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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

48 minutes ago, DA RAIDERS said:

@skycriesmary  called your dude.  :lmao:   he better buy you a nice xmas gift.  he started laughing, when i told him i was from the football website.  he's getting back to me later with some numbers.  i'll let you all know what he quotes me.

He should, but it's against the law for lenders to give gifts over a nominal amount.  

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1 hour ago, DA RAIDERS said:

@skycriesmary  called your dude.  :lmao:   he better buy you a nice xmas gift.  he started laughing, when i told him i was from the football website.  he's getting back to me later with some numbers.  i'll let you all know what he quotes me.

Funny stuff. I hope it works out for you, he's come through for a lot of people I've referred to him. In all seriousness, I might check out working for Lenderfi, as the company I work for is likely going belly up.

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1 hour ago, DA RAIDERS said:

@skycriesmary  called your dude.  :lmao:   he better buy you a nice xmas gift.  he started laughing, when i told him i was from the football website.  he's getting back to me later with some numbers.  i'll let you all know what he quotes me.

Can i get this information?

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45 minutes ago, skycriesmary said:

Funny stuff. I hope it works out for you, he's come through for a lot of people I've referred to him. In all seriousness, I might check out working for Lenderfi, as the company I work for is likely going belly up.

I'll take the info, too. Getting ready to check refi options.

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zero cost mortgage, 30 year @ 3.75%.  cash out to pay off 2 cars, lowers my combined payment by $661

same loan at 15 years @ 3.5%.  payment goes up $10, but it knocks 6 years off my loan.  

he can get to 3%, but it costs $$

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6 hours ago, Foosball God said:

I just got a 15 yr fixed at 3% with no closing costs, was at 3.7 on a 30 year with about 24 left to go.  Monthly went up a few hundred dollars but worth to dump off 9 years in my case.

i got a different quote from lenderfi  3.5  15 year, no cost.

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2 hours ago, DA RAIDERS said:

@skycriesmary  called your dude.  :lmao:   he better buy you a nice xmas gift.  he started laughing, when i told him i was from the football website.  he's getting back to me later with some numbers.  i'll let you all know what he quotes me.

He might as well get a username over here.

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Just finished a no-cost 30-year refi with LenderFi at 3.6% (apparently our townhouse was registered as a Condo by the builder when they built the development - saved them money at the time but costs us extra as condos get about a quarter percent higher APR). Painless, knocked about $300/month off the payment, and I was extremely pleased at how well it went. 

LenderFi immediately sold the note to Wells Fargo just like they did with Foos. Having had Wells Fargo on a previous mortage, I'm less than thrilled. If rates go down enough to make it worth my while to refi again and get away from them, I'll jump on it, but otherwise I just need them to be freaking normal for once. Still, in the end I'm saving big money.

Big :hifive: to @skycriesmary for his contact!

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23 hours ago, cap'n grunge said:

I see a 15 down to 2.875%. 

That's what mine is at and just today I sat down and was thinking through the plusses and minuses of cutting the bank a big check and being done with all debt.  

Wells Fargo, if it matters.  I don't think they've opened up 8 checking accounts for me yet.

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3 hours ago, skycriesmary said:

Funny stuff. I hope it works out for you, he's come through for a lot of people I've referred to him. In all seriousness, I might check out working for Lenderfi, as the company I work for is likely going belly up.

Curious if it’s the same LenderFi guy I used. The senior loan processor was great as well. She responded promptly to any questions I had right away at all times of the day. 

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42 minutes ago, ffweasel said:

Curious if it’s the same LenderFi guy I used. The senior loan processor was great as well. She responded promptly to any questions I had right away at all times of the day. 

Michael?

 

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New purchase

Put in an offer late last night, waiting for acceptance/counter.

Got quoted at 2.875% 15 year with 10% down and a PMI of $22/mo

I was going to put 20% down, but seems like I should just keep the extra 10% if they are going to charge me $22 for it....am I thinking about that right?

