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21 hours ago, MTskibum said:

@Chadstroma

 

I am applying for a refinance. My current mortgage is through wells fargo, however I have paid a year in advance on that mortgage. My next payment due is November of 2021.  I paid both interest and principal in advance.

If I refinance does wells fargo give me that money back?

 

If you want that money back you'd be looking at a cash out refinance.  Your traditional refinance will just take your current payoff into account.  

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I’m officially a homeowner. Just closed.  2.75%, 15 years.  🥳

Just made my last mortgage payment yesterday!!!  I am free and clear!

If you guys would allow me to vent... I need to vent a bit... I could vent to other LO's who all know it and they just smile and nod (somehow that doesn't really feel like venting) or my wife but with

18 hours ago, FBG26 said:

If Wells Fargo's website says they are offering 2.75% on a 30-year refi, I have to imagine you can get into the low 2s going through a broker. Crazy.

2.75% on a refi is a pretty good rate for a conventional right now (making a whole lot of assumptions- which any rate you get off a webpage is doing as well) depending on the situation, beatable or about right or too low. But yes, rates in the 2's are still available for most Americans. If you or anyone you know has a rate 3% or higher- you need to talk to someone. 

For Wells Fargo specifically, they are a joke, I haven't heard anything in a while but the last I heard Wells was taking refi locks at mandatory 120 days. There are memes that go around saying things like "If Wells Fargo says they are going to refinance your loan, they will.... you don't need to ask them about it every 6 months". I take special pleasure in mocking them for the countless scandals they have had in screwing consumers over. They honestly should have been forced to break the bank up and sell it in parts IMO. Fun fact... my first ever checking account was at Wells. I picked it because their debit cards looked better than others I saw (They had that stagecoach on it). I then fell into banking and that is when I realized I didn't need to pay them $12 a month for the privilege of having a bank account. Went in to close my account (I never went into the branches) and I should have gone in the branches every single day.... there were about 10 tellers on the line, all women and every single one of them was a 7 or higher. Ahhhh, the good ole' days before the 2000's came. 

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On 1/17/2008 at 2:47 PM, redman said:

We're refi'ing at 5.75% on a 30-year fixed 1st, maxed out at the just-under jumbo amount in CA of $417k, and we have a second at 7.6% that's also a 30-year fixed but that we'll obviously pay off through a subsequent refi, once the jumbo loans pencil out sometime in the future. This was by far the best deal we could find, and the lender is paying for appraisal and the title search (about $500 value). This about as good as it gets in CA right now.

Man it’s funny looking back at posts in this thread from 2008 just to see the kinds of rates we were talking about then. Mama Mia. 

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18 hours ago, Otis said:

Man it’s funny looking back at posts in this thread from 2008 just to see the kinds of rates we were talking about then. Mama Mia. 

I remember buying my first condo and getting 6.375% and being super happy about the great rate with my 800 credit score. 

Yesterday, I talked to a potential client who had 590 credit score and told her we were looking at 4.75% on a condo purchase and she acted like I was crazy. 

Everything is subjective.

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If you guys would allow me to vent... I need to vent a bit... I could vent to other LO's who all know it and they just smile and nod (somehow that doesn't really feel like venting) or my wife but with her being in banking for the last 15 years kind of the same thing. 

First, let me be very clear on a few things. 1) This has NOTHING to do with any FBG. 2) NO ONE here should ever shy away from reaching out to me for advice or help. MANY of you have and I have given my knowledge or hooked you up with someone to do a loan and some even helped you with your loans personally. I don't care if I can not personally help you. I will help. The only thing I ever ask is that if I can do your loan that you give me the OPPORTUNITY to win that business. That is all. If I can't do the loan, I have no expectations from you at all and will help. Now... to vent....

