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  1. #31
    Registered User Anachron's Avatar
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    Originally Posted by rtpmarine View Post
    My refinance closed a couple weeks ago. VA loan reduction program, went from 4.375 to 3.25 on a jumbo loan.



    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.
    This, especially the second part.
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  2. #32
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    Go with Costco

    You can save thousands on closing costs if you're a member, especially executive. They provide quotes from several lenders.

    I'm in the process of refinance from 30y to 15y at 2.875%. Closing less than $2k because I got the appraisal waived.
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  3. #33
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    Originally Posted by Anachron View Post
    Nono, reset for 30 year term, starting with whatever the current balance is ($153K). You need to clear that $168K blunder up though.
    Another scenario here: is it possible to refi into a 15 yr conventional and would that even make sense? Instead of 30 years would 15 not be preferred?

    Mortgage paydown calculations show I can maintain my current loan and have the house paid off in 5.9 years if I pay an extra $1664/month. I plan to begin doing this next month as I have some extra cash flow from paying off a vehicle. The calculator shows I would save a staggering $155k in interest and only pay 27k for the next six years. The calculator does not factor in MIP/PMI however and I'm wondering how much extra that will be even if I saved $155k in interest and paid it off in the next 6 years.

    It's so damn frustrating and stressful trying to determine the best financial move and gut wrenching to know there is an option that makes the most sense but when you're unsure of which it's terrifying not knowing which to make.

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  4. #34
    Registered User Anachron's Avatar
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    Originally Posted by redwine91 View Post
    Another scenario here: is it possible to refi into a 15 yr conventional and would that even make sense? Instead of 30 years would 15 not be preferred?

    Mortgage paydown calculations show I can maintain my current loan and have the house paid off in 5.9 years if I pay an extra $1664/month. I plan to begin doing this next month as I have some extra cash flow from paying off a vehicle. The calculator shows I would save a staggering $155k in interest and only pay 27k for the next six years. The calculator does not factor in MIP/PMI however and I'm wondering how much extra that will be even if I saved $155k in interest and paid it off in the next 6 years.

    It's so damn frustrating and stressful trying to determine the best financial move and gut wrenching to know there is an option that makes the most sense but when you're unsure of which it's terrifying not knowing which to make.

    Reps btw
    I can run the numbers tomorrow, I am miscing from my phone right now, but anytime I ran the numbers for 15 versus 30, assuming the difference in lower payments of the 30 is put right back into the mortgage, it's a wash. I would take the 30 and save up a nice emergency fund first, then start dumping it back into the mortgage.

    Cliffs : A 30 year can be made to cost similar to a 15, but a 15 is a 15. Lower monthly payments means more flexibility with your money.
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  5. #35
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    Originally Posted by Anachron View Post
    I can run the numbers tomorrow, I am miscing from my phone right now, but anytime I ran the numbers for 15 versus 30, assuming the difference in lower payments of the 30 is put right back into the mortgage, it's a wash. I would take the 30 and save up a nice emergency fund first, then start dumping it back into the mortgage.

    Cliffs : A 30 year can be made to cost similar to a 15, but a 15 is a 15. Lower monthly payments means more flexibility with your money.
    Please run numbers when you can. I get the flexibility argument but I'm inclined to "force" myself to adapt to the higher payments if it's better in the long run. But I do need more clarification on whether keeping my existing mortgage and paying it off in 6 years is more financially sound than refinancing at all, or if I need to refinance ASAP regardless to ANYTHING else due to MIP/PMI. I've seen some people online suggest getting out of full term MIP is worth it, bottom line, at any cost. Remember when you do crunch numbers, just by paying an extra $1664/month on my existing FHA 30 I'll be saving $155k in interest, which absolutely blows my mind.

    Thanks for your help brother. Dead srs
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  6. #36
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    Originally Posted by Anachron View Post
    Please post or PM some more info:

    PMI rate ( ouch for full term )
    Estimated refinance costs
    Mortgage FHA Insurance is $1304.52 annually (out of escrow).
    I cannot find the three quotes I was most interested at the moment but from what I recall it was 4.0% 15 yr with zero closing, 3.5% 15 yr with $816 closing, or 3.125% 15 yr with $2635 closing.

