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Started By
Message
re: Refinancing a Mortgage after first year
Posted on 10/3/24 at 11:45 am to SDVTiger
Posted on 10/3/24 at 11:45 am to SDVTiger
quote:It's only taken me 3 interactions with you to know that while you may have book smarts, you don't have a lick of common sense.
Which it wasnt. But if the borrower is happy about the rate payment thats all that matters
The bank knows they wont last past 7yrs before its refied so they always win with a 30yr ammortization
Why do you think they have balloons an confetti around the rate of the day when you walk in
1
Posted on 10/3/24 at 11:50 am to Tigers4Lyfe
Thats a typical reaction when someone who thinks they know what they are talking about gets destroyed by someone who knows what they are talking about
But if you can coherently explain how im wrong im all ears
But if you can coherently explain how im wrong im all ears
Posted on 10/3/24 at 11:52 am to thunderbird1100
quote:
The person who chose the 5.75% zero cost refi
That persons rate was really a 5.25
At some point you will realize this
I have never seen someone try and knight for a Bank like they are your bro hooking you up
Posted on 10/3/24 at 12:06 pm to SDVTiger
quote:The only thing you are destroying is your reputation.
But if you can coherently explain how im wrong im all ears
The guy is simply saying is it isn't going to cost him anything upfront during closing. There is no upfront charge for the refinance.
Will it cost him on the backend? Certainly, but that isn't the point.
Posted on 10/3/24 at 12:19 pm to Tigers4Lyfe
quote:
Will it cost him on the backend? Certainly, but that isn't the point.
Thats my point. And the point is he isnt getting a free loan
I know that bothers you
Reputation?
Posted on 10/3/24 at 1:00 pm to SDVTiger
quote:
And the point is he isnt getting a free loan
This is some wild arguments on a simple thing. Without any out of pocket, he can lower his monthly payment by $300.
That is the now and tangible item, everything else is subject to future unknowns.
It is good for the both the banks and borrower really. OP will get more money in pocket immediately and banks more interest over life of loan by extending to a 31 year essentially.
Posted on 10/3/24 at 1:14 pm to DarthRebel
quote:
Without any out of pocket, he can lower his monthly payment by $300.
And likely with very little effort or paperwork, too.
I go to the store for a $20 steak. At the register, the lady tells me it's actually on sale for $15. Win for me- saved $5 for not doing anything. If that steak is on sale for $12 at another store, I could have told the lady no, put the steak back, driven to the other store and saved an additional $3. But the prospect of saving the extra $3 doesn't deter me from saving the $5 offered to me out of the blue.
This post was edited on 10/3/24 at 1:16 pm
Posted on 10/3/24 at 1:18 pm to DarthRebel
quote:
It is good for the both the banks and borrower really
Of course it is especially if they are happy. Thats been addressed. These other ppl are ranting on about how its a free loan when nothing is free
Im not sure why anyone is arguing against that. Im just explaining why its not to help them in their next refi oppurtunity
Posted on 10/3/24 at 1:19 pm to DarthRebel
quote:when my bank lowered my rate for free in 2020, the end date of the loan stayed the same...
banks more interest over life of loan by extending to a 31 year essentially.
Posted on 10/3/24 at 3:14 pm to SDVTiger
quote:Not a single poster in this thread, other than you, has described to OP's refi situation as a "free loan." The term that's been used is no out of pocket expense refi loan.
These other ppl are ranting on about how its a free loan
You have absolutely no way of knowing if the bank is quoting a higher interest rate just because it is offering a no out of pocket expense refi.
The bank may be conceding if they don't do the refi, the borrower will go elsewhere to borrow and pay off the bank's loan, thus leaving the bank with the option of buying a 10-year treasury earning almost 200 basis points lower interest annually thus decreasing the bank's net interest income.
If the refi rate the bank is quoting isn't competitive, the borrower can walk away to another lender, borrow from that lender, and pay off the loan. The bank knows this.
Your know-it-all smugness is amusing...
Posted on 10/3/24 at 4:26 pm to LSURussian
A No cost loan is the same as a free loan
Old man
Old man
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