As some may see with this thread, I enjoy giving advice. I enjoy helping people. I do. It really is one of the biggest reasons why I continue to do what I do because I can help people in a way that many other mortgage lending professionals can't or won't help. One of the areas that I have deeper and fuller knowledge of than most Loan Officers is credit. I often help people get their credit up. I even have an email template I put together to assist with that. As I mentioned above, I help people all the time. If they are in a state I can not do a loan in and/or have no interest in a mortgage, I will still send them this email if they give me their email address. For people that I can help and their goal is a mortgage, I am willing to invest more time into them to help them get to where they need to be in order to buy a house. I do not charge for this and I don't expect that they MUST do their loan with me. I just look at it like, I have helped you- I think I have earned the chance to win your business. 

I had a guy reach out to me back in March I think it was. Over a few phone calls, I spent 2 hours talking to him helping work through everything he needed to do. One of the things I suggested was going with a credit repair company that would assist in disputing some collections on his credit. He did. This company is very good and they do give me updates if you sign up using my link for them. They reached out to me and let me know this guy was ready. I reached out. Nothing. Reached out again. Text and call. Nothing. The credit repair company reaches out to me and follows up asking if I get a hold of him and was moving forward. I told them I had reached out but had not got in contact with them. They reach out to the guy and he tells them that a friend of his recommended another loan officer so he felt like he needed to go with him. :mellow: 

I sent him a text "Hello ______ MyCreditGuy informed me that you were going to go with another lender. I would ask one thing that you reach out to me so that I can compete to win your business. I feel that the time that I spent helping you get to the point you were able to move forward would earn me the chance to compete. If your current lender beats me then you have the peace of mind knowing you have a great deal and if I beat them you end up with a better deal. I look forward to talking soon" .................... nothing back. Totally ghosted me. 

I would wonder if I did something to earn being ghosted but seriously, our last contact was him giving me 5 minutes of praise on how helpful and awesome I was before getting off of the phone. So, I don't think that is it. 

If you ever deal with anyone that is in a commission type of job. If you ever take up any of their time then you really ought to let them compete for your business. Now, if they lose out then that is all fair in love and war, right? When I compete it is rare I lose out but it has happened. I have no issues with that. But the few times that I have helped someone and then they ghost me to not even let me compete.... that pisses me off to no end. It doesn't happen often (the last time it did, I know what lender they went with and that they got RAPED on the loan costing themselves thousands and thousands in fees and higher interest... so it kind of makes me feel better lol). 

Ok. I feel better. LOL 

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Will taking a 401k 1-time withdrawal  hurt on a refi? The covid relief withdrawal that is.

I had to slap a decent chunk of change on a few things last summer that raise my credit usage to a point that put me in a lower credit score range than I would like. Not on weed and hookers. Had to have a plumber dig up the yard to fix a root problem, tree person to fix cause of root and HVAC complete replacement.

I'm fine just paying these off as rapidly as possible. Killing 'em off at a decent clip.

Thinking about it though I could just take the 401k withdrawal and kill off those expenses and get back to "normal". I think we only have until Jan 31 of this year to tap it. If I live to 80 it will amaze the entire world that knows me. I could then by the weed and hookers, too.

 

I need to refi, but the rates are going to be low next year. All of the repairs will be paid in full by say July or sooner. Knock on wood some other #### doesn't happen.

Will the influx of cash and the payoff of other things cause the underwriters to ####? Just spitballing here.

 

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18 minutes ago, Texas Football said:

Will taking a 401k 1-time withdrawal  hurt on a refi? The covid relief withdrawal that is.

I had to slap a decent chunk of change on a few things last summer that raise my credit usage to a point that put me in a lower credit score range than I would like. Not on weed and hookers. Had to have a plumber dig up the yard to fix a root problem, tree person to fix cause of root and HVAC complete replacement.

I'm fine just paying these off as rapidly as possible. Killing 'em off at a decent clip.

Thinking about it though I could just take the 401k withdrawal and kill off those expenses and get back to "normal". I think we only have until Jan 31 of this year to tap it. If I live to 80 it will amaze the entire world that knows me. I could then by the weed and hookers, too.

 

I need to refi, but the rates are going to be low next year. All of the repairs will be paid in full by say July or sooner. Knock on wood some other #### doesn't happen.

Will the influx of cash and the payoff of other things cause the underwriters to ####? Just spitballing here.

