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Quoted: The VA will refund it if you paid one and didn't need to. You can call them, but they'll probably do it automatically. |
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Zillow refi calculator: https://www.zillow.com/mortgage-calculator/refinance-calculator/
Everyone's scenario is going to differ based on several factors. Use this to input your current mortgage and what your refi numbers would be. Assuming you plan to stay in your house for the life of the loan, it should tell you what your new monthly payment would be, the break even point to recover your refi expenses, the most you can save (or not save) in interest over the life of the loan if you did refi, and when you start seeing diminished returns due to restarting the amortization chart. In my case it showed that I should pay off my refi at 27 years to maximize my interest savings ($50,000+) over my previous loan. If I let the refi run the full 30 years my interest savings would drop to ~$15,000. Extra payment/early payoff calculator: https://www.daveramsey.com/mortgage-payoff-calculator I used the early payment calculator to figure out I should pay an extra $87 in principle on my loan monthly to pay it off in 27 years. In my case my monthly payment dropped ~$170/month due to refi, so I can pay the extra $87, still be paying less than I was with the original loan, and maximize the refi savings. I could always pay it off sooner than 27 years but at 2.75% that extra money to pay it off sooner can probably be put to better use elsewhere. One time additional principal payment calculator (would you save more in interest by applying closing costs to your original loan without a refi?): https://www.mortgagecalculators.info/calc-additionalpayment.php In some cases (i.e. you dont get to waive your funding fee) you may be better served taking that lump sum you'd pay in refi closing costs and applying it to the principle of your original mortgage. In my case if I applied the $2600 as a one time principle payment instead of using it to pay for a refi I would save ~$4000 in interest over the life of the loan. $50,000 savings is better than $4000 savings so refi made sense for me. So I opted to refi. I rolled the $2600 in closing costs back into my loan which raised my APR to 2.76%. I can now pay ~$90 less per month and still be on track to pay it off in 27 years and save $50,000+ in interest over my old loan. It doesnt cost me anything out of pocket and I spent a couple hours compiling all the documents and sending them in. They are going to send the closing people to my living room to sign everything. As a bonus some of that $2600 will eventually come back to me in the form of an escrow refund from my old lender. The VA streamline process is so easy there is no reason not to do it as long as the numbers line up in your favor. If you have plans to move it may not make sense. |
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Corrina Carter 757 273-6087 or [email protected] She is licensed in PA,MD,DC,VA,NC and FL. Tell her that you know me from the gun forum. She is giving my customers a better deal because I have sent her a half dozen clients in the last 3 days. Good luck Chris Quoted:
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Rates seem pretty volatile. However, on wednesday, I just did a 15yr VA refi using an Arfommer who does mortgages, and got 2.625% with $1300 in closing/fees. She is licensed in PA,MD,DC,VA,NC and FL. Tell her that you know me from the gun forum. She is giving my customers a better deal because I have sent her a half dozen clients in the last 3 days. Good luck Chris |
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Quicken Loan/Rocket Mortgage just called me and told me they can get me 2.75% for fixed 30 year refinance (VA IRRL). good or bad? or suspicious? Call Corrina Carter - 757 273-6087 or [email protected] if you want a comparable quote. |
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@carsandguns, Thanks Chris, I sent her an e-mail last night at7:17PM she responded at 7:19PM and we talked this morning about options. Very friendly person and covered a lot of information. Quoted:
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Rates seem pretty volatile. However, on wednesday, I just did a 15yr VA refi using an Arfommer who does mortgages, and got 2.625% with $1300 in closing/fees. She is licensed in PA,MD,DC,VA,NC and FL. Tell her that you know me from the gun forum. She is giving my customers a better deal because I have sent her a half dozen clients in the last 3 days. Good luck Chris |
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ok, dumb question(s). I'd appreciate some info. I want to refi at a 15 or would consider a 10 year fixed.
I have a 30 fixed convention at 4.5%. Want to get it paid off extra quickly, so I make extra payments, lots of extra payments. I'm have a VA disability. These VA refi's people are discussing: Do I understand that the all in refi fees for about $125K loan at a 10/15 fixed rate should be less than about $1500? By making lots of extra payments, over half my house is paid off already. So is going VA worth while, or should I look to just getting a fixed 10/15 conventional with no points and minimal fees? Thanks in advance for any good advise!! |
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ok, dumb question(s). I'd appreciate some info. I want to refi at a 15 or would consider a 10 year fixed. I have a 30 fixed convention at 4.5%. Want to get it paid off extra quickly, so I make extra payments, lots of extra payments. I'm have a VA disability. These VA refi's people are discussing: Do I understand that the all in refi fees for about $125K loan at a 10/15 fixed rate should be less than about $1500? By making lots of extra payments, over half my house is paid off already. So is going VA worth while, or should I look to just getting a fixed 10/15 conventional with no points and minimal fees? Thanks in advance for any good advise!! Definately refi at a 10/15. With current rates at 3% and under, any bank fees at a reasonable amount would be worth it. If your current loan is a VA, then with the irrl, no va fees. If your existing loan is a conventional, then get a nobe, as your funding fees will be waived, but not not bank fees. With more than 20% home value paid off, you wouldn't need pmi. Hell, even with a conventional, refi at 3%! |
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Posted this in the other mortgage thread but it probably should go in this thread.
