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Refinance now??

R

rts265

Phil Edwards status
Oct 19, 2007
6,190
1,307
113
I’m reading that rates have actually gone up because the amount of refis coming through and this may not have any impact soon. I want to get my loan financed before sh!t gets really bad.
 
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One-Off

One-Off

Tom Curren status
Jul 28, 2005
14,273
10,474
113
33.8N - 118.4W
Was thinking about it. If I understand correctly you always start back at original amount? Wife said what would we do with the lump of cash they give us for the equity? It's kind of useless right now. And we don't know anything about markets to time a buy in.
 
grapedrink

grapedrink

Duke status
May 21, 2011
26,324
15,110
113
A Beach
llilibel03 said:
Was thinking about it. If I understand correctly you always start back at original amount? Wife said what would we do with the lump of cash they give us for the equity? It's kind of useless right now. And we don't know anything about markets to time a buy in.
Click to expand...
No, that's not true. You do have the option of cashing out up to a certain amount of equity. Otherwise you can simply refinance what is left of your principal if you want.
 
B

Bob

Michael Peterson status
Apr 23, 2001
2,823
355
83
65
Oxnard
I owe about 220 on my home.
30 years at 3.5. Six years in.
Would like to go 10 or 15 with fifty thousand down
Haven't found a loan under 3.0.
 
Lizard50

Lizard50

Aug 21, 2009
21
23
3
earth
llilibel03 said:
Was thinking about it. If I understand correctly you always start back at original amount? Wife said what would we do with the lump of cash they give us for the equity? It's kind of useless right now. And we don't know anything about markets to time a buy in.
Click to expand...
Huh? If you pull out cash. There is no better time to buy into the market. Buy low, sell high. five years from now you'll have a sh!t eating grin a mile wide.
 
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D

Driftcoast

Michael Peterson status
Aug 5, 2002
3,468
957
113
llilibel03 said:
Was thinking about it. If I understand correctly you always start back at original amount? Wife said what would we do with the lump of cash they give us for the equity? It's kind of useless right now. And we don't know anything about markets to time a buy in.
Click to expand...
Taking out cash from a refi to buy more stuff?

Homeowners trip me out.
 
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R

rts265

Phil Edwards status
Oct 19, 2007
6,190
1,307
113
You don’t have to cash anything out. I’m looking at a 400 lower payment if this cv doesn’t fuck it up.
 
4

4daBOYZ

OTF status
Jul 27, 2011
174
15
18
scored through rocket mortgage on friday gonna save 300 bucks a months. local guys were all swamped
 
JBerry

JBerry

Billy Hamilton status
Dec 8, 2017
1,602
873
113
Heard that some or all banks not selling any jumbo (over 500k) loans at all. This all happened the last 2 days.
Refi and purchase is going to get tight as the banks do not want to be liable for loans right now.
Wife said someone just bought a home, new loan, and their first payment is April 1st. They called to say they can't even make the April 1st first payment on a new loan!! WTF? I guess they own a restaurant that got closed so no income.

Good luck if your refi is in the pipeline as it may not even close!!
 
L

LelandCuz

Billy Hamilton status
Mar 21, 2011
1,403
610
113
Lahaina
My friend has a VERY good relationship with his bank and was under escrow last week on another rental house when they called and said they stop giving out any mortgages. The Fed just lowered the rate to get money into the economy. Won't work if banks won't give loans regardless.
 
L

Leaverite

Rabbitt Bartholomew status
Dec 19, 2017
7,924
1,092
113
Central Cal
Here's a real deal for all of you considering re financing.

A finance company will send a standard Verification of Employment form to your current employer. A required document.

Right now, the odds of getting a completed VOE from your current employer to refinance is about zero.

Not a critical item.
 
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