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  1. #1
    Haha yeah Lefticle's Avatar
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    Anyone refinancing their house?

    Lower rates. Currently at 4% and can do a recast refi to about 2.85%.

    Seems like a solid plan.
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  2. #2
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    Beginning the process. Sounds like a no brainer at that rate reduction.

    Thoughts on refinance despite paying extra aggressively? Would the faster payoff negate the costs in interests savings to refinance or any opinions that feel you should always look to lower your rate and STILL pay extra to reduce term?
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    I am. working out great for me. Im currently using a VA home loan on two separate houses. I plan on buying a third but I only have $130,000 left of my VA loan benefit. Im gonna refinance my first home to 2.65% (from 3.75). Im gonna turn that loan into an FHA loan, which will free up $160,000 of my VA loan benefit, bringing it up to $290,000; that way I can buy a third house with no money down. First house has so much equity in it already that refinancing wont require a down payment or PMI. Got my lender working the numbers right now.
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  4. #4
    Haha yeah Lefticle's Avatar
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    Originally Posted by redwine91 View Post
    Beginning the process. Sounds like a no brainer at that rate reduction.

    Thoughts on refinance despite paying extra aggressively? Would the faster payoff negate the costs in interests savings to refinance or any opinions that feel you should always look to lower your rate and STILL pay extra to reduce term?
    I'm at 27yrs right now. Might try to recast to 23yrs (or whatever would equal my current payment). That way, I'd keep the same payment and cut 5yrs off my mortgage.

    Or I could just keep my 27yr term and pay less every month.
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    when i bought i got 3.5% im not sure it would be worth it for me to refi even if i could get 2.85
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    Originally Posted by Lefticle View Post
    Lower rates. Currently at 4% and can do a recast refi to about 2.85%.

    Seems like a solid plan.
    Done it before. There is a refinance/rearrangement fee they add in in the uk, which can make it barely worth it. Read all the small print VERY carefully.
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    I was considering it but the refinancing costs isn't worth pulling my interest rate down a point since I plan to pay off my house in the next 3 years or so.
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    6'0" 200 nothingshocking's Avatar
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    My mortgage broker emailed me to refinance, but wanted me to start over with a 30 year mortgage for the remaining balance on my loan which is 5 years old.

    I don't want to start over in my amortization table, and have to pay the heavy interest/low principle payments in the first 5 years on the mortgage again.

    I told them if I was going to take a 30 year, I would like to take it for the original amount of the loan, and have the portion that covers my current loan balance pay off my current mortgage, then I pocket the excess, then make a 1 time paydown on my new mortgage, to get the principle balance down to the 25 year level where I am on my current mortgage.

    Then I would be economically whole, and would benefit from the go forward savings on the lower interest rate without extending the period of my mortgage.

    They said no problem, and they quoted me a significantly higher interest rate for that transaction.

    I told them to fuk off


    Originally Posted by Lefticle View Post
    I'm at 27yrs right now. Might try to recast to 23yrs (or whatever would equal my current payment). That way, I'd keep the same payment and cut 5yrs off my mortgage.

    Or I could just keep my 27yr term and pay less every month.
    I doubt they will customize the period of your loan. A 30 year fixed is a known product. A 23 yr is not.

    If they go for it, please send me their contact info and I will rape you for life.
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    Registered User Anachron's Avatar
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    Originally Posted by nothingshocking View Post
    My mortgage broker emailed me to refinance, but wanted me to start over with a 30 year mortgage for the remaining balance on my loan which is 5 years old.

    I don't want to start over in my amortization table, and have to pay the heavy interest/low principle payments in the first 5 years on the mortgage again.

    I told them if I was going to take a 30 year, I would like to take it for the original amount of the loan, and have the portion that covers my current loan balance pay off my current mortgage, then I pocket the excess, then make a 1 time paydown on my new mortgage, to get the principle balance down to the 25 year level where I am on my current mortgage.

    Then I would be economically whole, and would benefit from the go forward savings on the lower interest rate without extending the period of my mortgage.

    They said no problem, and they quoted me a significantly higher interest rate for that transaction.

    I told them to fuk off




    I doubt they will customize the period of your loan. A 30 year fixed is a known product. A 23 yr is not.

    If they go for it, please send me their contact info and I will rape you for life.
    I would still look into refinancing for the 30 years, depending on how much it would cost for the process. You end up still saving a substantial amount of interest, and you have a bit more flexibility in how you allocate your finances.