I am currently at 5.5% and have a payoff of $77,000. I was going to leave it alone and just knock it out quick as soon as my daughter graduates college next year. (currently paying somewhere between 25-30K a year for her school) Am I reading right that with a VA disability rating, I can refi without costs? If that is the case I will look into it. I just didn't want to refi if I was going to incur thousands of dollars in fees. |
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Posted this in the other mortgage thread but it probably should go in this thread. I am currently at 5.5% and have a payoff of $77,000. I was going to leave it alone and just knock it out quick as soon as my daughter graduates college next year. (currently paying somewhere between 25-30K a year for her school) Am I reading right that with a VA disability rating, I can refi without costs? If that is the case I will look into it. I just didn't want to refi if I was going to incur thousands of dollars in fees. |
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There are still fees, it’s not free, but the costs are much lower as a disabled vet. |
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@carsandguns hooked me up with a TN lender/broker and in about an hour of my time I've got a 3.0% rate locked for an IRRRL and fees are about $2k. No points and no funding fee for me. Credit score is about 730 so not even that great. Current loan is at 3.875% and 6.5 years into the mortgage. If we just keep paying our normal payment, we pay this new 30 year loan off a couple of year earlier than the existing loan that has 23.5 years left on it. Plus we will have the flexibility to pay much less if something unexpected happens down the road. It's definitely been the best use of a couple hours in recent memory. |
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@carsandguns hooked me up with a TN lender/broker and in about an hour of my time I've got a 3.0% rate locked for an IRRRL and fees are about $2k. No points and no funding fee for me. Credit score is about 730 so not even that great. Current loan is at 3.875% and 6.5 years into the mortgage. If we just keep paying our normal payment, we pay this new 30 year loan off a couple of year earlier than the existing loan that has 23.5 years left on it. Plus we will have the flexibility to pay much less if something unexpected happens down the road. It's definitely been the best use of a couple hours in recent memory. |
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That's great to hear! Appreciate the update. She is going to owe me dinner at the next conference. lol Quoted:
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Rates seem pretty volatile. However, on wednesday, I just did a 15yr VA refi using an Arfommer who does mortgages, and got 2.625% with $1300 in closing/fees. She is licensed in PA,MD,DC,VA,NC and FL. Tell her that you know me from the gun forum. She is giving my customers a better deal because I have sent her a half dozen clients in the last 3 days. Good luck Chris |
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Quoted: To piggyback on this, USCG, how many years left do you project it will take to pay off your current loan? Take closing costs (what the bank charges) and divide by your remaing projected months. That is how much lower your new mortgage needs to be to break even. If new mortgage is much less than that, I'd refi. |
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Quoted: I have 17 or 18 years left at 5.5% but I pay more than the minimum so it wont take that long. Just wondering if I should refi? |
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Just locked in 2.75% fixed 30yr with zero bank fees, zero points, and $2,800 in lender credits to do a VA IRRL on the 456k we still owe. Planning to put out the same amount of money each month to target even more principal as we can afford to do it now. I haven’t signed the paperwork but I’m locked at 2.75% with rocket/quicken. I’m paying a lot more than $2,800 in fees. @carsandguns Do you know anyone in Florida? |
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Who did you go through? I haven't signed the paperwork but I'm locked at 2.75% with rocket/quicken. I'm paying a lot more than $2,800 in fees. @carsandguns Do you know anyone in Florida? Call Corrina Carter - 757 273-6087 or [email protected] if you want a comparable quote. She is licensed in PA,MD,DC,VA,NC and FL. Tell her that you know me from the gun forum. She is giving my customers a better deal because I have sent her a half dozen clients in the last 3 days. Good luck Chris |
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@carsandguns Do you have a broker in GA?  GA Broker 602 410-2515 [email protected] Tell him you know me from the Gun Forum. Good luck! |
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He posted her info earlier. Call Corrina Carter - 757 273-6087 or [email protected] if you want a comparable quote. She is licensed in PA,MD,DC,VA,NC and FL. Tell her that you know me from the gun forum. She is giving my customers a better deal because I have sent her a half dozen clients in the last 3 days. Good luck Chris Quoted:
