When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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nice. i'm a *** when it comes to money, so i over analyze just about everything. i guess my checkbook will thank me when i retire.
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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when occupancy reach near 100% capacity, 101% is really the goal..or when future depreciation looks exciting?
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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Boomancini, I sent you a PM
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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I have $80k outstanding on a fixed 4.5% 30 year SONYMA mortgage with Chase. House value is around $180k.
Should I refinance and where? Thanks!
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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I am also trying to refinance our home but my loan servicing told me that I cannot do that because I have not met the 80% LTV ratio. Here's the figures:
Current Loan Balance: $292k, the appraised...
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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Still have an equity in my house and that's good considering today's economic condition. I am only upside down if the lender will go with 80% LTV but if you are saying that I can still get 85% to 90%...
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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Ok great thanks for the info. Any recommendations on banks to refinance through? I'm using Wells Fargo currently and they're quoting me with like $3500 in closing costs. That's insane.
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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General,
Not sure what rate sheet you're looking at, but Wells doesn't have a national rate sheet. Each state is different. At 3.75% people would have to around 2.0 points in discount to get...
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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My wife is pressuring me to refinance our house, even though we just did it in like Oct of 2009. So we're currently at 5%. It looks like the going rates are 4%. Is it worth it to pay the fees to...
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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Where do you live? In the NJ/NY area they offer a $500 flat fee refinancing at a particular bank but even then you need the liquidity of a couple of months of mortgage to swing it.
I refinanced...
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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A few questions:
1. Estimated loan payoff?
2. Home's value?
3. Type of current loan, i.e. FHA, conventional?
4. Does Fannie own your current loan?
5. Who is current mortgage servicer?
6....
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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1. Estimated loan payoff? around 171,000
2. Home's value? I haven't had it appraised since we've been here in 2008. But the original house price was 169,900. The housing market hasn't seem to...
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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well certainly that's the immediate qualification, but in most circumstances the decision isn't:
- will the refi pay for itself, but
- how long will it take the refi to pay for itself
The second...
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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GeneralGhoul:
Based on the Wells Rate sheet- could you check what would be the rate for a refi with the following:
Zip: 94539
LTV: 75%
Loan amount: 567,000
for 30 yr fixed?
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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when you want to refinance, figure out your refinancing fees. using your last refi would be a good benchmark to see how much your fees would be.
If you can repay that with what you save within 2...
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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You're dealing with Wells Retail (the bank). I work for a small credit union (used to work for Wells). I have access to Wells Fargo through the wholesale channel. I would do it at around 4.0% and you...
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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whats your house worth look for completed sales in your area are you ona fixed rate as rates will go up
...
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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It does not look like you are paying 3500 in closing costs. They are refunding you the VA funding fee. The only charges out of your pocket is title fee which is 1394 and recording fee of 106$.
...
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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BOA used to have a great VA department, but I know their mortgage area took a huge hit with the layoffs, and I haven't used them for more than a year. I would contact the VA directly for a...
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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I see Jumbo loan rates at 4% even for 75% LTV, but I must warn you that Jumbo loans are tough in CA right now, as investors don't want them. I would still call Wells and ask though.
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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I also just posted some information concerning a jump in interest rates next month. This is not speculation, but fact:
...
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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It also totally depends on the situation. I bought my house in May and just refinanced a week ago. Being only 6 months into amortization on a 30-year loan, $100/month makes a big difference. $1,200 a...
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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only $99/month, i'd say not worth it unless you're strapped for cash. when i was re-financing my house, they said unless it's 2% or more, then you're probably wasting your time. they also said to...
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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don't listen to walk away advice.
check out bankrate.com and contact some lenders who are offering some good rates.
i got 90% LTV from a mortgage broker on my purchase.
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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Yes, there's a way out (and no it does not involve walking away from $48k of equity....).
I assume by "they" you mean your current bank, which may not offer financing above an 80% LTV. Other...
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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I am a mortgage broker with 21 years experience, company licensed in 12 States and not looking to self promote here... just help you if I can.
Did you investigate whether you are qualified for a...
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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Yes, refi to a 10 or 15 year. PM me and I can give you info on a good person to use.
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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Boomancini, Wells Fargo is the one who quoted me $3500 in closing costs already. I'm in Missouri.
General, I used to have BOA and they screwed me one year with an escrow shortage.
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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If you want some advice, stay away from the "Big 4" if you want a mortgage.
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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Calculate out whether your present value interesting savings will be worth more than the costs in refinancing.
If the savings are less...no then it isn't worth it
If the savings are about even...
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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Walk away.
Ok, probably not realistic but peeps be doing it in record numbers.
And screw this "unprecedented, historically low" interest rates. Call me when the 30-year T bill is 2.5% or lower...
When is it worth it to refinance?
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Thread created 11-30-2011 by Iczer
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Yes VA loan @ 100% LTV would be higher, the 4.25% sounds about right, but going the VA streamline should keep your loan fees low, less than $1000 on average, so that $100/ month savings would be...
