Mortgage Refi Question

Discussion in 'Real Estate' started by cyfan92, Aug 5, 2019.

  1. cyfan92

    cyfan92 Well-Known Member

    Sep 20, 2011
    1,345
    451
    83
    Male
    Augusta National Golf Club
    Ratings:
    +1,812 / 158 / -5
    Any CF'ers recently refi your mortgage? About what did you pay for closing costs?

    Rates are falling off a cliff and I'm thinking about kicking the tires

    upload_2019-8-5_15-54-11.png
     
  2. Gunnerclone

    Gunnerclone Well-Known Member

    Jul 16, 2010
    33,961
    5,264
    113
    Cheddar Production
    DSM
    Ratings:
    +26,459 / 1,438 / -36
    I’m about ready to pull the trigger as well.
     
  3. cyhiphopp

    cyhiphopp Well-Known Member

    Jan 9, 2009
    30,817
    3,995
    113
    Male
    Ankeny
    Ratings:
    +10,836 / 137 / -2
    I'm working with someone now on a refi.
     
  4. isufbcurt

    isufbcurt Well-Known Member

    Apr 21, 2006
    16,087
    3,499
    113
    Male
    CPA
    Newton
    Ratings:
    +17,212 / 745 / -8
    Losers. You shouldn't buy a house if you can't pay straight cash for it.
     
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  5. mtowncyclone13

    mtowncyclone13 Well-Known Member

    Oct 10, 2012
    19,387
    1,974
    113
    grundy center
    Ratings:
    +8,513 / 521 / -13
    Plot twist, these are all on their investment properties.
     
  6. mtowncyclone13

    mtowncyclone13 Well-Known Member

    Oct 10, 2012
    19,387
    1,974
    113
    grundy center
    Ratings:
    +8,513 / 521 / -13
    I just checked and refinance at my bank is 3.9% and my mortgage is at 4%. What is falling off a cliff?
     
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  7. alarson

    alarson Well-Known Member

    Mar 15, 2006
    34,919
    4,427
    113
    Male
    Ankeny
    Ratings:
    +24,128 / 830 / -23
    Yeah, same.

    Worth keeping an eye on, particularly if more rate drops are on the way, but at least for me its not showing yet.
     
  8. isufbcurt

    isufbcurt Well-Known Member

    Apr 21, 2006
    16,087
    3,499
    113
    Male
    CPA
    Newton
    Ratings:
    +17,212 / 745 / -8
    Still should be straight cash or you can't afford it. There are no exceptions.
     
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  9. Gunnerclone

    Gunnerclone Well-Known Member

    Jul 16, 2010
    33,961
    5,264
    113
    Cheddar Production
    DSM
    Ratings:
    +26,459 / 1,438 / -36
    A bank? I see 3.125% online.
     
  10. wclarson

    wclarson Active Member

    Oct 31, 2010
    285
    119
    43
    Ames, IA
    Ratings:
    +470 / 20 / -0
    without origination fees, your looking between $2-$3K but depending on what the current rate vs refi rate, as well as if you have Mortgage Insurance (aka: MI/PMI/BPMI/etc), you can recoup that cost anywhere between 12-36months. if you get an appraisal waiver... cut around $500 off those costs. If you're still worried about that cost, just talk to your lender about it.

    The numbers can look intimidating once you include the funding of a new escrow account but you also skip a months payment and would receive an escrow refund from your current servicer so those figures net out once its all said and done.

    full disclosure, I am an originator so my livelihood is tied to people buying and refinancing their homes. with that said, I'm not in the business of turning loans just to cash a check. I've been working on a lot of refi's the last couple months and doing a ton of side by side comparisons for folks, it's been overwhelming positive for folks that originated within the last 24 months. If you have any improvements you want to do or debt consolidation, this is not a bad time to do it... even if rates continue to drop some, just not sure where the floor on the rate drop is.
     
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  11. ArgentCy

    ArgentCy Well-Known Member

    Jan 13, 2010
    18,969
    1,256
    113
    Male
    Ratings:
    +12,339 / 2,904 / -1,775
    What about if everyone tells you your poor and we are looking at a second house, temporarily of course? But yeah, I've been waiting and I think we'll go see a banker soon.
     
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  12. UNI1ISU2

    UNI1ISU2 Active Member

    Jun 7, 2019
    429
    61
    28
    Male
    Ratings:
    +444 / 71 / -134
    In process now. Was at 4.75%. Locked in on Friday a rate of 3.50%. My lender is putting all fees into my payments over the length of the loan. Just have to pay appraisal on home around $400 for that. Saving $120 a month on mortgage.
     
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  13. mtowncyclone13

    mtowncyclone13 Well-Known Member

    Oct 10, 2012
    19,387
    1,974
    113
    grundy center
    Ratings:
    +8,513 / 521 / -13
    I never got an appraisal when I did my home. The bank said I did not need one if I didn't want to pay for it. It saved me about 300 bucks. For all you mortgage experts out there how uncommon is that?
     
  14. ArgentCy

    ArgentCy Well-Known Member

    Jan 13, 2010
    18,969
    1,256
    113
    Male
    Ratings:
    +12,339 / 2,904 / -1,775
    It's getting a lot more common, somewhat to my chagrin. But there are a lot of situations you don't really need a full appraisal. If you have something like a 30% plus LTV a full appraisal just isn't needed. I just wish I was allowed to actually compete for those products without risking my license.
     
  15. cmjh10

    cmjh10 Well-Known Member

    Dec 5, 2012
    17,637
    1,893
    113
    Iowa Falls
    Ratings:
    +6,803 / 387 / -3
    So how does this work? Could I do it with student loans?
     
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  16. cmjh10

    cmjh10 Well-Known Member

    Dec 5, 2012
    17,637
    1,893
    113
    Iowa Falls
    Ratings:
    +6,803 / 387 / -3
    What about a college degree?
     
  17. Cyclonepride

    Cyclonepride Thought Police
    Staff Member

    Apr 11, 2006
    84,404
    8,908
    113
    Male
    Sales and marketing
    A pineapple under the sea
    Ratings:
    +37,679 / 1,834 / -155
    Locked in at 2.875 and cannot imagine it getting that low again.
     
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  18. Rabbuk

    Rabbuk Well-Known Member

    Mar 1, 2011
    33,661
    2,682
    113
    Ratings:
    +15,421 / 772 / -26
  19. BCClone

    BCClone Well-Known Member

    Sep 4, 2011
    23,317
    3,714
    113
    Male
    North Iowa
    Ratings:
    +17,520 / 476 / -1
    Only males need to worry. Thought all women danced their way to a degree.
     
  20. UNI1ISU2

    UNI1ISU2 Active Member

    Jun 7, 2019
    429
    61
    28
    Male
    Ratings:
    +444 / 71 / -134
    Give it a few weeks. It might get there
     
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