 

No, you are good. 

If you did it a month or two before refi and your bank statements were needed the would question the transactions on your accounts. You would just need a letter and document the the 401k withdrawal. 

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15 minutes ago, Chadstroma said:

No, you are good. 

If you did it a month or two before refi and your bank statements were needed the would question the transactions on your accounts. You would just need a letter and document the the 401k withdrawal. 

Thanks man! I thought bank statements were always needed. Crazy ### mortgage world...

I'll hit you up for sure when I pull the trigger. 

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15 hours ago, Chadstroma said:

If you guys would allow me to vent... I need to vent a bit... I could vent to other LO's who all know it and they just smile and nod (somehow that doesn't really feel like venting) or my wife but with her being in banking for the last 15 years kind of the same thing. 

First, let me be very clear on a few things. 1) This has NOTHING to do with any FBG. 2) NO ONE here should ever shy away from reaching out to me for advice or help. MANY of you have and I have given my knowledge or hooked you up with someone to do a loan and some even helped you with your loans personally. I don't care if I can not personally help you. I will help. The only thing I ever ask is that if I can do your loan that you give me the OPPORTUNITY to win that business. That is all. If I can't do the loan, I have no expectations from you at all and will help. Now... to vent....

As some may see with this thread, I enjoy giving advice. I enjoy helping people. I do. It really is one of the biggest reasons why I continue to do what I do because I can help people in a way that many other mortgage lending professionals can't or won't help. One of the areas that I have deeper and fuller knowledge of than most Loan Officers is credit. I often help people get their credit up. I even have an email template I put together to assist with that. As I mentioned above, I help people all the time. If they are in a state I can not do a loan in and/or have no interest in a mortgage, I will still send them this email if they give me their email address. For people that I can help and their goal is a mortgage, I am willing to invest more time into them to help them get to where they need to be in order to buy a house. I do not charge for this and I don't expect that they MUST do their loan with me. I just look at it like, I have helped you- I think I have earned the chance to win your business. 

I had a guy reach out to me back in March I think it was. Over a few phone calls, I spent 2 hours talking to him helping work through everything he needed to do. One of the things I suggested was going with a credit repair company that would assist in disputing some collections on his credit. He did. This company is very good and they do give me updates if you sign up using my link for them. They reached out to me and let me know this guy was ready. I reached out. Nothing. Reached out again. Text and call. Nothing. The credit repair company reaches out to me and follows up asking if I get a hold of him and was moving forward. I told them I had reached out but had not got in contact with them. They reach out to the guy and he tells them that a friend of his recommended another loan officer so he felt like he needed to go with him. :mellow: 

I sent him a text "Hello ______ MyCreditGuy informed me that you were going to go with another lender. I would ask one thing that you reach out to me so that I can compete to win your business. I feel that the time that I spent helping you get to the point you were able to move forward would earn me the chance to compete. If your current lender beats me then you have the peace of mind knowing you have a great deal and if I beat them you end up with a better deal. I look forward to talking soon" .................... nothing back. Totally ghosted me. 

I would wonder if I did something to earn being ghosted but seriously, our last contact was him giving me 5 minutes of praise on how helpful and awesome I was before getting off of the phone. So, I don't think that is it. 

If you ever deal with anyone that is in a commission type of job. If you ever take up any of their time then you really ought to let them compete for your business. Now, if they lose out then that is all fair in love and war, right? When I compete it is rare I lose out but it has happened. I have no issues with that. But the few times that I have helped someone and then they ghost me to not even let me compete.... that pisses me off to no end. It doesn't happen often (the last time it did, I know what lender they went with and that they got RAPED on the loan costing themselves thousands and thousands in fees and higher interest... so it kind of makes me feel better lol). 

Ok. I feel better. LOL 

That is odd but people are odd.  I would venture to say that over time more people will give you the business after you gave them your time and built the relationship.  There will always be those that don’t of course.  Either way i think your hard work will pay off and i know it’s appreciated in this thread.  

