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I closed with 15 year 2.875 with cost of $375 with Union Savings bank in Columbus, OH. My lender said they have this program for people that have equity, and only one mortgage. I'm self employed and it went pretty smooth.PM me if you would like my contact person.
We are closing on a new home in about 30-45 days and hoping to get down to at least 3.375.. What are the costs?Just accepted a counter offer to purchase a home. Looking at a 3.375% 30 year conventional fixed.
Fairly standard- $2,500-3,500ish. I have a pretty good hook up. A guy I work with on referrals. He can only do Illinois loans though, otherwise I would give you his info. I actually have a friend that I know in Cali that I think may be able to do Texas. If I was not working with my guy- I would work with him. He has got some amazing deals done that I know about in the past. If interested, PM me.We are closing on a new home in about 30-45 days and hoping to get down to at least 3.375.. What are the costs?Just accepted a counter offer to purchase a home. Looking at a 3.375% 30 year conventional fixed.
Closing 10/12, 30yr Wells Fargo, 2 units, 3.6% with 2 points back and going towards closing costs.203k, also getting 35k to put in a new kitchen, central A/C(don't ask), floors redone, and a screened in patio conversion of the back carport.
This. No points. Total Costs $350. Now I'm thinking about going to a 30 year when they hit 3.25 without any closing costs.
I was just wondering on the costs. We have to finance thru the builder (don't "have to" but they make it difficult to go outside). They pay 3/4 of the closing costs.Fairly standard- $2,500-3,500ish. I have a pretty good hook up. A guy I work with on referrals. He can only do Illinois loans though, otherwise I would give you his info. I actually have a friend that I know in Cali that I think may be able to do Texas. If I was not working with my guy- I would work with him. He has got some amazing deals done that I know about in the past. If interested, PM me.We are closing on a new home in about 30-45 days and hoping to get down to at least 3.375.. What are the costs?Just accepted a counter offer to purchase a home. Looking at a 3.375% 30 year conventional fixed.
The extra cash flow is awesome. I am someone who is pretty neutral on paying off your mortgage. Basically, I see it as a case by case basis. But at mid 3% for a 30 year fixed- I think for most people the 'smart' thing would be to pay the minimum and use the extra cash in 'smart' ways.After some more research, I am seriously considering, taking my 20 and getting another 20 (paid down 2 years so far). And possibly another 30
I am skipping the tax question because my knowledge is extremely light in that area. Typically, you are getting the best rates possible with 20% down. Poor credit- no. I really don't think anyone would lend to someone a second home on poor credit in this environment. Mediocre, perhaps. It really depends on how mediocre and how the other parts of the loan looks (like debt to income ratio).
What if the primary is solely owed by my wife and I'm not on the note?
Yes. And taxes, insurance, repairs, rental expenses, gas/miles driving to and from the property to work on it or show it. All of it goes on schedule E.As for qualifying, YMMV, but 20% down would be ideal. Anything less, and it gets more complicated.
He said second house, not investment property.
Second home, can still deduct interest and taxes. The rest above, no. If you rent it out though, you'd get all that I put above, plus you can depreciate it. When I think of a second home, I think deductions.
Totally agree, I'm thinking of taking out 25k on top of what I owe to pay for home improvements we've been putting off, getting the 30 year, lowering my monthly payment about 500 and using that for retirement/college investments. And like I said worst case my mortgage has dropped.My finance guy told me don't worry about paying off the house if you can free up that much cash and do the "right" thing with it, you'll never get a loan for 3% again. Seriously consider "moving" backward, to be able to move forward. We plan on living here for about 10 more years.The extra cash flow is awesome. I am someone who is pretty neutral on paying off your mortgage. Basically, I see it as a case by case basis. But at mid 3% for a 30 year fixed- I think for most people the 'smart' thing would be to pay the minimum and use the extra cash in 'smart' ways.After some more research, I am seriously considering, taking my 20 and getting another 20 (paid down 2 years so far). And possibly another 30
Really the only thing that that will help with is your DTI being better (not showing the mortgage payment). Underwriting will be tighter on a second/vacation home. The reason being that if you are in trouble the property you are going to stop paying on first is that second/vacation home versus your owner occupied property. If your credit is not so good- the best thing would be to repair that and then take a swing at it. If you want, PM me and we can dig into this a bit more.