    For the following example I am assuming a rate reduction of 4% to 3%, on an original amount of $300K.

    After 5 years, this is how it looks:

    Monthly payment of $1432
    Principal $526
    Interest $906
    Balance $271342
    Interest left to be paid over the remaining 300 payments (25 years) : $158331

    If you roll this into another 30 year mortgage at 3% for the amount of $271342, you end up with:

    Monthly payment of $1143 ( $289 less than before )
    Principal $465
    Interest $678
    Balance $271342
    Interest left to be paid over the remaining 360 payments (30 years) : $140494

    If you don't put the extra money each month back into the mortgage, you still save ~$18K. And you have an extra ~$3500 to play with per year due to reduced monthly payments.
    Last edited by Anachron; 03-04-2020 at 04:53 PM.
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  12. #12
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    Need advice, 27 years left on FHA (I know) 30 year. Balance is $153k on current loan at 5.625%.

    Want to refinance into traditional 15 year and got a quote for 3.125% financing 153k (current balance)

    However after applying my loan status online now shows an FHA 30 year pending with a balance of $168k. I reached out but no response back yet. Are they trying to fukk with me or wtf is this ****? I assume only three years into the loan that a reduction from 5.6 to 3.1 is a no brainer. Am I right or wrong and should I just pay extra as often as possible to my current mortgage? I mean wtf.
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    Originally Posted by redwine91 View Post
    Need advice, 27 years left on FHA (I know) 30 year. Balance is $153k on current loan at 5.625%.

    Want to refinance into traditional 15 year and got a quote for 3.125% financing 153k (current balance)

    However after applying my loan status online now shows an FHA 30 year pending with a balance of $168k. I reached out but no response back yet. Are they trying to fukk with me or wtf is this ****? I assume only three years into the loan that a reduction from 5.6 to 3.1 is a no brainer. Am I right or wrong and should I just pay extra as often as possible to my current mortgage? I mean wtf.
    Not exactly sure what you have going on. But I also had an fha and I learned they would never remove pmi no matter how much I paid. Got out ASAP. You also need to get out too, that’s a huge difference
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    Registered User Destor's Avatar
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    Gotta do it every five years max in Canada
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    Originally Posted by redwine91 View Post
    Need advice, 27 years left on FHA (I know) 30 year. Balance is $153k on current loan at 5.625%.

    Want to refinance into traditional 15 year and got a quote for 3.125% financing 153k (current balance)

    However after applying my loan status online now shows an FHA 30 year pending with a balance of $168k. I reached out but no response back yet. Are they trying to fukk with me or wtf is this ****? I assume only three years into the loan that a reduction from 5.6 to 3.1 is a no brainer. Am I right or wrong and should I just pay extra as often as possible to my current mortgage? I mean wtf.
    I am assuming original amount was for $160K? I don't know how it shows a balance of $168K ( I am calculating off of 30 year amortization leaving $153K after three years ).

    Current mortgage (not including PMI ), you have 27 years left, monthly payment of $921 ( once again, not including PMI ), and you will pay $145K in interest if you keep this mortgage.

    If you are able to refinance, you will restart the 30 years, however, your payments should be down to $657/month, and you will only need to pay $83K in interest.

    No brainer, in your case there is about $60K in savings over the next 30 years ( not including how much less you pay per month, so another $3k per year on top of that ).

    Originally Posted by Destor View Post
    Gotta do it every five years max in Canada
    Not true, but you wouldn't want to lock in at the ten or fifteen year rates.
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    Originally Posted by Anachron View Post
    Not true, but you wouldn't want to lock in at the ten or fifteen year rates.
    Yeah ain’t nobody going for those
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    I'd wait until the summer. The Fed is expected to cut rates another 50 basis points between now and June.
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    Originally Posted by econbrah11 View Post
    I'd wait until the summer. The Fed is expected to cut rates another 50 basis points between now and June.
    I’d just do it now, 2.85% is unreal. If it gets that much better, do it again
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    I ain't about spending another several thousand in closing costs on a new loan to save a hundy a month.
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    what states do you guys live in geeze..
    In Illinois your happy to get 3.25% from Harris or Chase. Higher for BOA
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    Originally Posted by MiscMathematician View Post
    I ain't about spending another several thousand in closing costs on a new loan to save a hundy a month.
    Username doesn't correlate with post content. What is "a hundy a month" over the remaining term if the loan?
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    ▶⛅💩🔗   🔊📶 99%🔌🔋3:14 MiscMathematician's Avatar
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    Originally Posted by Anachron View Post
    Username doesn't correlate with post content. What is "a hundy a month" over the remaining term if the loan?