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19 hours ago, Chadstroma said:

If you guys would allow me to vent... I need to vent a bit... I could vent to other LO's who all know it and they just smile and nod (somehow that doesn't really feel like venting) or my wife but with her being in banking for the last 15 years kind of the same thing. 

First, let me be very clear on a few things. 1) This has NOTHING to do with any FBG. 2) NO ONE here should ever shy away from reaching out to me for advice or help. MANY of you have and I have given my knowledge or hooked you up with someone to do a loan and some even helped you with your loans personally. I don't care if I can not personally help you. I will help. The only thing I ever ask is that if I can do your loan that you give me the OPPORTUNITY to win that business. That is all. If I can't do the loan, I have no expectations from you at all and will help. Now... to vent....

As some may see with this thread, I enjoy giving advice. I enjoy helping people. I do. It really is one of the biggest reasons why I continue to do what I do because I can help people in a way that many other mortgage lending professionals can't or won't help. One of the areas that I have deeper and fuller knowledge of than most Loan Officers is credit. I often help people get their credit up. I even have an email template I put together to assist with that. As I mentioned above, I help people all the time. If they are in a state I can not do a loan in and/or have no interest in a mortgage, I will still send them this email if they give me their email address. For people that I can help and their goal is a mortgage, I am willing to invest more time into them to help them get to where they need to be in order to buy a house. I do not charge for this and I don't expect that they MUST do their loan with me. I just look at it like, I have helped you- I think I have earned the chance to win your business. 

I had a guy reach out to me back in March I think it was. Over a few phone calls, I spent 2 hours talking to him helping work through everything he needed to do. One of the things I suggested was going with a credit repair company that would assist in disputing some collections on his credit. He did. This company is very good and they do give me updates if you sign up using my link for them. They reached out to me and let me know this guy was ready. I reached out. Nothing. Reached out again. Text and call. Nothing. The credit repair company reaches out to me and follows up asking if I get a hold of him and was moving forward. I told them I had reached out but had not got in contact with them. They reach out to the guy and he tells them that a friend of his recommended another loan officer so he felt like he needed to go with him. :mellow: 

I sent him a text "Hello ______ MyCreditGuy informed me that you were going to go with another lender. I would ask one thing that you reach out to me so that I can compete to win your business. I feel that the time that I spent helping you get to the point you were able to move forward would earn me the chance to compete. If your current lender beats me then you have the peace of mind knowing you have a great deal and if I beat them you end up with a better deal. I look forward to talking soon" .................... nothing back. Totally ghosted me. 

I would wonder if I did something to earn being ghosted but seriously, our last contact was him giving me 5 minutes of praise on how helpful and awesome I was before getting off of the phone. So, I don't think that is it. 

If you ever deal with anyone that is in a commission type of job. If you ever take up any of their time then you really ought to let them compete for your business. Now, if they lose out then that is all fair in love and war, right? When I compete it is rare I lose out but it has happened. I have no issues with that. But the few times that I have helped someone and then they ghost me to not even let me compete.... that pisses me off to no end. It doesn't happen often (the last time it did, I know what lender they went with and that they got RAPED on the loan costing themselves thousands and thousands in fees and higher interest... so it kind of makes me feel better lol). 

Ok. I feel better. LOL 

It boggles my mind. My mom is the same way. If someone recommends a person that has terrible terms she feels obligated to give them her business. It has been a problem. There is no down side to letting a few people compete for your business and everyone gets a fair shake. 

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6 hours ago, PinkydaPimp said:

That is odd but people are odd.  I would venture to say that over time more people will give you the business after you gave them your time and built the relationship.  There will always be those that don’t of course.  Either way i think your hard work will pay off and i know it’s appreciated in this thread.  

