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    Whose refinancing their mortgage this week

    Loan program?
    Rate?
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    Yup.

    15 yr

    holding out for 2.75% but we will see. I won't pay extra for it, but I think 2.5-2.75 is possible.
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    Where’s the best place to look srs
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    Locked in on 2.99 from 2011. Got a few years left so fukk that.
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    What's the best company to get 30 years fixed with less than 3.75%?
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    test the limits RobParks2M's Avatar
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    honestly wait a few days/weeks and they will all probably be there srs.
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    Doing this as of last week. Interesting time though with all the scare. I am locked in at 3% but waiting other quotes or should I go ahead NOW at 3% 15 years? Srs need some opinions
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    Registered User Johnez's Avatar
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    Originally Posted by RobParks2M View Post
    honestly wait a few days/weeks and they will all probably be there srs.
    This. Bloodbath coming based on futures now. Gonna have to cut rates again....
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    Originally Posted by DoragonKingu View Post
    What's the best company to get 30 years fixed with less than 3.75%?
    Mine was Bank of America, awesome people.
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    I'm getting official disclosures for 2.625% at 15 years. This is for a refinance from my current 5.625 at 30 years. Obviously this is a no brainer but should I wait for further drop in rates or lock in now?
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    test the limits RobParks2M's Avatar
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    Originally Posted by redwine91 View Post
    I'm getting official disclosures for 2.625% at 15 years. This is for a refinance from my current 5.625 at 30 years. Obviously this is a no brainer but should I wait for further drop in rates or lock in now?
    Lock it. I haven't seen that low yet.
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  12. #12
    Registered User chickenbroccoli's Avatar
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    Originally Posted by redwine91 View Post
    I'm getting official disclosures for 2.625% at 15 years. This is for a refinance from my current 5.625 at 30 years. Obviously this is a no brainer but should I wait for further drop in rates or lock in now?
    I believe it. I’d lock it.
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  13. #13
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    Reps all around...

    I do have some questions though, I bought the house for $160k in 2018, but one lender is proposing the refi at my current balance of $153k, however if I roll closing costs in I'll pay $159k at 15 years, 3%. The other lender is offering the 2.625% 15 year with only 1800 in closing but my balance would be back at $160k. Any idea why the balance increase and which option makes more sense? I would thinj $1800 closing would only bring my balance from its current $153k to $154,800.

    Just wanna make the most educated decision. Again, REPS.
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  14. #14
    Registered User chickenbroccoli's Avatar
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    Originally Posted by redwine91 View Post
    Reps all around...

    I do have some questions though, I bought the house for $160k in 2018, but one lender is proposing the refi at my current balance of $153k, however if I roll closing costs in I'll pay $159k at 15 years, 3%. The other lender is offering the 2.625% 15 year with only 1800 in closing but my balance would be back at $160k. Any idea why the balance increase and which option makes more sense? I would thinj $1800 closing would only bring my balance from its current $153k to $154,800.

    Just wanna make the most educated decision. Again, REPS.
    For every $1,000 more you borrow, your monthly payment increases $6.72.

    I wouldn’t worry around the interest costs. $2,000 at 2.625% is $52.5 a year.
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    Originally Posted by chickenbroccoli View Post
    For every $1,000 more you borrow, your monthly payment increases $6.72.

    I wouldn’t worry around the interest costs. $2,000 at 2.625% is $52.5 a year.
    So if my math is correct, the difference between $153k and $160k in interest over 12 months is $564?
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  16. #16
    Registered User chickenbroccoli's Avatar
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    Originally Posted by redwine91 View Post
    So if my math is correct, the difference between $153k and $160k in interest over 12 months is $564?
    If your loan balance is currently $153k there is NO reason why your new loan balance should be $160k.

    You only roll in closing fees to your loan amount which should be $3,000 absolute MAX.

    Do not roll in impounds for property taxes and insurance. Do not roll in prepaid interest.

    If you have an impound account with your current loan you’ll have to wait a few weeks for your current loan servicer to mail you the check for the balance.
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    test the limits RobParks2M's Avatar
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    Originally Posted by redwine91 View Post
    Reps all around...

