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Posted: 12/20/2011 8:22:52 AM EDT
[#1]
I just did the same thing. Saved me 500/mo over 30 years.
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Posted: 12/20/2011 8:23:53 AM EDT
[#2]
Not bad I still like my 2.5% fixed.
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Posted: 12/20/2011 8:24:49 AM EDT
[#3]
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Posted: 12/20/2011 8:28:00 AM EDT
[#4]
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I just did the same thing the end of Nov. 15 year 3.25 nothing out of pocket.  You have to pay PMI? |
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Posted: 12/20/2011 8:28:21 AM EDT
[#5]
I have all of my loans refi'd in the 4% range now... cost me some to do it, but it was a good move.
Some of you kids who weren't around during the Carter years? You have NO IDEA how much interest rates can rise... back then, if you could get a 13% home loan, you were doing GREAT. And some of those ARM loans can adjust 10% in a single year. Beware. 
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Posted: 12/20/2011 8:31:15 AM EDT
[#6]
Quoted: And some of those ARM loans can adjust 10% in a single year. Beware. You are too nice. Can I take a swing? If someone thinks they can sign an adjustable rate deal, and the numbers will get lower than right now fixed, they need their head examined for severe defect. |
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Posted: 12/20/2011 8:33:41 AM EDT
[#7]
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We just went from 5.75% to 3.75%. It did cost $2100 in closing costs, but still worth it. It always costs money in closing costs. The people who say "nothing out of pocket" simply had the lender/broker costs paid out of the loan, and added more the principal amount. They still paid it, they simply added the amount to what they are financing. At 3.75%, I cannot say that's a bad thing to do. 
I'm surprised this thread made it this far without that clarity... pre paids ....taxes...insurance.....title fees....whatever....trust me they are not free and yes they are rolled into loans....nothing out of pocket simply means you are paying for them over the life of the loan and not upfront... I'm getting points back to cover the closing costs. this is the best loan i ever heard of in my life. trust me, i'm an engineer and like all engineers, a massive pain in the ass last time i refi-ed, the lender 'accidentally" tried to charge me $550 for the credit check instead of $50. I'll review every line of the HUD forms |
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Posted: 12/20/2011 8:39:26 AM EDT
[#8]
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We just went from 5.75% to 3.75%. It did cost $2100 in closing costs, but still worth it. It always costs money in closing costs. The people who say "nothing out of pocket" simply had the lender/broker costs paid out of the loan, and added more the principal amount. They still paid it, they simply added the amount to what they are financing. At 3.75%, I cannot say that's a bad thing to do.
I'm surprised this thread made it this far without that clarity... pre paids ....taxes...insurance.....title fees....whatever....trust me they are not free and yes they are rolled into loans....nothing out of pocket simply means you are paying for them over the life of the loan and not upfront... I'm getting points back to cover the closing costs. this is the best loan i ever heard of in my life. trust me, i'm an engineer and like all engineers, a massive pain in the ass last time i refi-ed, the lender 'accidentally" tried to charge me $550 for the credit check instead of $50. I'll review every line of the HUD forms nice job....why in the hell are they working so hard to get your business....WTF....in my area they look at people with 40% equity positions and say Mehhh..... |
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Posted: 12/20/2011 8:43:47 AM EDT
[#9]
MA Housing market sucks.
A $250,000 house here is a $130,000 anywhere else. |
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Posted: 12/20/2011 9:12:53 AM EDT
[#10]
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We have a 20 at 8 would like to refi but the bank won't because I bought at the peak and now the house is worth 100 k less. Funny considering my taxs have tripled. We probably will lose the house  How have taxes tripled? My taxes havent gone up a dime since I bought in 2006, and you should easily be able to context you tax values and reduce your tax burdens by more than any increase in tax rates. This doesnt make any sense. Move here. It will all become clear. They don't call it crook county cause they can't spell You can relax though it will take a second term to bring the Chicago way to Texas. |
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Posted: 12/20/2011 9:17:20 AM EDT
[#11]
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We have a 20 at 8 would like to refi but the bank won't because I bought at the peak and now the house is worth 100 k less. Funny considering my taxs have tripled. We probably will lose the house get an appraisal done and contest the taxes I got mine dropped like 20% You're in the Philly area as well, correct? I was stunned to get a property tax escrow REFUND from my lender this week ... I never thought that taxes would actually go down around here! 
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Posted: 12/20/2011 9:24:39 AM EDT
[#12]
wow never thought it would get into the 3's.
