Anyone know of a good deal for a Refinance?
- Thread starter CyinCo
- Start date
If your appraisal is less than 2 years old, it will still be valid, so make sure you do not need another one.
Check out credit unions. I always found local credit unions to have much better rates, and much lower closing costs. Sure the loan gets sold to a conglomerate of CU's but who cares?
Does anyone just want to pay off their house and forget about rates?
I swear people quibble over rates too much, maybe stop borrowing too much money and pay your debt.
I swear people quibble over rates too much, maybe stop borrowing too much money and pay your debt.
Might be the dumbest thing I've ever heard. Do you own a home? Doesn't matter if you borrowed 100k or 50k why pay give banks more money if you dont have to.
Having a good rate on my investment property could mean the difference between being positive cash flow each month vs. in the negative. Not all debt is the devil....depends on how you handle it.
I just got one and they said that if I refied again I might need another one. So your saying thats not true?
A family memeber is in process of refinancing his home with First Federal bank of Iowa (Ankeny location?). Supposedly he is getting about 4.25 and is even rolling his vehicles into it. That is better than my student loans!
15 year. How is rolling it in any different than paying it off with the new loan?
That would make sense if we were talking about credit cards or auto loans. But not many people manage to save $100,000+ to pay cash for their home. Maybe you're one of those people, congratulations.
You will need a new appraisal, think what the housing market was like 1 year ago compared to today. Most banks won't accept and appraisal older than 60 days.
Our company (The Mortgage Makers) is at 4.75 right now (APR of 4.99 01/13/09) on a 30 year fixed. Closing costs depend on the amount of your loan, but typically not more than $2k for most loans. 1 point origination fee.
We quote our loans at par, don't BS around with a rate that looks better but higher closing costs, or lower closing costs for a rate that is slightly to considerably over par.
There are all sorts of ways to smoke and mirror mortgages.
We quote our loans at par, don't BS around with a rate that looks better but higher closing costs, or lower closing costs for a rate that is slightly to considerably over par.
There are all sorts of ways to smoke and mirror mortgages.
Be sure to check out and know exactly what those closing costs are going to be.
This is a standard trick of getting your rate competitive, keeping cash in your pocket, but the closing costs for this are typically much, much higher than what you would pay elsewhere. That isn't always the case, but is what I have encountered the vast majority of the time on something like this. Smoke and mirrors, typically.
Actually, at rates this low it would be smart to refinance a house and invest that money....assume 4.5% x.25 (taxes saved)=3.375% effective rate after taxes. Beating 3.375% in the markets should not be hard over the long term. (especially if you buy in now)
I do own a home and I am not going to battle it out on your point. Been there done that. If you don't know why, then that's fine. You enjoy your debt and I will enjoy my life.
Care to elaborate? I understand more loans times greater length of time = more interest, but why not put it all into one place. Plus the new rate is much less than what the cars are currently getting, so I am guessing it would come pretty close to even in the end.
That is not true. I refi'ed in 2002, and then again in 2004. The second time I did not have to pay for an appraisal because the last one was still valid, I just had to prove it. I had the original in my old file, so I just brought it.