HARP is Fannie/Freddie program to help re-fi's specially targeted towards those who might otherwise not be able to re-fi.'Goat Herders said:
PM me. I'll ask a few questions- might have some options for you. But off the top of my head, I don't have the answer for you. It really depends on a bunch of variables. The best way to figure out if it makes sense is figuring out your breakeven point and then putting that up against how long you expect to be in the property.
High five.Me too on a refi... Waiting for appraisal
We just got nailed on a home purchase. Appraisal came in $80k under the agreed sales price. The comps were way out of whack, we're working with Wells Fargo to correct some of this but there is no way the appraisal is going to come up $80k...be lucky to slice it in half. Seller is going to either pull back/out or will have to come down even further. We already had put an offer in $70k under the asking price.Miami
Fantastic rate with no points. Let's see what the employment numbers come in at on Friday, this tends to be a market mover if well below or well above consensus. Remember to get a breakdown of closing costs before proceeding with a mortgage application.Just refinanced. From 30yr 5% to 15yr 2.75%.
I'll let you know, I'm nervous.I know I'm going backwards, I went from 18 years left to a 30 with a cash out. I'm pulling about 35k out to help with college and upgrade our home. I know it's a step "backwards" but I'm freeing up a little over 400 a month and paying 3.375 % on 35k, which would be tough to do.We plan on living here the next 10-15 years so I was ok with it.
Locked.Yesterday, my broker offered me 2.625% w/ $2800 in closing cost credits on a 5/1 FHA Streamline (or 2.5 w/ $2000 in credits). I'm waiting for confirmation that we locked.
I am in the same boat, although I don't need any cash out. I plan to be in my home for a long time, at least 10-15 years. I am just thinking about how nice it will be to be paying 3% interest (tax deductible for now) for a long time. I like the idea of the big increase in cash flow from dropping the interest rate a ton and extending payments. I figured out that if I wanted to put the extra into the payments each month I would still pay less than my current 18 years left. At some point rates will go up and 3% will be a really nice rate to have for a long time. I think I would rather bank the difference and hopefully get a higher return and the financial flexbility.ETA: Based on my current interest rate, it isn't really backwards. If I continue to pay the exact same amount monthly with the lower rate, I would pay the loan off in 15 years. That is how big the monthly difference is when dropping the interest a lot and going from 18 to 30. When you talk about a period of 18 years, it should be easy to beat a return of 3% and if the difference in return is decent enough, may have enough to pay it all off at 18 and have a sizable amount left over.'belljr said:I'll let you know, I'm nervous.I know I'm going backwards, I went from 18 years left to a 30 with a cash out. I'm pulling about 35k out to help with college and upgrade our home. I know it's a step "backwards" but I'm freeing up a little over 400 a month and paying 3.375 % on 35k, which would be tough to do.We plan on living here the next 10-15 years so I was ok with it.'johnnyrock62000 said:
So you don't refi elsewhere. If they are just dropping your rate and not changing the length, seems decent. You can call a broker/use a reputable online site and just ask them what a refi could be for you and compare the two. The free re-fi may be nice, but even with just a couple hours of "work" you might do a lot better.'Dought Man said:
Right if I get motivated, I can still pay it off in the same amount of time. I thought about going to a 30 with just my current amount and really freeing up the monthly cash flow. If I took my current loan to term, I would have paid 124k in interest. IF I cash out and refi the higher amount it's about 157k interest. And that's assuming I go full term. Our plan short term is to use the monthly cash flow towards college and use the cash out to remodel. I don't want to remodel but the wife does and we really do need too. After college, I'll go back to paying down but having a cushion if I need it.I just need the appraisal to come through where I want it, if it doesn't I still may just re-fi at a lower amount to create a monthly cash flow. Feeling better about our decision right now. It was a tough one.I am in the same boat, although I don't need any cash out. I plan to be in my home for a long time, at least 10-15 years. I am just thinking about how nice it will be to be paying 3% interest (tax deductible for now) for a long time. I like the idea of the big increase in cash flow from dropping the interest rate a ton and extending payments. I figured out that if I wanted to put the extra into the payments each month I would still pay less than my current 18 years left. At some point rates will go up and 3% will be a really nice