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Refinance now??
- Thread starter Belchfire1
- Start date
Yes it's huge cost and I'm still second guessing my decision. Basically starting over from where I began 5 years ago. Didn't pull any cash. My reasoning is that I'll save $500 month and barring apocalypse I'm here for more than 10 years. And of course now the apocalypse is beginning.
how long did it end up taking? 30-45 days?
Wife said interest rates could drop more in the coming future. For the select few that still have jobs, income, good credit, you could get a really good rate.
I started the process March 5
Yeah maybe rates will get better. I’m seeing lenders offering sh!t rates right now - seems like they’re trying to discourage new borrowers. I’m happy with my rate. Was able to see what my payment would be at 2.75 it’s not a huge difference
if you're in California with a loan amount of $350k-$510400, please dont do that.
You can get 2.99-3.125% 30 year fixed or 2.5-2.625% 15 year fixed. same rate/same APR, no cost loan.
I cover all the fees minus a $250 HOA certification fee (if applicable), which is rolled in the loan
Just have 740+ credit, verifiable income on w2's/paystubs. Close the loan in 24 days or less.
ask @DW2 or @FresnoRipper. If interested, call my office line 949-635-4019
That’s what I got. I paid it.
This house is my second property and we are planning on making it a rental so was worth it to pay down the rate.
Now it’s cash flow positive which is hard to do in Windward oahu next to the beach unless you got a massive down payment.
i'm right on the line- sent an email to my guy at Chase that did my refi back in January. 3.6 for 20 years. I literally asked him exactly that- no closing cost refi at 2.6%? Quicken does no cost refi's for existing loan holders, we'll see what chase says
In my situation I came to the table with about 17k for loan costs. Don’t recall the specific break down.
In my situation it reduced my payment on my rental house to make it cash flow positions. I will never ever ever sell the house.
I didn’t like spending that money but in the long run it made sense.
If i wasn’t planning on making it my rental then I’d agree with you
Yeah -- I don't like trading today money for future money -- I'm risk averse like a mawfugga tho.
I think a 15 year loan on a rental prop, even if the cashflow is negative, is a smart investment. But I have a Three Little Pigs financial strategy and, ironically, loathe debt of any kind.
Thanks for the tip. Going through the motions right now. If it goes sideways I'll be giving you a call.
They may do it just to keep the servicing value. And with any luck, you'll get to keep your remaining term the same.
Depends on the loan to value ratio. The more leveraged you are (the smaller your equity position) the worse the rate can be. Especially if you have sh!t credit, which, anymore, is anything below 720.
I don’t either.
But the house is literally a 5 minute walk to Kailua beach.
There isn’t any other land available.
So in this situation I’m letting it ride
Once it’s paid off that’s monthly income for me that is more then my pensions. For doing nothing other then letting someone service my loan for 30 years and paying for some repairs here and there