I just did a refi but I wonder if i should refi again now that its in the 3's. |
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Posted: 12/20/2011 9:30:59 AM EDT
[#13]
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We just went from 5.75% to 3.75%. It did cost $2100 in closing costs, but still worth it. It always costs money in closing costs. The people who say "nothing out of pocket" simply had the lender/broker costs paid out of the loan, and added more the principal amount. They still paid it, they simply added the amount to what they are financing. At 3.75%, I cannot say that's a bad thing to do. if you have a Wells Fargo mortgage, you can re-fi into another Wells Fargo mortgage with no closing costs whatsoever. i had a 3 year old Wells Fargo loan at 5% 30yr fixed, i refi'd this summer to 4% 20yr fixed with Wells Fargo using their "close at home" paperwork, and there were no closing costs whatsoever nor did my principal on the refi go up one cent. since it was a WF->WF refi, there was no appraisal, no title/lien searches, no nothing. my wife and i signed about 8 pieces of paper in front of a friend who is a notary, and we were done. i have my mortgage balance graphed, by month, in Excel, and there is no upward bump. 
see also http://www.ar15.com/forums/t_1_133/1199246__ARCHIVED_THREAD____Should_I_refinance_.html&page=1#i28815651 others on ARFCOM have done the same.... http://www.ar15.com/archive/topic.html?b=1&f=5&t=1211503 ar-jedi ps the rest of you not on a Wells Fargo mortgage, see https://www.google.com/advisor/mortgages specifically this tool https://www.google.com/advisor/mortgages#!search&cat=refinance and http://www.fatwallet.com/forums/finance/788032/ (go to the last page of that giganta-thread for up-to-date info) |
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Posted: 12/20/2011 9:32:53 AM EDT
[#14]
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if you have a Wells Fargo mortgage, you can re-fi into another Wells Fargo mortgage with no closing costs whatsoever. That's some great info ... I am currently with WF and at 4.625% for a 30 year I'm strongly considering it. If they can drop me over a full point to 3.5 or lower without closing costs ... hmm .... |
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Posted: 12/20/2011 9:39:11 AM EDT
[#15]
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I just did the same thing the end of Nov. 15 year 3.25 nothing out of pocket. You have to pay PMI? No PMI. Closing costs were aroun $3000 rolled into the loan, but I'm still paying less than I was on the 6% 30 year loan I've had for 7 years. So I pay less and save more, well worth $3000 in my book. |
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Posted: 12/20/2011 9:45:20 AM EDT
[#16]
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We have a 20 at 8 would like to refi but the bank won't because I bought at the peak and now the house is worth 100 k less. Funny considering my taxs have tripled. We probably will lose the house get an appraisal done and contest the taxes I got mine dropped like 20% You're in the Philly area as well, correct? I was stunned to get a property tax escrow REFUND from my lender this week ... I never thought that taxes would actually go down around here!
i live in a snooty suburb of philly i had to fight like only an engineer pain in the ass can, got multiple appraisals done, annoyed the shit out them on a multi-year basis it would make a good hollywood movie, my triumph over evil. big slow clap at the end with that triumphant music |
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Posted: 12/20/2011 8:08:07 PM EDT
[#17]
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I just did the same thing the end of Nov. 15 year 3.25 nothing out of pocket. You have to pay PMI? No PMI. Closing costs were aroun $3000 rolled into the loan, but I'm still paying less than I was on the 6% 30 year loan I've had for 7 years. So I pay less and save more, well worth $3000 in my book. Did you get out of PMI by having over 20% down or 80% loan to value? |
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Posted: 12/20/2011 8:11:16 PM EDT
[#18]
Quoted:
It's going to cost me $500 out of pocket. I can hardly believe it. when i was in high school, mortgages were 18% 15 year THe mortgage broker is not your friend. How much is getting rolled into your principle? Most likely you are getting hit financially, and it would be better if you simply increased your monthly contribution to paying down the principle. |
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Posted: 12/21/2011 5:47:43 AM EDT
[#19]
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I just did the same thing the end of Nov. 15 year 3.25 nothing out of pocket. You have to pay PMI? No PMI. Closing costs were aroun $3000 rolled into the loan, but I'm still paying less than I was on the 6% 30 year loan I've had for 7 years. So I pay less and save more, well worth $3000 in my book. Did you get out of PMI by having over 20% down or 80% loan to value? More than 80% loan to value. |
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Posted: 1/1/2012 7:23:22 PM EDT
[#20]
Just wanted to say thanks to the OP, this thread got me moving on a refinance on my house. I locked in a 15 yr loan at 3.125% last week with the same credit union I'm at anyway. I had 26 yrs left on my 30 at 5.75 previously. This will save me about 75K over the years, and my payment is only about $100 more per month.
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Posted: 1/1/2012 8:00:53 PM EDT
[#21]
Quoted:
I'm on an FHA (~$50/mo PMI) 30yr, 5.25%, summer of last year. If I refinanced at a lower rate, my payments would INCREASE because PMI is now ~$116/mo. I had the money for 20% down and a standard loan, but my credit defaulted to 3 goose eggs a few months before I bought the house. Turns out bad credit is better than NO credit... Right now my credit is just under 800 and the bank was throwing money at me to get the car I just bought, 18 months after denying me a home loan several times... I've done nothing but fha refi's for 10 years and that mmi increase sent me into early retirement- Broke. 
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Posted: 1/1/2012 8:10:02 PM EDT
[#22]
I'm at 5% with 6 1/2 years to go on my VA backed mortgage. Been with Wells Fargo and have had no complaints with their mortgage service.