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2 hours ago, derek245583 said:

 

I was going to put 20% down, but seems like I should just keep the extra 10% if they are going to charge me $22 for it....am I thinking about that right?

Cheap enough interest that you might be better off keeping cash or investments, but you're burning the $244 annually, whereas if you put 20% down, your monthly payment decreases and you have more equity. 

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6 minutes ago, Mario Kart said:

Streamline Refinance

Zero closing, reduce interest rate by .50% but back to a 30-year loan.

Good or bad?

For zero closing costs, I would say any rate drop would be a no brainer.

You don't have to pay off at a 30 year loan rate. Calculate a payment based on the # of payments left in your original loan and pay at that rate. It will still be lower than your current payment and paid off at the same time.

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22 minutes ago, Dragons said:

For zero closing costs, I would say any rate drop would be a no brainer.

You don't have to pay off at a 30 year loan rate. Calculate a payment based on the # of payments left in your original loan and pay at that rate. It will still be lower than your current payment and paid off at the same time.

Loan would go to 3.385 and a $50 each month. Roll that money into the new loan payment does seem like a no brained. Just wondering if there is anything shady about this new loan type. I’d like my mortgage insurance off but that can’t happen apparently. 

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2 hours ago, Dragons said:

For zero closing costs, I would say any rate drop would be a no brainer.

You don't have to pay off at a 30 year loan rate. Calculate a payment based on the # of payments left in your original loan and pay at that rate. It will still be lower than your current payment and paid off at the same time.

At below 3.5%, I wouldn't worry about paying it off at all. 

But that's just me.

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3 hours ago, Mario Kart said:

Streamline Refinance

Zero closing, reduce interest rate by .50% but back to a 30-year loan.

Good or bad?

So here's one way to look at it.

Let's assume you have $100,000 left to pay.  You have 15 years left paying that off.  Your current rate is 3.5%. 

Someone offers you to refinance at 0% interest but you are back to 30 years.  Would you pass on that?

I would hope the obvious answer is no chance. 

In other words, the time frame you are paying is irrelevant except for very few circumstances (upcoming retirement, peace of mind being mortgage/debt free ASAP, etc).  Otherwise, if you can drop your interest rate at no cost, you take it every time. 

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6 minutes ago, OrtonToOlsen said:

 

3.15% on a refi is pretty sweet, no?

Asking for a friend who doesn't know much about mortgages

 Yes, I wouldn't complain.

I'm refinancing my VA loan at 3.29%, no points and using the capital to pay the 1% origination fee so no out-of-pocket.

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42 minutes ago, The Z Machine said:

So how does this LenderFi thing work?  I'll take a PM.

Also, what happens if I refi, but then want to sell in like a year?  Is there a penalty?

Not that I'm aware of.  Mortgage lenders collect fees up front (origination fee, finance charges, etc. for writing the loan), and many sell the notes afterwards and never collect on the interest anyway.  Mortgage broker would know better though, but I had no issues with a house I refinanced and then sold a year later (2016-2017).   Figuring we're talking traditional 15/30 mortgage.

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2 hours ago, gianmarco said:

So here's one way to look at it.

Let's assume you have $100,000 left to pay.  You have 15 years left paying that off.  Your current rate is 3.5%. 

Someone offers you to refinance at 0% interest but you are back to 30 years.  Would you pass on that?

I would hope the obvious answer is no chance. 

In other words, the time frame you are paying is irrelevant except for very few circumstances (upcoming retirement, peace of mind being mortgage/debt free ASAP, etc).  Otherwise, if you can drop your interest rate at no cost, you take it every time. 

And take this another step further.

Would you take a 30 year mortgage at 3.5% or a 15 year mortgage at 3.5%?

Again, I think the answer is obvious. It's why 15 year fixed loans have lower rates than 30 year fixed.

While you pay more interest, the extra time you get to use someone else's money while you do better things with your money pays off in the long run. 

So at an equivalent rate, you take the longer option anyway. With the longer option having a better rate? No brainer.

