3.25% - 10 yr Refi at no cost?

[stockrex]

Originally Posted By: gathermewool
Originally Posted By: 69GTX
Originally Posted By: eljefino
Do you own more than half your house?

Can you get a HELOC and just pay off the 1st mortgage with it?

+2 on Navy Federal Credit Union. Way less shade.



I own 65-70% of the property now. PMI shouldn't even be an issue. Which is strange that it even showed up on the paperwork. I didn't even have PMI when I first opened the loan as the VA didn't require it...or guarantees it.

I considered a HELOC but really didn't want to assume another loan to pay off a current loan. Might as well find a way to pay off the mortgage myself shedding assets as needed. After 21 yrs with a mortgage, and still looking at "wasting" $10,000 over the next 10 years in interest with a 3.30% APR REFI....maybe the only reasonable path is to pay it off as soon as possible. I'll look into the HELOC further though.

I never got to 1st base with Quicken as their rep ticked me off when they wouldn't even give an idea of what kind of rate/package to expect before giving all my personal information. Not even a "gross" estimate. Since their own on-line advertising claimed they could give me that information w/o "personal information," I found it quite aggravating that it was just a baited tactic. I have no use for that kind of stuff.


I always wondered about those "quotes". How could anyone give you any sort of reasonable quote without any information. I would think a credit check would be the LEAST they would need to give you a ballpark figure.


not always, those QL employees need to keep track of the work they do, they are accountable for performance metrics, hence the need for valid information.

 

[69GTX]

Originally Posted By: dja4260
I recently refinanced and was paid $1800. If it makes sense for you, go for it.


Now how did you do that? The lenders competed for your loan it was so good? That's why we have these threads. You never know.

My loan officer got back to me and said we should talk further on the loan docs they sent out last week. They are adamant they are willing to do such a 3.25% REFI without any costs to me other than me covering a few months of escrow....which is eventually returned later. So we'll go at it again tomorrow. But, if I can find someone else who wants to pay me $1800, I'll do that, and even take a slightly higher rate. What lenders did you guys use? Why would they want your business so badly to lower rates, skip a payment or two, and give you cash too? I suspect the rates could have been lowered even further if you passed on the skip payment/cash payouts?

Lenders try to make it seem like they're doing you a HUGE favor to take over your loan. I've seen half a dozen properties in my neighborhood go into foreclosure where nothing happens for a couple of years, while the properties turn into wrecks. They eventually got sold and renovated. But don't these lenders have a lick of sense to keep the roofs from failing further or letting varmits run wild (squirrels, mice, chipmunks) while the vacant property decays? I don't get it.

 

[dja4260]

Originally Posted By: 69GTX
Originally Posted By: dja4260
I recently refinanced and was paid $1800. If it makes sense for you, go for it.


Now how did you do that? The lenders competed for your loan it was so good? That's why we have these threads. You never know.

My loan officer got back to me and said we should talk further on the loan docs they sent out last week. They are adamant they are willing to do such a 3.25% REFI without any costs to me other than me covering a few months of escrow....which is eventually returned later. So we'll go at it again tomorrow. But, if I can find someone else who wants to pay me $1800, I'll do that, and even take a slightly higher rate. What lenders did you guys use? Why would they want your business so badly to lower rates, skip a payment or two, and give you cash too? I suspect the rates could have been lowered even further if you passed on the skip payment/cash payouts?

Lenders try to make it seem like they're doing you a HUGE favor to take over your loan. I've seen half a dozen properties in my neighborhood go into foreclosure where nothing happens for a couple of years, while the properties turn into wrecks. They eventually got sold and renovated. But don't these lenders have a lick of sense to keep the roofs from failing further or letting varmits run wild (squirrels, mice, chipmunks) while the vacant property decays? I don't get it.


I shop around and get the best rate and closing cost possible.

 

[99Saturn]

Not saying you are but don't confuse no cash with no cost, one rolls settlement costs into the balance of the loan, the other, in a general sense, into the rate.

The lender should be able to discuss what the rate would be if you covered the closing costs, which might shed some light on all the moving parts of the estimates you're getting... or add to the confusion.

"Getting paid at closing" could be explained through cash out refinances, but there are probably other incentives originators can offer.

 

[stockrex]

Originally Posted By: 99Saturn
Not saying you are but don't confuse no cash with no cost, one rolls settlement costs into the balance of the loan, the other, in a general sense, into the rate.

The lender should be able to discuss what the rate would be if you covered the closing costs, which might shed some light on all the moving parts of the estimates you're getting... or add to the confusion.

"Getting paid at closing" could be explained through cash out refinances, but there are probably other incentives originators can offer.

no free lunch!
you compare apples to whatever gluten free snack you pick you need to ask them for a breakdown, some of them offer teaser rates but you are actually buying it down i.e. points.

One simple way to calculate is to ask for a loan for the same amount from each lender and see how much you will be paying out in TOTAL.

Which will look like:
$100000
Interest $190,000
Principal $100,000
Fees $2000

 

[PandaBear]

A lot of refinance agents lie about the definition of No Cost.

Some said it is against the law to waive certain fee, while others said you can get a loan that has refund to your escrow account (or cash but you have to include as 1099 income) to compensate for the amount of fee you pay, this typically comes with a slightly higher interest.

Layout all the details and compare. I personally found that only those agents from far away in low cost of living area has better rate and lower fee, not the large banks. They can afford to take less and pass on the savings I guess?