Regardless, we are very much hijacking this thread about refinancing to talk about health insurance. So I’ll let it die and just say that we can agree to disagree. I obviously have a bias since I’m intimately involved in one side of the argument, but I also think I have a better than average understanding of the mechanics. [Reply]
Thanks CP. Because of this thread I reached out to my lender and locked 2.875% two weeks ago, and now FM/FM are trying to deep dick the market with a cash grab which will be passed onto consumers. I narrowly avoided a $2500 fee. If your rate isn’t locked as of yesterday, sorry pal.
Just bought my first house a little over a month ago for $221K at a rate of 2.62%, with zero dollars put down. Mine was a bit of a special case though, bought the house from a family friend, so no realtor costs or any of that, on a VA loan. Still, I think it's a great deal. [Reply]
If I have a HELOC with $14k left on it, would now be a smart time to do a cash out refinance to pay off the HELOC and also hopefully lower my current mortgage payment (I purchased the house 3 years ago at 3.4%). I obviously know I need to speak to a loan officer about this, but figured someone on here might be able to tell me if it's even worth pursuing. [Reply]
Originally Posted by Bill Brasky:
Thanks CP. Because of this thread I reached out to my lender and locked 2.875% two weeks ago, and now FM/FM are trying to deep dick the market with a cash grab which will be passed onto consumers. I narrowly avoided a $2500 fee. If your rate isn’t locked as of yesterday, sorry pal.
Edit: refied from 4.62 -> 3.5 -> 2.875 in about 12 months. Saved about $155k over the life of the loan. Pretty ****in’ horny.
Reading that article and this stuck out:
Originally Posted by :
If lenders cannot complete those loans by Sept. 1, they will be forced to pay the fee. However, if a borrower had not yet locked in a rate with their lender, the cost of the new fee would be passed on to them in most cases.
The new fee goes into effect Sept. 1, so that would mean that if you have a locked in rate and your loan is in the pipeline, before 9/1, your lender would be on the hook for the fee. Am I seeing that correctly? [Reply]
Originally Posted by kepp:
Reading that article and this stuck out:
The new fee goes into effect Sept. 1, so that would mean that if you have a locked in rate and your loan is in the pipeline, before 9/1, your lender would be on the hook for the fee. Am I seeing that correctly?
That is exactly correct. Here is the email from my lender:
Hi guys!
It will not affect you guys, but it will affect our bank. This is just terrible what they are doing and not giving us time.
So, we are trying to get your loan closed as fast as we can, and hopefully be able to get the loan sold to Fannie before the 31st of this month. It takes us about a week to package the loan and sell it to Fannie. If you guys can help us get it done quickly, I know our bank would be ver appreciative!
Just for reference, if our locked August loans don’t make it to Fannie by the 31st. It will cost our bank 1.5M.
Just imagine how much that would be for bigger banks. Ugh!
More soon! [Reply]
Originally Posted by Marco Polo:
Closed a few weeks ago on a 30-year refi for 2.875%, down from my current 3.875%. ROI on costs will be just five months!
That’s really great. I imagine a lot of people locking at the same time will get the same 2.875 rate for 30 year loans. It feels so good to save that kind of money. [Reply]
I just closed on a refi today. I had a little under 18 years left on my current mortgage. I bought the house in 2018 and wanted to make some major upgrades by adding a central air system, and basement heating and dehumidification. So I borrowed an additional $20,000 at a refi rate of 2.625%.
Even though I added two years and $20,000 to my current note, my payment went down $20 a month, I saved $7,800 on the total payoff, and it paid for all the work I had done to the house. For me, it was a no-brainer. [Reply]
Originally Posted by penchief:
I just closed on a refi today. I had a little under 18 years left on my current mortgage. I bought the house in 2018 and wanted to make some major upgrades by adding a central air system, and basement heating and dehumidification. So I borrowed an additional $20,000 at a refi rate of 2.625%.
Even though I added two years and $20,000 to my current note, my payment went down $20 a month, I saved $7,800 on the total payoff, and it paid for all the work I had done to the house. For me, it was a no-brainer.
Adding central air is no joke. What part of the country are you in where you didn’t have that in that in the first place? How did the addition work? [Reply]
Originally Posted by Bill Brasky:
Adding central air is no joke. What part of the country are you in where you didn’t have that in that in the first place? How did the addition work?
Upstate NY. It works fantastic. It's actually a five zone mini split system. The house is a stone and brick ranch and the way it was built didn't accommodate ducting for a traditional central air system. It's a nice house so I always wondered why in the heck nobody ever had central air installed. I got my answer when the HVAC guys came out to give me estimates. [Reply]
Refi to a 10 year note at 2.75 back in Nov 2016 on the remaining 300,000. I doubt I could do better from here on out. Paying extra on principle now to get it paid off in 4 more years. [Reply]
