #s due to the low rates right now.......
Amazing what a racket this is......more fees, more closing cost all rolled into the loan.............but I went from 4.5%(2013) to 2.875% and lost PMI under the new loan........and lost 13 years of loan payments......seemed like a no brainer.
Did I mention my payment is the same as what I was paying now.......makes me realize how much the BIG SHORT showed how the heads get paid.
Got contacted by my mortgage broker last week and made her run me some #s due to the low rates right now.......
Amazing what a racket this is......more fees, more closing cost all rolled into the loan.............but I went from 4.5%(2013) to 2.875% and lost PMI under the new loan........and lost 13 years of loan payments......seemed like a no brainer.
Did I mention my payment is the same as what I was paying now.......makes me realize how much the BIG SHORT showed how the heads get paid.
This post was edited on 3/30/16 at 1:54 pm
10
Posted on 3/30/16 at 1:54 pm to L S Usetheforce
Sounds like a good decision if you plan to stay there for some time, but what is the racket?
Posted on 3/30/16 at 1:57 pm to TigerDeBaiter
The cost from a mortgage company to refinance.......the same title company that did all this same paperwork 3 years ago.
This post was edited on 3/30/16 at 1:58 pm
Posted on 3/30/16 at 1:59 pm to L S Usetheforce
Well someone could have put a lein on your home in the last 3 years. Lender wants to know that the title is clear.
Posted on 3/30/16 at 2:00 pm to Golfer
quote:
Well someone could have put a lein on your home in the last 3 years. Lender wants to know that the title is clear.
No doubt......however everything else considered......that doesn't equate to a 4900 closing cost.
Posted on 3/30/16 at 2:00 pm to L S Usetheforce
quote:
but I went from 4.5%(2013) to 2.875% and lost PMI under the new loan........and lost 13 years of loan payments......seemed like a no brainer.
Did I mention my payment is the same as what I was paying now
But seriously, congratulations. Getting that done was a big deal for us.
Posted on 3/30/16 at 2:01 pm to L S Usetheforce
Well not all of that $4900 is to review the title.
You've got to re-insure title, file new records with the clerk/assessor, etc.
You've got to re-insure title, file new records with the clerk/assessor, etc.
Posted on 3/30/16 at 2:02 pm to MSMHater
Seriously, I feel like the goat........it's nice to see more principle come off an investment each month....
However, I feel like the fees aren't an indicator of what really went on to move this rate.
However, I feel like the fees aren't an indicator of what really went on to move this rate.
Posted on 3/30/16 at 2:13 pm to L S Usetheforce
I mean, just because they make money off it doesn't make it a racket.
There is a lot of paperwork and multiple parties involved. Some things are just "the cost of doing business".
I'm sure there are people that don't fully value what you do for a living either.
There is a lot of paperwork and multiple parties involved. Some things are just "the cost of doing business".
I'm sure there are people that don't fully value what you do for a living either.
Posted on 3/30/16 at 2:16 pm to TigerDeBaiter
quote:
I'm sure there are people that don't fully value what you do for a living either.
Point taken.........I think my difficulty exist in the fact that I do something that has a beginning, middle, and end that is concrete.......I put you to sleep, keep you alive, you wake up......Anesthesia 101.
However, in these scenarios you sign a bunch of papers with assumed cost and don't get to actually see the results other than new numbers based off established agreements.
This post was edited on 3/30/16 at 2:17 pm
Posted on 3/30/16 at 2:18 pm to L S Usetheforce
Kind of a spinoff question. How reduction in interest rate would it take to consider refinancing? At what point is it worth refinancing. I've thought about refinancing to a 15 year. I pay bi-monthly and pay about $100 a month extra at 3.875%. I'm planning on being here for at least another 5 years and probably longer. Any suggestions?
Posted on 3/30/16 at 2:19 pm to secondandshort
I didn't even look at interest payments.......the loss of PMI paid for the closing cost of loan in 4 years for me and that was strong enough to make me make the change.
This post was edited on 3/30/16 at 2:20 pm
Posted on 3/30/16 at 2:24 pm to secondandshort
FInd an online refinance calculator .. that should help. Just did mine and it only saved like 3500 total if I did it correctly.
(used some online calculator but don't remember which and I already closed the window)
(used some online calculator but don't remember which and I already closed the window)
This post was edited on 3/30/16 at 2:25 pm
Posted on 3/30/16 at 2:51 pm to L S Usetheforce
quote:
Point taken.........I think my difficulty exist in the fact that I do something that has a beginning, middle, and end that is concrete.......I put you to sleep, keep you alive, you wake up......Anesthesia 101.
However, in these scenarios you sign a bunch of papers with assumed cost and don't get to actually see the results other than new numbers based off established agreements.
That's right. It is a foreign process to most of us, so I think instinct is the question it, I get it - but it is what it is, and with all the regulations they now have I'm sure it's not as bad as we may feel it is.
Sounds like you'll come out way ahead in the long term, so good move.
Posted on 3/30/16 at 3:28 pm to L S Usetheforce
quote:
more fees, more closing cost all rolled into the loan
How much were escrow closing? If you paid your loan off today that would all come back to you.
I just refinanced $350k house $268kloan 30yr 3.625% and my non escrow closing costs were $1,750. Seems fair given the paperwork/#of people invovled
Title/Closing Agent- $880
Appraisal - $500
Recording Fees - $490
Prepaid Interest- $100
Lender Credit - (-$250)
This post was edited on 3/30/16 at 3:34 pm
Posted on 3/30/16 at 3:34 pm to secondandshort
quote:
PMI is the devil
Not really.
It helps millions of people get in a home when they don't have the funds or credit scores to get into a home otherwise. That's like saying your paying monthly health insurance is the devil. PMI delutes the riskiness of your loan to the bank// government
Posted on 3/30/16 at 3:37 pm to HYDRebs
Paying PMI is the devil?? Better?
Posted on 3/30/16 at 3:48 pm to HYDRebs
quote:
It helps millions of people get in a home when they don't have the funds or credit scores to get into a home otherwise. PMI delutes the riskiness of your loan to the bank// government
By distributing that risk among millions that don't actually need it, but are forced have it to cover the rest who might.
ETA: And I think previous lessons should have taught us that maybe getting that population in homes isn't the best course of action.
quote:
That's like saying your paying monthly health insurance is the devil.
But that's MY insurance and protects me.
quote:
PMI delutes the riskiness of your loan to the bank// government
So that's THEIR insurance that protects them...that I pay for.
quote:
PMI is the devil
This post was edited on 3/30/16 at 3:51 pm
Posted on 3/30/16 at 4:10 pm to MSMHater
quote:
But that's MY insurance and protects me.
Your health insurance is in a risk pool as well.
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