Missoula Griz Posted December 11, 2008 Author Share Posted December 11, 2008 Jumbo or conforming? Conforming. Quote Link to comment Share on other sites More sharing options...
Footballjoe Posted January 22, 2009 Share Posted January 22, 2009 I locked in at 5% last week. Currently have a 6.5%. Quote Link to comment Share on other sites More sharing options...
Jimmy Neutron Posted January 22, 2009 Share Posted January 22, 2009 Working on a 4.6% refi right now. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted January 22, 2009 Share Posted January 22, 2009 Working on a 4.6% refi right now. 30 year? I have a 15 @ 5% - now only 9 years to go. Quote Link to comment Share on other sites More sharing options...
Jimmy Neutron Posted January 22, 2009 Share Posted January 22, 2009 30 year? I have a 15 @ 5% - now only 9 years to go. Yeah, 30. I'd take a 15 at 5%, but it's not what the wife wants to do. Quote Link to comment Share on other sites More sharing options...
Cunning Runt Posted January 22, 2009 Share Posted January 22, 2009 (edited) Working on a 4.6% refi right now. Cost me a point, but I locked in at 4.375 on a 15yr refinance. Well worth it IMO. If I make the same payment as I had been instead of the new minimum I'll knock about $40k off my interest over the life of the loan and pay the house off a few years quicker. And I intend to do that - probably just a little more even. The nice thing is that if money were to become tight, which knock on wood - hasn't been the case, the minimum is lower by a nice amount than what it is now. I do plan on being there a while so a 2 full point drop, albeit with that point in costs, made tons of sense to me. Close on it in a week or two. Good luck on yours. Edited January 22, 2009 by Cunning Runt Quote Link to comment Share on other sites More sharing options...
Jimmy Neutron Posted January 22, 2009 Share Posted January 22, 2009 Cost me a point, but I locked in at 4.375 on a 15yr refinance. Well worth it IMO. If I make the same payment as I had been instead of the new minimum I'll knock about $40k off my interest over the life of the loan and pay the house off a few years quicker. And I intend to do that - probably just a little more even. The nice thing is that if money were to become tight, which knock on wood - hasn't been the case, the minimum is lower by a nice amount than what it is now. I do plan on being there a while so a 2 full point drop, albeit with that point in costs, made tons of sense to me. Close on it in a week or two. Good luck on yours. Nice! Tried this approach with the wife, but we are short on cash after the holidays. She wouldn't even go for the 15 yr at 5.15 or something like that. She's more worried about cash flow in the near future. I can't say she's wrong, but I'd love to pay our home off sooner rather than later. Quote Link to comment Share on other sites More sharing options...
Cunning Runt Posted January 22, 2009 Share Posted January 22, 2009 Nice! Tried this approach with the wife, but we are short on cash after the holidays. She wouldn't even go for the 15 yr at 5.15 or something like that. She's more worried about cash flow in the near future. I can't say she's wrong, but I'd love to pay our home off sooner rather than later. I feel ya. Like I said. Good luck with things. Rates are too good not to do something if you can. Quote Link to comment Share on other sites More sharing options...
Footballjoe Posted January 22, 2009 Share Posted January 22, 2009 If you take out a 30 yr and get your payment managable, then add a extra payment once or twice a year and you knock off quite a bit off the interest and get it paid off sooner. At the same time you are not putting yourself in a bind if the cash is tight. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted January 22, 2009 Share Posted January 22, 2009 Nice! Tried this approach with the wife, but we are short on cash after the holidays. She wouldn't even go for the 15 yr at 5.15 or something like that. She's more worried about cash flow in the near future. I can't say she's wrong, but I'd love to pay our home off sooner rather than later. The 15 should be lower rate than the 30, though the payments would be higher of course. Quote Link to comment Share on other sites More sharing options...
Jimmy Neutron Posted January 22, 2009 Share Posted January 22, 2009 The 15 should be lower rate than the 30, though the payments would be higher of course. Yeah, I thought that was strange. I didn't have my wife check with the gal she talked to because the 15 year options was out. Quote Link to comment Share on other sites More sharing options...
