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Mortgage Rates (6 Viewers)
- Thread starter MechEng
- Start date
SHIZNITTTT
Footballguy
Any help would be appreciated.
So we are in the middle of a refi when after we got our appraisal done we found out that the title isn't clear? I guess with all the buying and selling of our mortgage over the years someone forgot to release the title to one of the other mortgage companies. I think mortgage company number 2 or 3 is no longer in existence. This has been going on for about 2 weeks with no end is sight. Any tips would be helpful. Thanks.
So we are in the middle of a refi when after we got our appraisal done we found out that the title isn't clear? I guess with all the buying and selling of our mortgage over the years someone forgot to release the title to one of the other mortgage companies. I think mortgage company number 2 or 3 is no longer in existence. This has been going on for about 2 weeks with no end is sight. Any tips would be helpful. Thanks.
Chadstroma
Footballguy
Replied in other thread. It can be messy. It can be cleared in a matter of hours or I had one deal that took months. All depends on the specifics and the paper trail that you have or can get access to.
leftcoastguy7
Footballguy
Do you think rates are still going down? Sounds like the Fed is going to raise them.
Trump says U.S. interest rates must change as Fed weighs rate hike
Zegras11
Footballguy
fantasycurse42
Footballguy Jr.
Technically your statement is correct, but it is more accurate with the one word I added in.
Mortgage rates move with the 10 year Treasury. When the Fed moves the FFR, the 10 year is moving too (or when there is anticipation)... If the FFR was ever to return to a level of 3-4%, you'd see a much higher 30 year, I think this is highly unlikely (or very short lived if it does happen).
I think it is more likely to see a negative yield from the FFR during our next recession, which obviously forces lending, and then makes the mortgage rates even lower than today.
fantasycurse42
Footballguy Jr.
Gundlach said low rates are coming to a close. Normally I could care less what most analysts say, but this guy is worth paying attention to. Might backtrack on my opinion.
Johnny Rock
Footballguy
30-year rates are at 3.625% and may drop further. I’m waiting for an appraisal to be finished so I can do a cash-out refi.
skol asylum
Footballguy
This is what I got in 2013 when I refi-ed. I'm tempted to refi again and pull out a bunch of equity to pay off some other debt. If I did I would also possibly go to a 15 or maybe 20.
ghostguy123
Footballguy
How do you go about doing a cash out re-fi? Meaning, do you go with your existing mortgage company or do you go elsewhere to get that rate?
brun
Footballguy
Cash out or not. You should always shop around for the best deals when doing a refi. The balance on the old mortgage will simply be paid off with proceeds from the new.
gianmarco
Footballguy
Timing was great for our move and got 3.125% on a 10/1 ARM with no points. I've always looked at fixed rates, but this was almost a full point lower than a 30 year fixed for us and couldn't pass it up.
May consider paying the principal down faster during the first 10 years or looking to refi in a few years if rates are similar and keep kicking it down the road.
May consider paying the principal down faster during the first 10 years or looking to refi in a few years if rates are similar and keep kicking it down the road.
russinfortworth
Footballguy
Ok, mortgage finance guys, a little help. Home loan at 3.625. 30/year. 7 years into loan. Balance on loan is now 200K (paid off about 50K). Wife has student loans (45K) that we are paying off (about 7 years left @ 600/month) + due to some very stupid decisions she's accumulated a large credit card debt (don't ask, totally different story).
House would probably appraise around 320-340 (next door newer house just sold for 425, but newer and larger, but we have a pool, which I'm not sure is a benefit anymore, but I digress). Would it behoove us to do a cash out refinance and take the proceeds and pay off the credit card debt and some of the school loan? I'm 53 and she's 48.
House would probably appraise around 320-340 (next door newer house just sold for 425, but newer and larger, but we have a pool, which I'm not sure is a benefit anymore, but I digress). Would it behoove us to do a cash out refinance and take the proceeds and pay off the credit card debt and some of the school loan? I'm 53 and she's 48.
gianmarco
Footballguy
What's the rate on the student loans?
First priority is getting rid of credit card debt as the interest on that has to be sky high. If doing a cash out refi is the only way you get the cash flow in order to do so, then yes. Or, can also consider opening up a HELOC with the equity in the home and still refi your current mortgage to a lower rate.
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gianmarco
Footballguy
Btw, I would also recommend taking a look at CIT bank.
They have high interest savings account options (it's been 2.45% until last couple weeks)
But, I also discovered their mortgage options were better than anywhere else. You will likely have to call to get rates if not a customer, but they were half a point lower than anywhere else I looked.
They have high interest savings account options (it's been 2.45% until last couple weeks)
But, I also discovered their mortgage options were better than anywhere else. You will likely have to call to get rates if not a customer, but they were half a point lower than anywhere else I looked.
