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Started By
Message
1
Posted on 8/16/24 at 11:32 am to fareplay
I mean, I guess I wouldn't answer the questions I'm asking too 
Posted on 8/16/24 at 11:37 am to fareplay
Why refi now with rates about to be going down over the next 6mo/yr with the rate cuts incoming?
Posted on 8/16/24 at 11:38 am to fareplay
Why not just run the numbers on each scenario and pick the best?
Posted on 8/16/24 at 11:57 am to fareplay
quote:
Because you dummy I don’t spend my time focused on financials when I have a stressful job to work
Yet you are in here making multiple posts about refinancing after only a couple of months.
The downside to a shorter term loan is that you have a higher required monthly payment which affects you in 2 ways. The first, is your monthly required payment is higher. The second is that debt to income ration is done on a monthly basis and this is much higher. It could affect your credit score for example but it will also affect how much money you can loan for something else.
ETA; There's almost 0 reason to pay extra on a mortgage principle. Put the extra into a money market type account that accrues interest and once you can pay off the loan do so.
This post was edited on 8/16/24 at 11:58 am
Posted on 8/16/24 at 11:58 am to thunderbird1100
The guys keep saying it’s free and can do another refi later when lower
Posted on 8/16/24 at 12:01 pm to baldona
My mortgage interest is 6.625 and my high yield is like 5.1 or something.
I get compensated heavy in stocks so I don’t want to put more in market
I get compensated heavy in stocks so I don’t want to put more in market
Posted on 8/16/24 at 12:04 pm to fareplay
quote:
The guys keep saying it’s free and can do another refi later when lower
Posted on 8/16/24 at 12:09 pm to fareplay
You "noticed" you're making a lot of principal payments?
Who's paying them without you knowing previously, Melania?
Who's paying them without you knowing previously, Melania?
Posted on 8/16/24 at 12:14 pm to The Mick
We always knew we were paying but didn’t know how much.
Posted on 8/16/24 at 12:46 pm to fareplay
quote:
We always knew we were paying but didn’t know how much.
Maybe with a jumbo loan they are covering a good portion of the costs.
But people say "there's no upfront closing costs to the loan" all the time.
What they do normally is they roll the closing costs into the loan value.
Posted on 8/16/24 at 12:55 pm to fareplay
Just do a 10yr loan
Posted on 8/16/24 at 12:58 pm to fareplay
quote:
The quotes I received actually do not have fees. The only issue is time and I guess if both of us lose our jobs
There’s always a fee. You sure you’re reading the small print?
Posted on 8/16/24 at 1:02 pm to Joshjrn
quote:
There’s always a fee. You sure you’re reading the small print?
This dude is making shite up. He does it on all boards
Posted on 8/16/24 at 1:03 pm to LNCHBOX
quote:
This dude is making shite up. He does it on all boards
Ok, that actually makes me feel better. This thread was making me question my sanity
Posted on 8/16/24 at 1:04 pm to Joshjrn
Im not a banker but its possible on a medical jumbo loan they cover the cost. IDK
Posted on 8/16/24 at 1:07 pm to Joshjrn
I think my favorite is that he's claiming a 6.6% current APR, and that this new one is supposedly sub 6% while the quoted rates he showed us are all above 7%, and the P&I doesn't jive with the amount and term, and it's an 5 year ARM, and....
There's so many things to pick apart, and I'm not the most financially literate guy
There's so many things to pick apart, and I'm not the most financially literate guy
Posted on 8/16/24 at 1:08 pm to baldona
Probably but even the loan value is better than what I got 2 months ago
Posted on 8/16/24 at 1:12 pm to LNCHBOX
quote:
There's so many things to pick apart, and I'm not the most financially literate guy
Nothing he says makes sense
Posted on 8/16/24 at 1:38 pm to fareplay
quote:How do you not know how much you are paying?
We always knew we were paying but didn’t know how much.
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