I Like Soup Posted January 22, 2009 Share Posted January 22, 2009 Working on a 4.6% refi right now. Who are you using? I was hoping to do a VA Streamline (no income verification, no employment verification, they just refi). I'm currently at 5.25% and about 5.5 years in on a 30 yr fixed. I'd like to drop that to 4.75% at no cost to me, but it was sitting at around 5%. Quote Link to comment Share on other sites More sharing options...
irish Posted January 22, 2009 Share Posted January 22, 2009 Just looking to help out those looking to refi or make some type of move. I just refinanced myself with Jersey Mortgage and locked in a 30 yr. for 4.625%. If anyone is local and looking to do the same feel free to PM me for details. The lady I worked with is someone I've been dealing with for years now and she told me that many refies are falling through because of poor appraisals (when it comes to cashing out) and credit scores. Quote Link to comment Share on other sites More sharing options...
Ramhock Posted January 22, 2009 Share Posted January 22, 2009 Who are you using? I was hoping to do a VA Streamline (no income verification, no employment verification, they just refi). I'm currently at 5.25% and about 5.5 years in on a 30 yr fixed. I'd like to drop that to 4.75% at no cost to me, but it was sitting at around 5%. The streamline starts your 30 yrs over & your balance w/b higher by the amount of the FHA insurance to s/u your current mortgage. Go to the FHA website & there is an explanation about streamlines. 5.25% is an awesome rate. There are costs involved, again rolled into your new loan amount. Quote Link to comment Share on other sites More sharing options...
I Like Soup Posted January 22, 2009 Share Posted January 22, 2009 The streamline starts your 30 yrs over & your balance w/b higher by the amount of the FHA insurance to s/u your current mortgage. Go to the FHA website & there is an explanation about streamlines. 5.25% is an awesome rate. There are costs involved, again rolled into your new loan amount. Well, I understood that I would begin my 30 yrs over and am ok with that since 1) I won't be in this house for 30 yrs, and 2) I was more looking at the extra $164 a month of cash it would free up. But, the only other amount I was told it would cost would be I would have to cover escrow (taxes and insurance), which would be given back to me after all of the paperwork was done. I wasn't going to roll that in to the loan since I want to reduce the loan amount and I can front the money since I'll be getting it back within a month or so. I was told then, that it would be at no cost. What is this FHA insurance that you speak of? Quote Link to comment Share on other sites More sharing options...
i_am_the_swammi Posted January 22, 2009 Share Posted January 22, 2009 Careful math needed on the refi's guys. if you are well into an existing 25 or 30 year mortgage, you have obviously paid a lot of interest, and now are finally beginning to pay off a chunk of your prinicpal. By refinancing, you are essentially starting the eniter process over again, and the lion's share of your new payment will again be interest. So while your monthly payment my indeed be $100-200 less than it had been prior to the refi, the larger percentage of the payment is going into the bank's pockets. Do the math. Quote Link to comment Share on other sites More sharing options...
whoopazz Posted January 22, 2009 Share Posted January 22, 2009 Careful math needed on the refi's guys. if you are well into an existing 25 or 30 year mortgage, you have obviously paid a lot of interest, and now are finally beginning to pay off a chunk of your prinicpal. By refinancing, you are essentially starting the eniter process over again, and the lion's share of your new payment will again be interest. So while your monthly payment my indeed be $100-200 less than it had been prior to the refi, the larger percentage of the payment is going into the bank's pockets. Do the math. I'm 10 years in on a fixed 30 year at 6-1/8 Quote Link to comment Share on other sites More sharing options...
Missoula Griz Posted January 22, 2009 Author Share Posted January 22, 2009 I'm 10 years in on a fixed 30 year at 6-1/8 I would refi into a 15 year and cut 5 years off the life of your loan. PM if you need info. Quote Link to comment Share on other sites More sharing options...