Zegras11
Footballguy
ghostguy123
Footballguy
I have 126 months left on my 15 year mortgage at 3.75%.
Would it even make sense and can I even refi to a 10 year at a low enough rate to justify doing it?
How much do fees generally run for a refi?
Would it even make sense and can I even refi to a 10 year at a low enough rate to justify doing it?
How much do fees generally run for a refi?
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culdeus
Footballguy
ghostguy123
Footballguy
culdeus
Footballguy
You need to look at the amortization table. The first 30% of the loan can murder you. If you already have a decent rate often prepaying is your best bet.
gianmarco
Footballguy
It's simply a matter of running the numbers. You know your current payments.
Figure out what the new rate would be and what it would cost you to refi (closing costs, mortgage tax, etc.). Then, you figure out how much you're saving each month and how much time it'll take you to break even with the costs to refi. Anything where you're breaking even in 6-7 years or less, especially with no immediate plans to move makes sense.
ETA -- If you're saving $100 month and total cost to refi is $4000, then you break even after 40 months or just under 3 1/2 years. It's a no brainer. At 4.25%, I can almost guarantee it's worth doing a refi for you. However, unfortunately for you, I think you have to wait 6 months from original loan to refi. You'll have to check with your bank and the terms of your loan. I'd still ask.
1 last point -- This isn't the "true" cost as it depends on what you're doing with the $4000 over the next 3 years and the interest you earn on it. But for all intents and purposes, it's close enough to figure it out this way.
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Zegras11
Footballguy
Zegras11
Footballguy
gianmarco
Footballguy
It's not, that doesn't make sense. The tables don't matter. Simply look at the payments and go from there.
Zegras11
Footballguy
gianmarco
Footballguy
You can do a refi with closing costs about $2-3K, but it depends on your area, size of your loan, shopping around for title company, etc.
I wouldn't look at specifically doing a refi to a 10 year. I would look at doing a refi to whatever rates make the most sense. At various times, a 30 yr fixed will be the best rate. Or maybe it's a 10/1 ARM. Or a 15 yr fixed. Just look at the numbers and calculate them out. Would you get a 10 yr loan at 3.0% if you were able to get a 30 yr loan for 3.125%, for example?
Unless you're in the camp of paying off your house as soon as possible (which I'm not), just go where the math tells you to go.
dkp993
Footballguy
SALT. State And Local Taxes. It’s what you can write off on your yearly tax filings. With the Trump tax change a cap was put on these where there wasn’t before. This hurt people in high tax states or those with high property taxes.I'm not trying to pick on you... What the hell does this mean? "get under salt?"
Zegras11
Footballguy
What is the rate and payment for the 10 year? Let's say the rate is 2.75%. Does that payment make sense for your objectives? If yes, do it.
You can also put the closing costs into the loan and have nothing out of pocket.
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Zegras11
Footballguy
gianmarco
Footballguy
Yep.
This is what we did last time. We were only 2 years into our 30 year fixed loan.
Did a refi and the bottom line was nothing out of pocket and dropped payments like $50/month. Added 2 years back on at the end. No reason really to not do that.
Zegras11
Footballguy
I just started refi on home this week. Taking out $60k to build pool and payment going down $100/mo.
We bought AirBnB last year. it's at 5.375. Will refi to 4.49 next month.
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culdeus
Footballguy
FreeBaGeL
Footballguy
If you have time you can play them off each other. I just did a re-fi and did the lending tree thing (in addition to a few places direct like Chase). It was annoying getting all the calls but they were all willing to match/beat each other back and forth.
-OZ-
Footballguy
That's the question I've been playing with. Haven't seen less than my current rate (3.25%) on a 30. 2.75 would get my interest for sure. At that rate I might look to refi the full value and invest the equity. Currently roughly $60/$350, so it would have to be another VA loan to take the full value (no PMI)
gianmarco
Footballguy
If you search online, you can see some. Wells Fargo has them on their site but pay attention to the points for each rate as well.
-OZ-
Footballguy
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gianmarco
Footballguy
-OZ-
Footballguy
VA loan, took it 3 years ago. Rates went slightly lower a few months later but not since. 15 @ 3% is available but that's not significant enough to make the move.
Go to aimloan.com. Rates without entering personal info and usually pretty good rates. Unfortunately, I just refinanced so just a tiny bit above today but still enough lower that I’m just happy to be way lower than before.
urbanhack
Fight The Power!
Just refinanced on Friday. 3.5% (was at 4). Zero closing costs. Approved without needing an appraisal. I was waiting to do this for a while as I needed to remove my former S/O off the title and mortgage. Thanks to @skycriesmary for the referral a few months ago.
Knocked $100/month off and don’t have to make a mortgage payment in September.
Knocked $100/month off and don’t have to make a mortgage payment in September.
gianmarco
Footballguy
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