I tell people all the time, I am a horrible salesperson. I really am. I KNOW all (well maybe not all but a whole lot) the sales tactics, tricks, approaches, etc but I choose to be genuine and helpful instead and let things fall where they may. I have been very successfully accidentally doing this over a career of 20+ years in financial services winning top producer trips to Hawaii and DC, countless awards, contests, bonuses, etc. When I first got into banking it was when I still planned on going into Christian Ministry full time and ended up getting fired from a Christian bookstore :lmao: (being late way too much... like.... ridiculously too much) and needed a job. Someone from my church was a bank branch manager and needed a teller so they offered me the job. I almost didn't take it because I didn't want to wear a tie every day :lmao: (I was in my early 20's). I started and then I ended up doing well referring/cross selling and because all I did was notice something that could help someone and point it out and how it could help them. That snowballed and I have been in financial services ever since. I have always approached it as trying to do the best for my clients I possibly can even when that meant telling people not to do business with me because it wouldn't benefit them. That has always created very loyal client base that passionately refer their friends and family to me and thus my accidental success. So, yes, I agree not just in theory but with 20+ years of success doing it as I found that it not only helps me sleep at night but is also a good business strategy as well. In the end, I will more people over then I don't and end up gaining new/more clients because my clients who appreciate my efforts want their friends and family taken care of too... so it works out. But when I get ghosted after spending a couple of hours helping you- it just really gets me. It is why MANY loan officers will not put time and effort in helping people because they have been burned many times in doing so. Some if it is just how it rolls. Some of it, like this case, I just don't understand. I just needed to vent. :lmao: Thanks for the ears! 

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2 hours ago, madshot31 said:

It boggles my mind. My mom is the same way. If someone recommends a person that has terrible terms she feels obligated to give them her business. It has been a problem. There is no down side to letting a few people compete for your business and everyone gets a fair shake. 

Most people do not shop when it comes to a mortgage. The number is over 70% do not. Banks and retail outfits like Quicken/Rocket know this and that is why they have no problem charging higher rates, fees and points because how will you know if it is a decent deal? I mean, Chase is my bank, why wouldn't I get my mortgage from them? I have seen a thousand commercials for Rocket and it sounds so easy, why wouldn't I get my mortgage from them? The crazy thing to me is "here is a guy that spent hours with me, helping me.... and now I won't even give him a chance to win the business" I don't get that. If someone goes above and beyond, I am going to give them every chance to get my business and even if I could get a slightly better deal elsewhere, they most likely will win my business still because that is the person I want to do business with. 

As you said... it boggles my mind. 

Such is life. 

Moving on. :lmao:

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Chad, as with many things in life, there's a distribution, and you happened to stumble into that 1 in 100 case. Sounds like you get more than your fair share at the "good" end of the distribution because you are all the things people want: trustworthy, reliable, proactive.

So don't sweat the one dude. His loss.

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Broker texted me today, VA IRRRL at 2.25% for a 30. Saves me roughly $70 monthly. The fees will basically equal the two months we get to not pay the mortgage. 

Break even is 4 years. We'll stay here at least another 12 (until our daughter graduates HS). 

is there any reason to not take this?

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5 minutes ago, FUBAR said:

Broker texted me today, VA IRRRL at 2.25% for a 30. Saves me roughly $70 monthly. The fees will basically equal the two months we get to not pay the mortgage. 

Break even is 4 years. We'll stay here at least another 12 (until our daughter graduates HS). 

is there any reason to not take this?

No. 

VA rates sunk further after the FHFA added the cost to conventional loans. Based on your info here that is 8 years of saving money. 

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1 hour ago, Fear The Turtle said:

Chad, what happens if you lose your job in the middle of refinancing? Assume it's fairly early in the process. What charges, if any, are you responsible for? Thanks.

Man, sorry for the job loss (assuming you weren't asking for a friend)

Assuming you do not have a co-borrower or can not qualify the loan with only their income, the loan will be dead. No reason to try to hide it (not that you would, just covering all the corners here) because a verbal verification of employment will be done before the loan can close. (some lenders were doing it even after closing and before funding a few months ago)

So, the first question would be did you do a deposit or not? If you did then they will take out any fees that have been performed such as the credit report. If not then you are in for whatever you have paid for which would be the appraisal usually. If you have not paid for an appraisal and did not have a deposit then you most likely will just withdraw the loan and not be on the hook for anything as the lender/broker will absorb those costs. 