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5 hours ago, Dragons said:

For zero closing costs, I would say any rate drop would be a no brainer.

You don't have to pay off at a 30 year loan rate. Calculate a payment based on the # of payments left in your original loan and pay at that rate. It will still be lower than your current payment and paid off at the same time.

 

1 hour ago, gianmarco said:

So here's one way to look at it.

Let's assume you have $100,000 left to pay.  You have 15 years left paying that off.  Your current rate is 3.5%. 

Someone offers you to refinance at 0% interest but you are back to 30 years.  Would you pass on that?

I would hope the obvious answer is no chance. 

In other words, the time frame you are paying is irrelevant except for very few circumstances (upcoming retirement, peace of mind being mortgage/debt free ASAP, etc).  Otherwise, if you can drop your interest rate at no cost, you take it every time. 

Just got off the phone and have to be patient now with the paper work. Apparently the new loan will begin with February payment.

Details = current loan payment is $1,137 (year 2047) but I've paid $1,237 each month. That would have saved me 71 months (Nov 2041).

new loan payment will be $1,060 (year 2050). If I pay $100 more @ $1,160, that will be 23.3 years but if I pay the $1,237, that will be 2040.

He didn't have these numbers calculated and I was hoping he was ready with some other numbers but he wasn't.

Bottom line, and someone can maybe help me out, but the interest went from 3.875% to 3.375% with a $77 dollars saved each month = $924 per year.

Not sure how else to put it but it seems like a good deal.

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1 hour ago, The Z Machine said:

So how does this LenderFi thing work?  I'll take a PM.

Also, what happens if I refi, but then want to sell in like a year?  Is there a penalty?

Don't know specifically about LenderFi, but prepayment penalties are pretty rare these days. They are prohibited by the big government mortgage financiers like Fannie Mae, Freddie Mac, VA, etc. In the rare case there is a prepayment penalty, the lender should specify if there is any penalty upfront and be very clear about it due to truth in lending laws.

I think some lending officers will ask you not to prepay or refinance within the first 6 months, but that usually has more to do with them wanting to sell it off for a fee or for them to get credit for making your loan towards the compensation they get from their employer.

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5 hours ago, beef said:

 

 Yes, I wouldn't complain.

I'm refinancing my VA loan at 3.29%, no points and using the capital to pay the 1% origination fee so no out-of-pocket.

Define "out of pocket"

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10 minutes ago, culdeus said:

Define "out of pocket"

Cash on hand.  Instead of cutting the bank a check at closing, the 1% fee is getting added to the mortgage and being financed over 30 years.  As are the title fees.  

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13 hours ago, beef said:

 

 Yes, I wouldn't complain.

I'm refinancing my VA loan at 3.29%, no points and using the capital to pay the 1% origination fee so no out-of-pocket.

30 year? 

I'd almost take that just to get some of the equity. No origination fee (VA rating)

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16 hours ago, beef said:

 

 Yes, I wouldn't complain.

I'm refinancing my VA loan at 3.29%, no points and using the capital to pay the 1% origination fee so no out-of-pocket.

I think you can do better with a VA loan. Shop around and make the lenders compete. 

18 hours ago, dino259 said:

Depends highly on the interest rate but generally around 1%.

It's much higher than that and depends on the loan product as well. Loan officer comp alone is higher than that and you know mortgage companies aren't losing money originating loans.

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3 hours ago, -OZ- said:

30 year? 

I'd almost take that just to get some of the equity. No origination fee (VA rating)

Yes, 30 year. There is an origination fee, but no funding fee (VA rating).  All-in-all I'm looking at $3000 in total costs to refinance about $246k.  I'm going to roll that $3000 into the mortgage so I don't have to pay anything at closing.  It is only $3000, but if I can keep cash on hand I will.  

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1 hour ago, CR69 said:

I think you can do better with a VA loan. Shop around and make the lenders compete. 

 

I will check with other then too, thanks.   

