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Old 10-18-2012, 02:44 PM   #41
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Well, I am going from a 30 year at 4.875 with 26 years left to a 15 year at 2.5%. $150K financed. Will cut off many years for about $150-160 extra a month.
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Old 01-22-2013, 01:35 PM   #42
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For a refi, is it better to roll the closing costs into the loan or pay them at the table? Closing costs for me would be close to $6k, which would take me 3 years to get back based on my monthly savings.
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Old 01-22-2013, 02:38 PM   #43
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I refinanced in January. I was turned down by 3 or 4 mortgage companies (with a credit score over 800!) because I've arranged my finances such that I show almost no income on paper. I finally found one company that was able to qualify me under the federal HARP II program. Interest was bit over market rates at 4% on a 30 year fixed, but the APR was also 4% since there were zero closing costs (they even paid for the appraisal).
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Old 01-22-2013, 02:53 PM   #44
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Originally Posted by NinjaPigeon View Post
For a refi, is it better to roll the closing costs into the loan or pay them at the table? Closing costs for me would be close to $6k, which would take me 3 years to get back based on my monthly savings.
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Originally Posted by susswein View Post
I refinanced in January. I was turned down by 3 or 4 mortgage companies (with a credit score over 800!) because I've arranged my finances such that I show almost no income on paper. I finally found one company that was able to qualify me under the federal HARP II program. Interest was bit over market rates at 4% on a 30 year fixed, but the APR was also 4% since there were zero closing costs (they even paid for the appraisal).

I would look into doing a refi with less closing costs... such as susswein did...

I did mine in Nov and elected for a higher rate with closing costs of about $700... if I got a lower rate, the closing cost increases would take a minimum of 5 years to recover and a maxium of 14!!! On a 15 year loan...


I forget who posted it here and would like to give due credit... but look into Box Home loans... they were great, even if a bit nerve racking on some of the requests...

I also found this site...Home Loan Enterprise, but they are not in many states and when I did pull the trigger were a bit higher than Box... for awhile, they were cheaper, so it moves all the time...
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Old 01-26-2013, 09:10 PM   #45
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ReFi

Closed a Penfed 30yr fixed about three weeks ago at 3.375. Took a long time start to finish, about 90 days from first inquiry.

The good: best rate I could find on a second home, all done through email, sent someone to my house for signing.

The bad: big hassles about any non W-2 income, had to send tons of paperwork to prove income (even with FICA of 803), country property appraisal was $300 and came in low (which is happening all across the country as banks freak about having to buy back loans if not done right, see today's Wall Street Journal). but in the end, the low value was still triple the loan amount so it didn't matter.

I would use them again because they have the best rates. I was able to lower my payment and still pull out 50Gs.

boont (posted earlier but this seems a better spot for it)
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Old 01-27-2013, 07:44 AM   #46
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... they are not the most speedy, efficient crew I've ever dealt with. I envision this little office somewhere in Nebraska, staffed with ladies - men, too! - who wear cat-eye glasses on lanyards, and cardigan sweaters draped over their shoulders. Amethyst
What are you, an anti-Nebraskite?!

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Old 01-27-2013, 08:04 AM   #47
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Closed a 30 yr fixed penfed mortgage at 3.125% last week. I agree with most of the posts I see here, they lost a lot of things that I had to re-send multiple times, took a long time to get to closing, but I was reassured that the rate lock would be honored (which it was), and they asked for a boatload of documentation about income and savings. I'm still happy with it, as the closing costs were reasonable and the rate was excellent. Hey, it's practically the historical inflation rate!
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Old 01-27-2013, 09:24 AM   #48
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Closed a refi on a second home earlier this month, went from 4.75% to 3.5%. Was able to skip both Jan and Feb payments (a total of $2480) with $980 out of pocket, so a net initial savings of $1500 and continued monthly savings of $360. Entire process took about 75 days, with multiple ridiculous requests for information on things I've never had them ask for before during a mortgage app and I've done many over the past 25 years.

Requirements are very stringent, and with home sales starting to rise it makes me wonder just how hard the lid will blow off future sales when the mortgage qualifying requirements cycle swings back the other way as you know it will.

Many who exited the mortgage markets (like BOA) are starting to come back in full force, much like insurance companies who pull out of writing policies in a disaster area and then go back years later when they believe it will be profitable again.

It only took two weeks for me to get a letter from the original mortgage company at closing earlier this month (Interbank) that they had assigned/sold/tranferred the note to Wells Fargo. Ironic, because that is who the original note was with and they acted like they weren't interested in refinancing a second home back in October when I started this process.
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