    I do have some questions though, I bought the house for $160k in 2018, but one lender is proposing the refi at my current balance of $153k, however if I roll closing costs in I'll pay $159k at 15 years, 3%. The other lender is offering the 2.625% 15 year with only 1800 in closing but my balance would be back at $160k. Any idea why the balance increase and which option makes more sense? I would thinj $1800 closing would only bring my balance from its current $153k to $154,800.

    Just wanna make the most educated decision. Again, REPS.
    Are they giving you money back for some reason? Not sure where the $7k addition to your loan is coming from? You aren't taking cash out are you?
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  18. #18
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    That's what I'm trying to understand. They get my current mortgage details and know my balance is currently $153k yet when they run numbers and show me what they can do the balance has increased. I don't get it. But don't wanna get fukked in the ass paying a higher balance than I already owe

    Edit:

    So this is what the lender sent back regarding the new balance

    "The appraisal will be out of pocket but you are credited back when the loan closes, I could always adjust that to not credit back if you would like and that would lower the loan amount by $475.
    The cost for the rate is $1800 (prepaid interest - the opportunity to get a 2.625 for just over 1% is incredible) but there is also our fee of $1490 and then third party costs as well - including taxes, title work, and escrow, etc. The total amount with everything is what takes it up to 160k - however, with such a reduction in your interest rate these costs will be recouped quickly."
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    Originally Posted by chickenbroccoli View Post
    If your loan balance is currently $153k there is NO reason why your new loan balance should be $160k.

    You only roll in closing fees to your loan amount which should be $3,000 absolute MAX.

    Do not roll in impounds for property taxes and insurance. Do not roll in prepaid interest.

    If you have an impound account with your current loan you’ll have to wait a few weeks for your current loan servicer to mail you the check for the balance.
    So it seems like if you read my above from the lender that it's prepaid interest rolled in along with "their" fee of 1490 along with taxes, title and escrow. So you're saying do NOT roll in prepaid interest? He is arguing that the rate is so low that the costs will be recovered quickly. Is this a common mortgage ploy? What should I do? $1800 is what I'm paying to get the interest that low. Should I pay as much as aI can out of pocket?
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    Originally Posted by redwine91 View Post
    So it seems like if you read my above from the lender that it's prepaid interest rolled in along with "their" fee of 1490 along with taxes, title and escrow. So you're saying do NOT roll in prepaid interest? He is arguing that the rate is so low that the costs will be recovered quickly. Is this a common mortgage ploy? What should I do? $1800 is what I'm paying to get the interest that low. Should I pay as much as aI can out of pocket?
    While it’s not good practice to financing interest with interest, these rates are so low that is doesn’t really matter as much as it has in the past.

    Just stick to $4.01 per thousand rule to tweak where you want you monthly payment to be.

    I suggest ONLY borrowing the amount needed to pay off your loan (your loan pay off amount with be different from you current balance) and to pay “non-recurring closing costs” which are the fees for the loan and title/escrow

    If you use the term “non-recurring closing costs” they’ll know what your talking about.

    “Recurring closing costs” are things like interest, insurance, and property taxes. It is NOT good practice to roll these into the loan amount.

    These days there are not any games to play to milk borrowers for more money. It’s black and white.
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    But since I'm required to fund an escrow, wouldn't I have no choice to roll in property taxes and insurance? Those are monthly charges to fund property tax etc.

    So I need to tell the loan officer I want to pay WHAT exactly out of pocket? It I pay "non-recurring" costs out of pocket, but also don't want to roll in insurance and interest and taxes, I'll be paying those as well... out of pocket?
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    test the limits RobParks2M's Avatar
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    Originally Posted by redwine91 View Post
    But since I'm required to fund an escrow, wouldn't I have no choice to roll in property taxes and insurance? Those are monthly charges to fund property tax etc.

    So I need to tell the loan officer I want to pay WHAT exactly out of pocket? It I pay "non-recurring" costs out of pocket, but also don't want to roll in insurance and interest and taxes, I'll be paying those as well... out of pocket?