    I could not determine which one made the most sense, if any. I get FHA Streamline offers constantly but I find it to be more of a gimmick and money maker for lenders. If I refinance at all I would want conventional.
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  7. #37
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    I just finished today. Went back to 30 years (after 10). Fuk it. I lowered my monthly $280 and took out 30,000 for home improvements. South Florida. Imagine trying to rent a 2k sqft 3 bedroom house (corner lot) for 1050 a month. .. imagine that in 10 years from now. No brainer
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  8. #38
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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.


    Pay off your mortgage aggressively. Eliminate all debt like cancer (no debt is good debt boyo)



    • Open (if you haven't all ready) a Roth IRA and max contribute every year religiously, with zero exception.

    • Everything else, set-and-forget in index funds.













    Absolutely lol @ any other strategy. Cut out all debt in your life like cancer boyo. You can play and live the dream with no debt and a fattie for an investment portfolio.
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  9. #39
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    Lol at loancels itt, 2007-8 round 2, I’m amazed at people in CA taking on $1m mortgages at the peak.

    At historic lows for rates...but is quickly offset with historic highs for property values and taxes...best time to buy I predict will be in fall 2022 as the bubble pops a year earlier. Fed is delaying the inevitable with these rate drops and more are getting into debt since borrowing is like cheap gas...everyone is getting in line.
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  10. #40
    Registered User Anachron's Avatar
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    Originally Posted by surfbumb View Post
    Lol at loancels itt, 2007-8 round 2, I’m amazed at people in CA taking on $1m mortgages at the peak.
    I don't see anything in this thread that relates to that?

    Everyone in this thread is talking about refinance the current amount at a lower rate. Not taking out excess equity...
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  11. #41
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    Originally Posted by Anachron View Post
    I don't see anything in this thread that relates to that?

    Everyone in this thread is talking about refinance the current amount at a lower rate. Not taking out excess equity...
    Was about to make a reply to your crunched numbers but your posts are gone?

    Yes in theory I could have the house paid in 6 years maintaining my current loan. Would that trump a refinance at either 3.125, 3.5 or 4%? Or would PMI negate those savings? Also you said 3.5% seems like the way to go but that's $816 in closing yet 4k more in interest vs the 3.125 which is $2635 in closing.

    Disregarding any refinance scenario, is it best to just be done in six years and pay off my current mortgage? Saving 155k in interest? You're a goddamn lifesaver
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    Originally Posted by samsbolton View Post
    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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    Originally Posted by SmackPig View Post
    so yesterday the FED pisses it 50 basis points, so i'm like smack ass city

    i email my rep at mutual of omaha smack boy, and i'm like refi or what of piss son?

    he says son your VA 30 year is a 3.37....best we can do for you is to bring it down to 3.1 and it's not worth it

    so, maybe they are pissing on me?

    maybe i will call USAA and say "son.....gimme the piss in smack ass city boy"
    lol same
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  14. #44
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    Bought a house last May. First time home buyer and my interest rate is about 4.5%. Can I refinance now?
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    In on finance thread even tho current finances will prevent me from making a serious move for at least 2 years....
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    Originally Posted by sg1976 View Post
    Do banks work the same in Middle Earth as they do in a America?
    We had banks when you were heating water in a pot


    Oh you’re still heating water in a pot
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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.
    You should be able to get sub 3% on a 15 year, like 2.75 or 2.85%. I would refi, to get out of your chitty rate and MIP. Then pay aggressively. 6 years is both a long and short time. Things can change. Lock in safety on the rate cut, and losing MIP, and then get after it.
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    Originally Posted by redwine91 View Post
    Was about to make a reply to your crunched numbers but your posts are gone?