Missoula Griz Posted January 22, 2009 Author Share Posted January 22, 2009 Careful math needed on the refi's guys. if you are well into an existing 25 or 30 year mortgage, you have obviously paid a lot of interest, and now are finally beginning to pay off a chunk of your prinicpal. By refinancing, you are essentially starting the eniter process over again, and the lion's share of your new payment will again be interest. So while your monthly payment my indeed be $100-200 less than it had been prior to the refi, the larger percentage of the payment is going into the bank's pockets. Do the math. No, just do a 20 year loan. Quote Link to comment Share on other sites More sharing options...
Missoula Griz Posted January 22, 2009 Author Share Posted January 22, 2009 What is this FHA insurance that you speak of? For instance if your base note amount is $200,000, your adjusted loan amount on FHA will be $203,000. They charge you an upfront MIP cost of 1.5% on base loan amount. The mortgage insurance factor will be around .50, which on a $203,000 loan comes to $84.58 per month. You are required to carry MI on an FHA loan for 5 years. After 5 years if you can prove you are in a 20% equity position the monthly MI will be waived. We are funding over 117 million in FHA streamlines on Friday 1/30/2009. We will tap out every one of our warehouse lines. Quote Link to comment Share on other sites More sharing options...
I Like Soup Posted January 22, 2009 Share Posted January 22, 2009 Careful math needed on the refi's guys. if you are well into an existing 25 or 30 year mortgage, you have obviously paid a lot of interest, and now are finally beginning to pay off a chunk of your prinicpal. By refinancing, you are essentially starting the eniter process over again, and the lion's share of your new payment will again be interest. So while your monthly payment my indeed be $100-200 less than it had been prior to the refi, the larger percentage of the payment is going into the bank's pockets. Do the math. Oh, I'm anal enough to do the math. I've got an excel spreadsheet that does the amortization. Currently, after 5.5 years of making payments at 5.25%, my interest payment portion is $879.86. If I were to refinance at the rate I was close to getting (4.75% and going back to 30 yrs), the payment interest portion would be $794.76. Now, if you wanna get even more in to the numbers, I could apply the amount I'm saving per month and put in to the loan and pay it off in 22.5 years vs my current 24.5 years remaining. So, while I hear ya, I did in fact do the math. And it works out. For instance if your base note amount is $200,000, your adjusted loan amount on FHA will be $203,000. They charge you an upfront MIP cost of 1.5% on base loan amount. The mortgage insurance factor will be around .50, which on a $203,000 loan comes to $84.58 per month. You are required to carry MI on an FHA loan for 5 years. After 5 years if you can prove you are in a 20% equity position the monthly MI will be waived. We are funding over 117 million in FHA streamlines on Friday 1/30/2009. We will tap out every one of our warehouse lines. OK, I'm not talking an FHA loan. VA loan here...even when I bought my house brand new, no need for mortgage insurance. Quote Link to comment Share on other sites More sharing options...
i_am_the_swammi Posted January 22, 2009 Share Posted January 22, 2009 I would refi into a 15 year and cut 5 years off the life of your loan. PM if you need info. yep No, just do a 20 year loan. and yep Quote Link to comment Share on other sites More sharing options...
Scooby Posted January 22, 2009 Share Posted January 22, 2009 I heard it's not wise to refi until the rate is 2 percentage pts lower than what you're currently paying? Guess that means I'll be waiting for 3.875% Quote Link to comment Share on other sites More sharing options...
I Like Soup Posted January 22, 2009 Share Posted January 22, 2009 I heard it's not wise to refi until the rate is 2 percentage pts lower than what you're currently paying? Guess that means I'll be waiting for 3.875% I would guess it depends on your reason for refinance. I've heard the rule of thumb is a percentage point. Heck, even a half a percentage point is worth it to me. Quote Link to comment Share on other sites More sharing options...
muck Posted January 23, 2009 Share Posted January 23, 2009 Any update on the world of Jumbo mortgages? Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.