One thing I would say is that if getting a new job quickly in same industry/position is in the cards, you might be able to keep the loan going and just show the new job depending on the situation with as little as an offer letter. 

Best wishes bud. 

 

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I apologize as I'm sure it's been asked and answered a thousand times...... where is the best place to refinance?

Current mortgage is through Chase. Sure that might be the easiest path, but is it the best? 

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16 minutes ago, Payne said:

I apologize as I'm sure it's been asked and answered a thousand times...... where is the best place to refinance?

Current mortgage is through Chase. Sure that might be the easiest path, but is it the best? 

Mortgage broker, PM Chad to see if he can recommend a broker in your state.

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8 hours ago, Payne said:

I apologize as I'm sure it's been asked and answered a thousand times...... where is the best place to refinance?

Current mortgage is through Chase. Sure that might be the easiest path, but is it the best? 

Unless it is a jumbo I can tell you that that is one of the worst paths you can go. Also, it is not going to be measurably 'easier' either. People think that going to their bank is going to be easier than going to any other lender and not really. The only 'easy' parts is that they have some of your info already (most of the application for a mortgage will need to info gained or at least verified. In as much as 'easier' this amounts to them not having to ask how to spell your name or repeat your social security number... and that is about it) and they may not need to ask for bank statements from you since they can get it otherwise.... that is it. As mentioned, you can reach out to me, I have a network of brokers all through the country that I can refer you to or you can go to www.findamortgagebroker.com to get a true independent mortgage broker and not someone just calling themselves a broker. 

Good luck (and stay away from Chase or any big bank)

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13 hours ago, Chadstroma said:

Unless it is a jumbo I can tell you that that is one of the worst paths you can go. Also, it is not going to be measurably 'easier' either. People think that going to their bank is going to be easier than going to any other lender and not really. The only 'easy' parts is that they have some of your info already (most of the application for a mortgage will need to info gained or at least verified. In as much as 'easier' this amounts to them not having to ask how to spell your name or repeat your social security number... and that is about it) and they may not need to ask for bank statements from you since they can get it otherwise.... that is it. As mentioned, you can reach out to me, I have a network of brokers all through the country that I can refer you to or you can go to www.findamortgagebroker.com to get a true independent mortgage broker and not someone just calling themselves a broker. 

Good luck (and stay away from Chase or any big bank)

Thanks!

I am in SE Michigan....just outside Detroit.

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I refinanced about a year ago, but I think I can move from my current 3.5% rate to something probably below 3.  I was laid off at the start of covid and deferred my payments according the plan offered by my mortgage company. I just landed a job at the start of October and have made all my appropriate mortgage payments and have never been late, no penalties, etc.  What's the chance I'll be able to refinance??

TIA

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12 minutes ago, Bamboo Bill said:

I refinanced about a year ago, but I think I can move from my current 3.5% rate to something probably below 3.  I was laid off at the start of covid and deferred my payments according the plan offered by my mortgage company. I just landed a job at the start of October and have made all my appropriate mortgage payments and have never been late, no penalties, etc.  What's the chance I'll be able to refinance??

TIA

Deferment = need to pay the amount owed from the deferment and then would be eligible under conventional guidelines. 

Gap of employment may be a bigger issue. Would need to explore that in more details with the lender. 

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3 minutes ago, Chadstroma said:

Deferment = need to pay the amount owed from the deferment and then would be eligible under conventional guidelines. 

Gap of employment may be a bigger issue. Would need to explore that in more details with the lender. 

Thanks. I'm not paying the amount owed...not possible for me to do that since I was unemployed for 5 months.  Oh well.  

Thanks for the info.

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The guy I went through via Chad last year contacted me about the free refi they offer if rates drop by more than a half percent, and we're now rolling on that refi. When we're done I'll have cut my rates another half percent. I can't say thanks enough to Chad for everything he's done in this thread - HUGE props to you, bud!

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27 minutes ago, Bamboo Bill said:

Thanks. I'm not paying the amount owed...not possible for me to do that since I was unemployed for 5 months.  Oh well.  

Thanks for the info.

