I've been quoted a 3.75 for a refi (currently at a 4.20) but I'll need a new appraisal and closing costs of 2500. I've had the mortgage for about a year and a half so I'm thinking of waiting. Given it's the same credit union, I was surprised we had to do another appraisal.
Negotiate and roll the closing cost into the loan. Saving roughly .75% is a nice saving each month(depends on the loan amount).I've been quoted a 3.75 for a refi (currently at a 4.20) but I'll need a new appraisal and closing costs of 2500. I've had the mortgage for about a year and a half so I'm thinking of waiting. Given it's the same credit union, I was surprised we had to do another appraisal.
That's showing the S&P, not cherry-picked stocks. If we follow history there will be a bounce-back in the stock market.And? I'm not sure what cherry picked stock performance data is supposed to show. There was a recession every time. It does appear that the time to the start of the recession has been taking longer each time.
That's showing the S&P, not cherry-picked stocks. If we follow history there will be a bounce-back in the stock market.
That why the bottom graph shows a 3-year period, not dates. I do agree, we should see a nice bounce-back.It's the time frame that is cherry-picked. Not the index. The stock market freaked out because this indicator has always been followed by a recession. I do think we could see a sharp if not incredible bounce in US stocks. This will be a blow-off top like Japan circa 1980's
Yes, most banks still get appraisals because they are required but there are numerous and growing exceptions. Fannie Mae hasn't required appraisals under the de minimus ($250,000) I believe it was and they've been trying to raise that level to $400,000. Of course we see the requirements decline significantly just as we hit a peak in the market.
Collateral is not the only thing of value in the transactions. The borrower has always been as much or a bigger piece of the value. It's not like they are going to just let the borrower off the hook if the home declines in value.
And yes, many appraisers faced lawsuits after the 2008 decline. There were some that were awful and some outright fraud but most were minor errors. Nobody paid any attention or cared until the market declined.
From what other posters have said, I'd push to have them drop the new appraisal. Also, I'd shop that rate. Assuming you are talking a 30yr. note. I was quoted last week 3.25% from a credit union in central iowa
It takes times to do real work. Does anyone ever complain how long it takes lawyers to get anything done? And you are paying a heck of a lot more for that job. There are lots of terrible appraisers because they don't make any money. The good ones are stopping doing any lending work and transitioning to private work.
Do people do this? Pay ~3% interest for 30 years on money you should have available? I mean if you can't come up with $2500 maybe you should rethink your financial strategy.Negotiate and roll the closing cost into the loan. Saving roughly .75% is a nice saving each month(depends on the loan amount).
Do people do this? Pay ~3% interest for 30 years on money you should have available? I mean if you can't come up with $2500 maybe you should rethink your financial strategy.
all. the. time.
the system is set up to put people in homes, not necessarily put people in homes who SHOULD be in homes.
You want to be surprised, look at some of the government guaranteed loans that allow people to buy a home and start off with 105% loan to value...rolling in all kinds of costs.
Bank of America is at 2.75 now. So I guess it can get that low and even lower againLocked in at 2.875 and cannot imagine it getting that low again.
one thing I'm hung up on is the equity I have. I think I'm at about 20%, but I'm not totally sure
are there calculators we can play around with to see when this may be worth looking at?