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Who did you go through? I haven't signed the paperwork but I'm locked at 2.75% with rocket/quicken. I'm paying a lot more than $2,800 in fees. @carsandguns Do you know anyone in Florida? Call Corrina Carter - 757 273-6087 or [email protected] if you want a comparable quote. She is licensed in PA,MD,DC,VA,NC and FL. Tell her that you know me from the gun forum. She is giving my customers a better deal because I have sent her a half dozen clients in the last 3 days. Good luck Chris Yes Corrina will take care of you. I think she has 4 or 5 members in process already. Good luck! If you have any issues let me know. |
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@carsandguns, a nice update ,spent some time today getting Carina information and I am locked in at 2.75% for a 30 year. Certainly beats the initial offerings from my current lender Wells Fargo. Quoted:
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Rates seem pretty volatile. However, on wednesday, I just did a 15yr VA refi using an Arfommer who does mortgages, and got 2.625% with $1300 in closing/fees. She is licensed in PA,MD,DC,VA,NC and FL. Tell her that you know me from the gun forum. She is giving my customers a better deal because I have sent her a half dozen clients in the last 3 days. Good luck Chris |
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Quoted: I actually saw old mortgage paperwork for 15% from the early 1980s once upon a time. Shocking. |
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Any thoughts on whether I should look to refi our VA loan, currently 3.25% @ 30 years, about 3.5 years into the loan? We are probably only going to be there for another 3-4 years. I want to make sure that we're eligible for another VA loan if we PCS in 3-4 years. We are also eligible for a physician loan. Might that offer a better alternative or comparable rate? |
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Any thoughts on whether I should look to refi our VA loan, currently 3.25% @ 30 years, about 3.5 years into the loan? We are probably only going to be there for another 3-4 years. I want to make sure that we're eligible for another VA loan if we PCS in 3-4 years. We are also eligible for a physician loan. Might that offer a better alternative or comparable rate? Also, sending PM on different matter. |
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Any thoughts on whether I should look to refi our VA loan, currently 3.25% @ 30 years, about 3.5 years into the loan? We are probably only going to be there for another 3-4 years. I want to make sure that we're eligible for another VA loan if we PCS in 3-4 years. We are also eligible for a physician loan. Might that offer a better alternative or comparable rate? Call Corrina @ 757 273-6087 or [email protected] and she can run the numbers for you. |
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Quoted: It really depends on your loan balance. $100K loan probably not worth it. $500K would probably have enough savings to justify it. Call Corrina @ 757 273-6087 or [email protected] and she can run the numbers for you. |
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@carsandguns Oregon dude. Who is my go to? At 3.875. Would love anything below 3. Over 800 credit Jace Cates https://findtheadvantage.com (503) 407-1181 (503) 266-5800 [email protected] 265 SW 1st Ave Canby, OR 97013 |
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Quoted: I have 17 or 18 years left at 5.5% but I pay more than the minimum so it wont take that long. Just wondering if I should refi?
Refi a 15yr at sub 3% is relatively easy. You'd almost be a fool for not doing so, unless you'll pay off your current mort in like 5 years. |
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For you guys not on the East coast working Chris or Semper, you can IM Mcnielsen, or give him a call. Mike at 6126185335, he's licensed for all states. IIRC he works for the same company as Chris.
I know it seems like a few of us are pimping out some brokers, but if you're paying more than 3.5, then anybody mentioned is someone you should he talking to. |
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I saw several people saying Quicken (Rocket mortgage) was bad or not competitive I’m locked at 2.75% Is there something I’m not aware of(like excessive Lender fees?) |
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They are famous for the bait and switch. They have the worst reputation in the industry by far. Quoted:
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I saw several people saying Quicken (Rocket mortgage) was bad or not competitive I'm locked at 2.75% Is there something I'm not aware of(like excessive Lender fees?) You're giving some good advice in this thread, my friend. The T bill is below 1.1 now and I'm seeing par rates in the 2's all over the place for 15 yr fixed. Crazy days ahead. |
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Mortgage broker here. I can vouch for this as well. You're giving some good advice in this thread, my friend. The T bill is below 1.1 now and I'm seeing par rates in the 2's all over the place for 15 yr fixed. Crazy days ahead. Quoted:
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I saw several people saying Quicken (Rocket mortgage) was bad or not competitive I'm locked at 2.75% Is there something I'm not aware of(like excessive Lender fees?) You're giving some good advice in this thread, my friend. The T bill is below 1.1 now and I'm seeing par rates in the 2's all over the place for 15 yr fixed. Crazy days ahead. |
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Thank you for the info in this thread. Called Corrina and so far it looks like she can save me 10k in closing costs over Rocket and still get me the 2.75% |