    Yes in theory I could have the house paid in 6 years maintaining my current loan. Would that trump a refinance at either 3.125, 3.5 or 4%? Or would PMI negate those savings? Also you said 3.5% seems like the way to go but that's $816 in closing yet 4k more in interest vs the 3.125 which is $2635 in closing.

    Disregarding any refinance scenario, is it best to just be done in six years and pay off my current mortgage? Saving 155k in interest? You're a goddamn lifesaver
    Answered your PM.
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    Originally Posted by redwine91 View Post
    Was about to make a reply to your crunched numbers but your posts are gone?

    Yes in theory I could have the house paid in 6 years maintaining my current loan. Would that trump a refinance at either 3.125, 3.5 or 4%? Or would PMI negate those savings? Also you said 3.5% seems like the way to go but that's $816 in closing yet 4k more in interest vs the 3.125 which is $2635 in closing.

    Disregarding any refinance scenario, is it best to just be done in six years and pay off my current mortgage? Saving 155k in interest? You're a goddamn lifesaver
    If I only had 6 years left on my mortgage I wouldn't refinance. Just stay on the course you are on and pay that thing off as quick as you can. I'm currently working on refinancing back to a 30 year and save about 1% on the rate myself. It will lower my payments and I'll still pay it off early so I'm not worried about adding a couple years back on to it.
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    Originally Posted by MrQuint View Post
    If I only had 6 years left on my mortgage I wouldn't refinance. Just stay on the course you are on and pay that thing off as quick as you can. I'm currently working on refinancing back to a 30 year and save about 1% on the rate myself. It will lower my payments and I'll still pay it off early so I'm not worried about adding a couple years back on to it.
    He doesn't have 6 years left, he has 27 years left. He could accelerate to pay it off in six...
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    Originally Posted by Anachron View Post
    He doesn't have 6 years left, he has 27 years left. He could accelerate to pay it off in six...
    Read too quickly, I stand corrected!
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    Trying to go from 4.25 (28 yr left on it) to a 3.0% 20 yr, yes.

    Trying to get sub $3k costs for it to be a no brainer but applicable to only a handful of lenders (current lender and current employer)
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    I was in a higher interest fha with pmi on a 30 year. Put 20% down and did a traditional 15 at 3.125. Payment is about the same. It will also give you the peace of mind if something happens you’re not forced to pay super aggressively or get raped with pmi and interest
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    Originally Posted by blazenbb View Post
    I was in a higher interest fha with pmi on a 30 year. Put 20% down and did a traditional 15 at 3.125. Payment is about the same. It will also give you the peace of mind if something happens you’re not forced to pay super aggressively or get raped with pmi and interest
    Edit: idk where some of you are getting these crazy closing costs. It’s not a million dollar home, it’s 160k. My loan was slightly more and I refinanced for under $500
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    Thinking about it, but need to decide how long I will realistically stay in my house.

    I am in a 5/5 that is set to change August 1. Rate is 3% so won’t move much. Probably won’t do anything unless I could get like 2.5% on a 15 year. You never know.
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    Originally Posted by blazenbb View Post
    I was in a higher interest fha with pmi on a 30 year. Put 20% down and did a traditional 15 at 3.125. Payment is about the same. It will also give you the peace of mind if something happens you’re not forced to pay super aggressively or get raped with pmi and interest
    Perfect example. Good job on the refi.

    Originally Posted by Mangino View Post
    Thinking about it, but need to decide how long I will realistically stay in my house.

    I am in a 5/5 that is set to change August 1. Rate is 3% so won’t move much. Probably won’t do anything unless I could get like 2.5% on a 15 year. You never know.
    Agreed, anything under a 0.75% difference is hard to justify financially.
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    Did it already. Took out $40k equity too for home improvements that will had $100k value to it. Das it mayne
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    Originally Posted by janglingjack View Post
    Did it already. Took out $40k equity too for home improvements that will had $100k value to it. Das it mayne
    Did your payments stay roughly the same?
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    Originally Posted by Anachron View Post
    Did your payments stay roughly the same?
    Payments went up less than $100/month. I plan on selling and moving in about a year (getting out of cali crew)
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