    In my case it'd be around only $50/mo if I refinanced with the same 30 year fixed, and I plan to sell my home within 5 or so years. Net loss.

    And the answer to your question depends on inflation and the opportunity cost vs investing (with the same time period), and expectation of moving.
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    Originally Posted by Anachron View Post
    I am assuming original amount was for $160K? I don't know how it shows a balance of $168K ( I am calculating off of 30 year amortization leaving $153K after three years ).

    Current mortgage (not including PMI ), you have 27 years left, monthly payment of $921 ( once again, not including PMI ), and you will pay $145K in interest if you keep this mortgage.

    If you are able to refinance, you will restart the 30 years, however, your payments should be down to $657/month, and you will only need to pay $83K in interest.

    No brainer, in your case there is about $60K in savings over the next 30 years ( not including how much less you pay per month, so another $3k per year on top of that ).
    Wtf, why must I reset at 30? Why can't they start at the current 153k balance? Yes originally 160k loan.
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    Don’t have any debt and don’t want to have any during the inevitable worldwide debt crisis that has just been brought closer today.

    So no
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    I'm not an expert but wouldn't that only save you like $6000 in interest on a 20 year loan with a 300k loan?
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    Originally Posted by redwine91 View Post
    Wtf, why must I reset at 30? Why can't they start at the current 153k balance? Yes originally 160k loan.
    Nono, reset for 30 year term, starting with whatever the current balance is ($153K). You need to clear that $168K blunder up though.

    Originally Posted by MiscMathematician View Post
    In my case it'd be around only $50/mo if I refinanced with the same 30 year fixed, and I plan to sell my home within 5 or so years. Net loss.

    And the answer to your question depends on inflation and the opportunity cost vs investing (with the same time period), and expectation of moving.
    It's always nice to put all the details in so no one would be mislead.

    $50/month suggests a very low amount for a mortgage, south of $100K? Or the rate difference is not big enough.

    Originally Posted by proteinsnake View Post
    I'm not an expert but wouldn't that only save you like $6000 in interest on a 20 year loan with a 300k loan?
    OP wasn't talking about a 20 though. I didn't run the numbers on a 20, but on a 30 it was 18K + lower payments to the tune of $3.5K a year. Nothing to sneeze at really.
    Last edited by Anachron; 03-04-2020 at 08:45 PM.
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    Common sense/moderation. gbullock32's Avatar
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    Got 2.8% when I bought, most can't match that or will only match it, so not much point for me and I don't need/want to do a cash out. Great time for those who got stuck in at higher interest though.

    Could restart the 30 year loan and lower my monthly from $1000 to ~$600 but nah, too much effort.
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    Not really worth refinancing because you'll get shafted on closing costs, especially if you don't plan on staying in the home for the full 30 years.
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    Originally Posted by gbullock32 View Post
    Got 2.8% when I bought, most can't match that or will only match it, so not much point for me and I don't need/want to do a cash out. Great time for those who got stuck in at higher interest though.

    Could restart the 30 year loan and lower my monthly from $1000 to ~$600 but nah, too much effort.
    Well, that's an excellent rate already, tbh.

    Originally Posted by KillaCam11 View Post
    Not really worth refinancing because you'll get shafted on closing costs, especially if you don't plan on staying in the home for the full 30 years.
    This is incorrect in most cases. Everyone should of course first find out what it'll cost. Refinances are often cheaper than the initial finances. Having said that....

    Average refinance costs is under $4.5K. Even with the lower of the two examples ITT, that pays for itself in 1.5 years.
    Last edited by Anachron; 03-04-2020 at 08:51 PM.
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    My refinance closed a couple weeks ago. VA loan reduction program, went from 4.375 to 3.25 on a jumbo loan.

    Originally Posted by Lefticle View Post
    I'm at 27yrs right now. Might try to recast to 23yrs (or whatever would equal my current payment). That way, I'd keep the same payment and cut 5yrs off my mortgage.

    Or I could just keep my 27yr term and pay less every month.
    Most lenders only offered me 30- and 20- year options. I took the thirty, adding several years back on which kinda sucks. But even if I only pay the new lower monthly amount it’s still a huge reduction in interest over the life of the loan. I plan to continue my current payments in order to finish early and reduce the total interest even more.
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