Is refinancing worth it to me without stretching out the term of the loan? |
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Posted: 1/1/2012 8:14:46 PM EDT
[#23]
nope. you're not paying much in interest at this point anyway
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Posted: 1/1/2012 8:18:35 PM EDT
[#24]
Quoted:
I'm at 5% with 6 1/2 years to go on my VA backed mortgage. Been with Wells Fargo and have had no complaints with their mortgage service. Is refinancing worth it to me without stretching out the term of the loan? you are in the home stretch, with almost all of your monthly payment now going to principal. since you don't want to extend the term, i don't think there is any fixed rate mortgage re-fi scenario which will benefit you. enjoy making your final ~80 mortgage payments on your current loan. ar-jedi |
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Posted: 1/1/2012 8:28:49 PM EDT
[#25]
That's great, my house will be paid off in 6 months!
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Posted: 1/1/2012 8:29:17 PM EDT
[#26]
So where would be a good place to start with a refinance. I know nothing about it. My loan is 30 years 7% fixed right now. Should I go through the VA?
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Posted: 1/1/2012 8:36:12 PM EDT
[#27]
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So where would be a good place to start with a refinance. I know nothing about it. My loan is 30 years 7% fixed right now. Should I go through the VA? I'd talk to whoever currently holds your mortgage and start there. I didn't even call them, just got on their website and filled out the application. They called me a day or two later. |
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Posted: 1/1/2012 8:39:36 PM EDT
[#28]
Quoted: We just went from 5.75% to 3.75%. It did cost $2100 in closing costs, but still worth it. Same thing I just did, went from 5.75 on a 30 to 3.75 on a 15 |
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Posted: 1/3/2012 5:18:08 AM EDT
[#29]
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It's going to cost me $500 out of pocket. I can hardly believe it. when i was in high school, mortgages were 18% 15 year THe mortgage broker is not your friend. How much is getting rolled into your principle? Most likely you are getting hit financially, and it would be better if you simply increased your monthly contribution to paying down the principle. This mortgage is costing me right around $600 out of pocket. That's including every single penny of the cost, nothing is being rolled into the mortgage. I got points back on the loan which paid for almost all the closing costs. |
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Posted: 1/3/2012 5:24:37 AM EDT
[#30]
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So where would be a good place to start with a refinance. I know nothing about it. My loan is 30 years 7% fixed right now. Should I go through the VA? got to bankrate.com see who has a good deal in your zip code call them up. call a few. they will email you a good faith estimate, the typical total refi cost should be a few grand, like $2500 or so, depending. if you like, you can roll the cost into your new mortgage it's pretty easy |
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Posted: 1/3/2012 5:43:39 AM EDT
[#31]
Quoted:
So where would be a good place to start with a refinance. I know nothing about it. My loan is 30 years 7% fixed right now. Should I go through the VA? How long have you been paying on it? |
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Posted: 1/3/2012 6:32:03 PM EDT
[#32]
tag
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Posted: 1/4/2012 8:56:34 AM EDT
[#33]
Is there any way to refinance when lenders tell you that the house is worth close to 10k less than you owe? Foreclosures around me have absolutely murdered my value, and are going at 50-60k needing lots of work and most of them needing to be gutted out. 99% of homes that are sub 100k are in need of lots of work or are in the ghetto/white trasher areas.
Amerisave told me today that it's worth about 75-80k; I owe 88k, and told me that I'm out of luck and stuck with my 6.25%. I'm current on payments and never have been late.
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Posted: 1/4/2012 1:45:38 PM EDT
[#34]
Quoted: Is there any way to refinance when lenders tell you that the house is worth close to 10k less than you owe? Foreclosures around me have absolutely murdered my value, and are going at 50-60k needing lots of work and most of them needing to be gutted out. 99% of homes that are sub 100k are in need of lots of work or are in the ghetto/white trasher areas. Amerisave told me today that it's worth about 75-80k; I owe 88k, and told me that I'm out of luck and stuck with my 6.25%. I'm current on payments and never have been late. If the amount owed is less than the current formal appraisal value.... then I am afraid options are limited. Amerisave doesnt know what your house with worth without someone ponying up the dough for an appraisal. You can refi - but you will need to add cash to get the correct loan/value ratio. |
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Posted: 1/4/2012 1:52:39 PM EDT
[#35]
The wife and I are looking for a new place.... in this part of Texas, we just got the following quote: 3.25% rate / zero points / zero origination points / 20% down / 15 year term 3.875% rate / zero points / zero origination points / 20% down / 30 year term Our credit scores are both well above 740. I keep hearing arfcommers say that these are rare, but we don't do anything special, don't borrow a lot of money, pay our credit cards off in full each month, and the wife's median credit score was 791 and mine was 815. My lender gathers all three scores from Experian, Transunion, and Equifax, and they take the middle score for each applicant. Nothing as technical as some have told me here. |
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Posted: 1/4/2012 1:57:38 PM EDT
[#36]
I just did this and locked mine in at 3.5% 15 year. Saved me a bunch. |
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