    "I want to keep my mortgage balance at $153k. I will pay the rest out of pocket. Can you please give me an itemized list of expenses that I will be paying up front?"

    This should help clear up where costs/fees are coming from. Once you see them you may be inclined to roll them in, but assuming you are switching financiers you will probably be receiving a check for the remainder of this year's escrow and basically you are starting a new escrow with the new company is what it sounds like.
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    Originally Posted by RobParks2M View Post
    but assuming you are switching financiers you will probably be receiving a check for the remainder of this year's escrow and basically you are starting a new escrow with the new company is what it sounds like.
    Yes the new lender is likely rolling in a new escrow account so OP doesn’t need to bring a check to fund the escrow account at closing.
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    Okay fellas, while I wait to hear back from the loan agent, I've done some calculations on a pay off calculator and it seems like the difference in interest paid on a $160k balance and a $153k balance at 2.625% is around 3k and some change. Considering if I paid the difference out of pocket ($7,000), I would only save 3k in interest - that doesn't make much sense to me. If I rolled that 7k into the loan, I only pay the appraisal out of pocket $475, and pay only 3k extra interest over the next 15 years.

    On top of that, the loan will be repaid much faster than 15 years. I'll be making an additional payment each month for about $1700 which will pay the loan down in 5 years. This will bring total interest on the loan to around $10,000. Sounds like the smarter option, no?

    Edit: seems my payment will only be a $16 difference between the two balances.
    Last edited by redwine91; 03-09-2020 at 01:02 PM.
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    Originally Posted by redwine91 View Post
    Okay fellas, while I wait to hear back from the loan agent, I've done some calculations on a pay off calculator and it seems like the difference in interest paid on a $160k balance and a $153k balance at 2.625% is around 3k and some change. Considering if I paid the difference out of pocket ($7,000), I would only save 3k in interest - that doesn't make much sense to me. If I rolled that 7k into the loan, I only pay the appraisal out of pocket $475, and pay only 3k extra interest over the next 15 years.

    On top of that, the loan will be repaid much faster than 15 years. I'll be making an additional payment each month for about $1700 which will pay the loan down in 5 years. This will bring total interest on the loan to around $10,000. Sounds like the smarter option, no?
    Your calculator is off.

    $7,000 amortized over 15 years at 2.625% interest is $1,475. paid over the life of the loan.

    Extra payments for sure. They help tremendously.

    Interest rates are so low roll in as much as you can. And wait for the check in the mail for your current escrow balance.

    7 x $6.72 = $47.04 difference in monthly payment
    Last edited by chickenbroccoli; 03-09-2020 at 01:13 PM.
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    Okay so then rather paying as much as I can out of pocket as suggested a few posts above, I should save that liquid cash up front and roll it into the loan instead? If that is the concensus I'm gonna lock in the rate and proceed.
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    Originally Posted by redwine91 View Post
    Okay so then rather paying as much as I can out of pocket as suggested a few posts above, I should save that liquid cash up front and roll it into the loan instead? If that is the concensus I'm gonna lock in the rate and proceed.
    Yep roll everything in, lock, and start sending your income/asset docs to the lender.
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    Originally Posted by DoragonKingu View Post
    What's the best company to get 30 years fixed with less than 3.75%?
    I got mine through USAA. NationStar I think is the lender's name. 3.375%
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    Holy fuk man getting so triggered. Looking at a smaller local refi company and wf. Small local company offering good rates, but man they want $5,000 for the task. WF rates aren't particularly great, and $3k+ in fees as well. Are fees/rates negotiable at all?

    Redwine where you getting 2.625% at fam?
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    Originally Posted by RobParks2M View Post
    Holy fuk man getting so triggered. Looking at a smaller local refi company and wf. Small local company offering good rates, but man they want $5,000 for the task. WF rates aren't particularly great, and $3k+ in fees as well. Are fees/rates negotiable at all?

    Redwine where you getting 2.625% at fam?
    In his post he’s paying at least 1 point to buy down the rate to 2.625%. Zero points he’s at 3%.
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