Yea, rough spot to be in and easier to say 'pay the amount owed from forbearance' than doing it. I am trying to help a client right now in a similar situation except her interest rates are way higher and the 2nd she has will have a balloon payment due soon that she can't make. 

Here is what I would say for advice- get yourself back on your feet. Then look to get a loan (I would see if any friends or family could do it and then if not look at getting a personal loan) to pay that amount so you can refi. Before you do that though, contact a lender to walk through it and dive deeper in the employment gap to make sure you are not doing it for no reason. If you can shaving half a point or potentially more will likely make a decent difference in freeing up more cash flow for you to continue to recoup the 5 months of being out of work. 

Reach out to me if I can help more. 

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30 minutes ago, joker said:

The guy I went through via Chad last year contacted me about the free refi they offer if rates drop by more than a half percent, and we're now rolling on that refi. When we're done I'll have cut my rates another half percent. I can't say thanks enough to Chad for everything he's done in this thread - HUGE props to you, bud!

LOVE to hear it!

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3 hours ago, Fear The Turtle said:

Probably been covered earlier in the thread but how long does a typical refinance take currently? In the DC area and this will be my second with this company in less than two years. They waived the need for an appraisal since they had just conducted one.

Mine took 5 months.  

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3 hours ago, Fear The Turtle said:

Probably been covered earlier in the thread but how long does a typical refinance take currently? In the DC area and this will be my second with this company in less than two years. They waived the need for an appraisal since they had just conducted one.

Mine took 3 weeks in FL

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5 hours ago, Fear The Turtle said:

Probably been covered earlier in the thread but how long does a typical refinance take currently? In the DC area and this will be my second with this company in less than two years. They waived the need for an appraisal since they had just conducted one.

It depends. Most of mine are 20-30 days, some up to 45 days. I got one done last month in 10 days. 

I know of some lenders taking seriously 6 months. 

An appraisal waiver helps tremendously. The waiver has nothing to do with them doing one before. If they told you that they are either ignorant or trying to make it sound like they are something special when they aren't in order for you to not shop around.... which to me is a good indication that you need to shop around. When a MLO starts positioning themselves like that when there is no need then often it means they know that they are not very competitive rate wise and want you to not sniff around by making you think you got something special from them when you don't. One a conventional loan, the lender has no say on whether they will do an appraisal or not. They must underwrite and prepare the loan under conventional guidelines. Fannie and Freddie determine whether they will buy the loan with or without an appraisal and tell the lender. That is the same for all lenders. 

How long it will take to refi is going to be determined with your lender first (how fast they are or are not) then variables like how clean your file is (complicated versus not complicated file), appraisal or waiver, subordination, HOA or not, how fast their title company is, etc. 

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Hoping to knock a couple years off my mortgage. Currently have 11 years left on my 15 year at 2.875%. Feel pretty fortunate to have the rate I do now. Is it a better move to just pay extra principle each month or refi to a 10 year or something less (8 yr?) and see if I can get a lower rate? 
 

 

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18 hours ago, Fear The Turtle said:

Probably been covered earlier in the thread but how long does a typical refinance take currently? In the DC area and this will be my second with this company in less than two years. They waived the need for an appraisal since they had just conducted one.

We took around 50 days in Northern VA.

The refinance itself was really clean with no issues.  I think the mortgage lender's loan processer was backlogged and delayed it 3 weeks.

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15 hours ago, The Captain said:

Hoping to knock a couple years off my mortgage. Currently have 11 years left on my 15 year at 2.875%. Feel pretty fortunate to have the rate I do now. Is it a better move to just pay extra principle each month or refi to a 10 year or something less (8 yr?) and see if I can get a lower rate? 
 

 

There is a good chance (not knowing any specifics) that you could get that rate down. From there, it is math- how much lower is that rate for how much cost which will save you how much over how long. If your breakeven point is sooner than the point you will own the home, then it makes sense to refi. 

At these rates, I am not a huge fan of paying extra principle but some people just want to get rid of that mortgage payment at all costs (and it likely will be an opportunity cost). 

