LaCostaRacer

I'm back at it trying to REFI our rental property. Hopefully rates will remain stable or drop a little more this week so I can lock in to a 4.875% investor properly loan. The promised closing cost is about $1000 so it's almost a no-brainer going down from a 5.875% at that cost.

LaCostaRacer

Locked in with these terms and no impound account today. It's hard to imagine rates getting much lower but you never know.

Moog-Type-S

I'm locked in for another refi.

juniorbean

iTrader: (5)

We started the process ourselves.. should be finalized in a few days (likely mid-week next week). We'll see

doopstr

congrats, great rates. I ran my numbers and no point in doing it.

CGTSX2004

iTrader: (1)

Wife and I are working through the paperwork on one now. Rolling our second mortgage in with the first and we're still down about $280/month on our payment.

Dr. Colorado

Yeah I wasn't going to get much lower than 4.6% on my jumbo so I kept status quo.

Moog-Type-S

50 year low today for mortgage rates....nuts!

LaCostaRacer

^ yep there is a huge increase in refis and banks are now suggesting 40-50 day locks because there is too much business- according to my broker. There was a hiccup on my lock apparently and I wound up with a 15yr loan in inspecting the docs today. I suggested to the broker that he get me a 30yr like we agreed to so maybe I'll get an even better rate tomorrow on this mistake.

Now mortgage business is one binge/purge business- you go from working 60hr weeks to not working at all in all of a few months time.

Latito

I know the way mortgages work are a little different north of the border, but I'm also in the process of refinancing. The rates are just nuts. I've considered going with a fixed rate, but I really don't see rates rising *that* much over the next 5 years so I'm sticking with a variable rate. 2.1%.. yes please.

doopstr

achenator

My mortgage is with Wells Fargo. Was a 6.25 30 year fixed. I'm about 7.5 years in. Have been putting off refi because we are debating selling of paying off. Have the cash to pay off but we would have no savings at this point other than retirement. Didn't want to pay closing costs only to sell or pay off in a year or two.

Got a call from WF a few weeks ago, asking if we wanted to refi. The offered me a 15 year 3.5% with NO closing costs. We did the "close at home" program. They absorbed all CC and all we had to pay for was to get a few documents notarized. I may have been able to get a tenth or two better on the rate had I gone out on my own but would have had a couple grand in closing. Note went up $40 a month but took almost 8 more years off if I decide to go the whole length. A complete no brainer!

Bearcat94

Yep.

We're setting up to refi for 15 yrs. Our P&I should be about the same after rolling our 2nd mortgage/home equity loan in AND cut 3 years off of our term.

LaCostaRacer

Made our first payment on the REFI'd loan last week. Despite all the hassles in doing the paperwork, it was worth it for a 30yr 4.875% loan for our rental.

At our current payment schedule, it should be paid off in 10 years. If interest rates jump up, I'll pay the required payment only and invest the extra principal to a higher yielding investment. It's nice to have options like you have with a fixed rate loan.

NSXNEXT

iTrader: (2)

Just locked in @3.5% Cost me 1.5 points but we have no plans to leave anytime soon.

Best part was our appraisal came back and our house appraised only $3,500 less than it did 1.5 years ago. Couldn't believe that it didn't move. We're in Bucks County PA.

Will save us $241 a month.

'06 Arctic

Going to close on my refi tonight. Got 20 year mortgage for 3.75%, no points. Saving about $90/month on payment, but saving close to $60k on interest versus the 30 year mortgage I had. Also house appraised for almost $40k more than what I paid for it, so I ended up not having to pay PMI anymore.

NSXNEXT

iTrader: (2)

Closing tomorrow. told the wife it's her Valentine's Day present.
Not a big fan of writing that large of a check but almost half of it is escrow which we'll get back when the original mortgage is closed.

doopstr

http://money.cnn.com/2012/07/05/real....htm?hpt=hp_t2
I'm thinking about refi again.

I heard advertising from Valley that says they can do a refi for $500. I checked them out and their rates are not the best. I guess that's how they can do it for $500.

Anyone use Valley?
https://www.valleynationalbank.com/P.../NJPARefi.aspx

doopstr

meh, that Valley place doesn't seem to have good reviews. The mortgage rep at Wells Fargo I used for my last two mortgages replied to my email like he doesn't know who I am. "remind me, do you currently have a mortgage with us?" WTF?, Look it up! Screw him.

Bearcat94

Finally!! completed our refi. Took about 4 months .... for no good reason except gov't (VA) hassles/requirements.


Cut our interest rate by a little less than 1/2, cut our term by 2+ years (had 17+ years left on a 30-yr fixed, refi'd to 15 years fixed) with no overall increase in payment.

We also left the closing table with ~$900 PLUS a refund of ~$2100 from our existing escrow account (new escrow account was fully funding during closing).

I think we'll use that to pay off the (used) Mustang we got last year.





2:00 in the video below is apropos of our getting everything approved (skip to 2:00):

http://youtu.be/rtu9nQoG4WM?t=1m59