I got the 3.29% rate locked on Thursday.  Was working with a different lender at a higher rate (3.75) which was locked in a month ago.  We were supposed to close next week but with rates dropping more I cancelled.  They said I would have to wait 30 days to re-lock in at a different rate.  And that banks can't just re-lock rates daily to play the market???    I don't know how true that is so I started shopping around to give my current lender something to try and beat.  

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On 10/26/2019 at 8:58 AM, beef said:

I will check with other then too, thanks.   

I got the 3.29% rate locked on Thursday.  Was working with a different lender at a higher rate (3.75) which was locked in a month ago.  We were supposed to close next week but with rates dropping more I cancelled.  They said I would have to wait 30 days to re-lock in at a different rate.  And that banks can't just re-lock rates daily to play the market???    I don't know how true that is so I started shopping around to give my current lender something to try and beat.  

That is very true and the length of time depends on the lender. You should be able to beat 3.29% with a 1% origination fee. Make sure you're comparing both the rate and lender fees when shopping.

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On 10/4/2019 at 8:45 AM, derek245583 said:

New purchase

Put in an offer late last night, waiting for acceptance/counter.

Got quoted at 2.875% 15 year with 10% down and a PMI of $22/mo

I was going to put 20% down, but seems like I should just keep the extra 10% if they are going to charge me $22 for it....am I thinking about that right?

I would do that in a second, if they offered it..

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On 10/25/2019 at 5:44 PM, Mario Kart said:

Just got off the phone and have to be patient now with the paper work. Apparently the new loan will begin with February payment.

Details = current loan payment is $1,137 (year 2047) but I've paid $1,237 each month. That would have saved me 71 months (Nov 2041).

new loan payment will be $1,060 (year 2050). If I pay $100 more @ $1,160, that will be 23.3 years but if I pay the $1,237, that will be 2040.

He didn't have these numbers calculated and I was hoping he was ready with some other numbers but he wasn't.

Bottom line, and someone can maybe help me out, but the interest went from 3.875% to 3.375% with a $77 dollars saved each month = $924 per year.

Not sure how else to put it but it seems like a good deal.

Been thinking things over. I have three options.

1. Pay my new loan amount of $1,060 a month and free up $2,100 a year to invest or something.... 30 year loan = 2050

2. Pay my new loan amount +$100 (which I had been doing) of $1,160 and use $900 to invest or something.... ~24ish year loan = 2044

3. Pay the same amount $1,240 and not change a thing (not much investment by a good portion).... ~20 year loan = 2040

 

The real question is would the pulled back money, if invested, out gain the interest lost had I paid more up front? The markets have been good the past couple of years for me but because I bought the house, I did not invest as much due to house payments and the like. Curious what thoughts others may have.

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4 minutes ago, OrtonToOlsen said:

Refi on a 30 year with crappy rate to a 15 year @3.15.   I'll take it.

Did you shop it at all? Can you still change?

If so, I've seen as low as 2.75 lately on a 15 yr and that might be worth checking out. Your call if its worth the trouble, but .4% is pretty big. About a 12% discount on your current bid (in interest).

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Hi Fellas,  

 

I’m currently 5 years into a 30 year fixed at 3.875.   Mortgage guy says he can get me to 3.25 (no points) on another 30 yr fixed.  

I don’t need to pull out money.  Is it enough to be worth the refi?   Or am I in too far to refi for less than a point?
 

 

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11 hours ago, One said:

Hi Fellas,  

 

I’m currently 5 years into a 30 year fixed at 3.875.   Mortgage guy says he can get me to 3.25 (no points) on another 30 yr fixed.  

I don’t need to pull out money.  Is it enough to be worth the refi?   Or am I in too far to refi for less than a point?
 

 

I'm assuming "no points" doesn't mean no costs. So you'd have those to consider. Depending on how much the fees are, you can figure out how long you'd need to stay there to recoup those costs. If you plan to stay there at least that long, then it's worth it.

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