I am not currently seeing much difference, if any, on a 10 yr vs a 15 yr currently. 

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13 hours ago, tommyGunZ said:

Chad - how common are these “free re-fi” deals?  I’m at 2.875 on my 15yr but After reading this thread I’m wondering If I could get it down to 2.375 or less. 

There is nothing for 'free' right? There is always costs of doing a loan so the question is how are those costs going to be paid. If the lender/broker is paying those costs then that is getting covered in the rate and/or their margin. With rates as they are currently, my view on it is that if you are planning on keeping the property long term then there is no reason to do a 'free re-fi'. Roll the costs into the loan and then take a lower rate. Getting down in that range is certainly possible depending on all the different variables on a 15 yr for sure. 

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6 hours ago, ffweasel said:

@Chadstroma, I’m a little over a year in on my 30 yr @ 3.375. Should I refinance now? If so, can you or someone you know help me get a good rate? I’m in Texas and my loan is currently with Wells Fargo. Thanks! 

Yes, anything over 3% I would say you need to dive into the options for sure. I am not licensed in TX but know several brokers down there that I can intro you to and you can discuss the details of what you have available with them. You can go ahead and PM me with your contact info and I will pass that on to one of the them to reach out to you. 

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1 hour ago, Drunken Cowboy said:

@Chadstroma Wondering if you think my closing fees seem reasonable. A cashout refi at 2.99% 30 yr. 2/3% of loan amount in points. ~1k in commitment fee. Title premium and closing fee ~1k

If you want, you can send me your Loan Estimate and I will review it real fast for you. PM me and I will provide my email address. 

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10 hours ago, Chadstroma said:

There is a good chance (not knowing any specifics) that you could get that rate down. From there, it is math- how much lower is that rate for how much cost which will save you how much over how long. If your breakeven point is sooner than the point you will own the home, then it makes sense to refi. 

At these rates, I am not a huge fan of paying extra principle but some people just want to get rid of that mortgage payment at all costs (and it likely will be an opportunity cost). 

I am not currently seeing much difference, if any, on a 10 yr vs a 15 yr currently. 

Appreciate the insight. Do you happen to have people in Michigan you could point me to? Not sure if you’re familiar with them but I used Capital Mortgage Funding locally for my 2016 refi. They were good to work with but I’m open to exploring my options. 

I appreciate the work you are doing here. 

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7 hours ago, The Captain said:

Appreciate the insight. Do you happen to have people in Michigan you could point me to? Not sure if you’re familiar with them but I used Capital Mortgage Funding locally for my 2016 refi. They were good to work with but I’m open to exploring my options. 

I appreciate the work you are doing here. 

I used Chad’s Michigan guy, he was great to work with

if he doesn’t get back to you send me a PM and I’ll pass on his contact details

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On 11/23/2020 at 8:29 PM, Chadstroma said:

 . 

How long it will take to refi is going to be determined with your lender first (how fast they are or are not) then variables like how clean your file is (complicated versus not complicated file), appraisal or waiver, subordination, HOA or not, how fast their title company is, etc. 

Fwiw, VA IRRRL is taking less than 2 weeks. 2.25, 30 year.  Now watch rates fall to below 1...

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On 11/24/2020 at 6:48 AM, ffweasel said:

@Chadstroma, I’m a little over a year in on my 30 yr @ 3.375. Should I refinance now? If so, can you or someone you know help me get a good rate? I’m in Texas and my loan is currently with Wells Fargo. Thanks! 

I'm going with Chad's guy in texas, about to close on a 30yr at 2.75%.  Wasn't the smoothest process ever but the fees were good and the rate couldn't even be sniffed by banks.  Not sure what they are quoting now.  

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16 hours ago, The Captain said:

Appreciate the insight. Do you happen to have people in Michigan you could point me to? Not sure if you’re familiar with them but I used Capital Mortgage Funding locally for my 2016 refi. They were good to work with but I’m open to exploring my options. 

I appreciate the work you are doing here. 

Yea, I know a couple of guys that I can connect you with. Shoot over your contact info in a PM and I will pass on the info for you

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