rate to have for a long time. I think I would rather bank the difference and hopefully get a higher return and the financial flexbility.ETA: Based on my current interest rate, it isn't really backwards. If I continue to pay the exact same amount monthly with the lower rate, I would pay the loan off in 15 years. That is how big the monthly difference is when dropping the interest a lot and going from 18 to 30. When you talk about a period of 18 years, it should be easy to beat a return of 3% and if the difference in return is decent enough, may have enough to pay it all off at 18 and have a sizable amount left over.'belljr said:I'll let you know, I'm nervous.I know I'm going backwards, I went from 18 years left to a 30 with a cash out. I'm pulling about 35k out to help with college and upgrade our home. I know it's a step "backwards" but I'm freeing up a little over 400 a month and paying 3.375 % on 35k, which would be tough to do.We plan on living here the next 10-15 years so I was ok with it.'johnnyrock62000 said:
3.375. If I base off my appraisal from 2010..... I'm 67% LTV. I'm trying to refi at approxiamtely 75% LTV.Part of the deal is to close my current heloc. But if I can do a 75% LTV, I'm going to try to open a 5% HELOC next year Could go lower if I wanted to buy points but that's not going to happen
Thanks. Must be the LTV then. HARP doesn't allow you to put the HELOC in refi but includes it in figuring the LTV. Guess that makes sense. No PMI on the HARP though, otherwise it wouldn't pencil out. Another point lower on the rate would sure be nice though.
Makes sense to me. Appraisal shouldn't be a problem at all for me, pretty sure we easily have the 20%+ and for me it isn't about remodeling or college. I still have a while before college and our home is only 6 years old and we built it to be everything we wanted. Still stuff to do, but more "finishing" work, nothing real expensive. I just like the idea of the cash flow to build up a nice egg for anything from college to paying for new cars with cash. I understand the whole getting the house paid off as soon as possible, but personally, I think I would rather have as much cash as I can get and try and beat the return. That makes me more comfortable. When the kids are out of college in 17 years (damn), we will hopefully be on to our next step and maybe downsize.Right if I get motivated, I can still pay it off in the same amount of time. I thought about going to a 30 with just my current amount and really freeing up the monthly cash flow. If I took my current loan to term, I would have paid 124k in interest. IF I cash out and refi the higher amount it's about 157k interest. And that's assuming I go full term. Our plan short term is to use the monthly cash flow towards college and use the cash out to remodel. I don't want to remodel but the wife does and we really do need too. After college, I'll go back to paying down but having a cushion if I need it.I just need the appraisal to come through where I want it, if it doesn't I still may just re-fi at a lower amount to create a monthly cash flow. Feeling better about our decision right now. It was a tough one.I am in the same boat, although I don't need any cash out. I plan to be in my home for a long time, at least 10-15 years. I am just thinking about how nice it will be to be paying 3% interest (tax deductible for now) for a long time. I like the idea of the big increase in cash flow from dropping the interest rate a ton and extending payments. I figured out that if I wanted to put the extra into the payments each month I would still pay less than my current 18 years left. At some point rates will go up and 3% will be a really nice rate to have for a long time. I think I would rather bank the difference and hopefully get a higher return and the financial flexbility.ETA: Based on my current interest rate, it isn't really backwards. If I continue to pay the exact same amount monthly with the lower rate, I would pay the loan off in 15 years. That is how big the monthly difference is when dropping the interest a lot and going from 18 to 30. When you talk about a period of 18 years, it should be easy to beat a return of 3% and if the difference in return is decent enough, may have enough to pay it all off at 18 and have a sizable amount left over.'belljr said:I'll let you know, I'm nervous.I know I'm going backwards, I went from 18 years left to a 30 with a cash out. I'm pulling about 35k out to help with college and upgrade our home. I know it's a step "backwards" but I'm freeing up a little over 400 a month and paying 3.375 % on 35k, which would be tough to do.We plan on living here the next 10-15 years so I was ok with it.'johnnyrock62000 said:
Well I have a 7 year old alsoMakes sense to me. Appraisal shouldn't be a problem at all for me, pretty sure we easily have the 20%+ and for me it isn't about remodeling or college. I still have a while before college and our home is only 6 years old and we built it to be everything we wanted. Still stuff to do, but more "finishing" work, nothing real expensive. I just like the idea of the cash flow to build up a nice egg for anything from college to paying for new cars with cash. I understand the whole getting the house paid off as soon as possible, but personally, I think I would rather have as much cash as I can get and try and beat the return. That makes me more comfortable. When the kids are out of college in 17 years (damn), we will hopefully be on to our next step and maybe downsize.Right if I get motivated, I can still pay it off in the same amount of time. I thought about going to a 30 with just my current amount and really freeing up the monthly cash flow. If I took my current loan to term, I would have paid 124k in interest. IF I cash out and refi the higher amount it's about 157k interest. And that's assuming I go full term. Our plan short term is to use the monthly cash flow towards college and use the cash out to remodel. I don't want to remodel but the wife does and we really do need too. After college, I'll go back to paying down but having a cushion if I need it.I just need the appraisal to come through where I want it, if it doesn't I still may just re-fi at a lower amount to create a monthly cash flow. Feeling better about our decision right now. It was a tough one.I am in the same boat, although I don't need any cash out. I plan to be in my home for a long time, at least 10-15 years. I am just thinking about how nice it will be to be paying 3% interest (tax deductible for now) for a long time. I like the idea of the big increase in cash flow from dropping the interest rate a ton and extending payments. I figured out that if I wanted to put the extra into the payments each month I would still pay less than my current 18 years left. At some point rates will go up and 3% will be a really nice rate to have for a long time. I think I would rather bank the difference and hopefully get a higher return and the financial flexbility.ETA: Based on my current interest rate, it isn't really backwards. If I continue to pay the exact same amount monthly with the lower rate, I would pay the loan off in 15 years. That is how big the monthly difference is when dropping the interest a lot and going from 18 to 30. When you talk about a period of 18 years, it should be easy to beat a return of 3% and if the difference in return is decent enough, may have enough to pay it all off at 18 and have a sizable amount left over.'belljr said:I'll let you know, I'm nervous.I know I'm going backwards, I went from 18 years left to a 30 with a cash out. I'm pulling about 35k out to help with college and upgrade our home. I know it's a step "backwards" but I'm freeing up a little over 400 a month and paying 3.375 % on 35k, which would be tough to do.We plan on living here the next 10-15 years so I was ok with it.'johnnyrock62000 said:
but I hear ya. I should say this, the appraisal isn't a huge concern but in 2010 the house appraised for exactly what it did in 2003. Obviously I missed the years of the huge appraisals but I'm just concerned at a number that enables me to pull out the amount I want/need. I'm close to 34% based off my old appraisal. I have plenty of wiggle room, just concerned for our "maximum" amount
A lot of times banks/mortgage companies push the rate up above the current going rate to cover closing costs. 15 year rates have been stuck at 2.75% for the last 60-90 days. Anyway in your case this was a good deal if your closing costs were $375 and nothing added back to your loan.
I just had a loan application where the customer said his value of the property was $180K. Appraisal came in at $100K. I just had another conversation with a customer who may apply with me on Monday but was expressing his displeasure about how a previous application, the appraisal came in alot lower than he thinks the house is worth. He seemed to be under the impression that the banks do the appraisals or control the appraisal process. I tried to give him a high level over view of the appraisal process and he kept on wanting to get into details- basically thinking he can do the appraisal better than someone who does it for a living. He kept bringing up things that really have either no or almost no impact on property value and dismissing comps, which are the best indicator of property value. Should be a fun appointment Monday.'johnnyrock62000 said:
If it is a full appraisal then it would be hard to challenge it unless there is an actual error (e.g. they did not incorporate your finished basement within the price). The electronic valuations (used mostly on equity products) can be challenged (with most banks) by showing comps that would suggest a higher valuation- then the bank typically will upgrade the appraisal. If your appraisal is scheduled and well before the closing of the loan- then no reason to waive it. If you are under the time time wise, then you likely won't want to end up risking not closing on time.
Appraisal is tommorrow. CLosing is scheduled for the 30th.Thanks
