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He might as well get a username over here.DA RAIDERS said:@skycriesmary called your dude.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.
to @skycriesmary for his contact!
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.cap'n grunge said:
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.
For zero closing costs, I would say any rate drop would be a no brainer.
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.
So here's one way to look at it.
Yes, I wouldn't complain.
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.
And take this another step further.
Just got off the phone and have to be patient now with the paper work. Apparently the new loan will begin with February payment.
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.
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.
30 year?
I think you can do better with a VA loan. Shop around and make the lenders compete.
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.
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.
I will check with other then too, thanks.
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.
Been thinking things over. I have three options.
Did you shop it at all? Can you still change?
Redundancy noted.Definitely stay away from the beach condos in western NC. Those are a scam.
Just looked at Navy Fed. 3.0 for 30 years. With origination fee and buying 0.5 points. The difference between current mortgage and that is 110 months to break even.
Yeah, that's tough. Hard to predict that far out. Probably worth waiting to see if it comes down even more, I would think.
