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Refinancing Mortgage

D

D̷e̷v̷i̷l̷D̷o̷c̷A̷Z̷

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Minuteman
Sep 11, 2014
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Yuma, AZ
Anyone refinance and take advantage of all this?

I’m at 3.5% on a VA backed loan. I want to lower my rate and possibly go conventional to free up entitlement on the VA side of things.

If housing prices drop like they did a few years ago I’d like to get another property.

Anyone have some experience in this? Curious to know if it worked for you in the past, or didn’t work.

Thanks in advance.


———————————————————

Update:

Thanks for all the info, leads and help.

I was able to settle in on a 2.25% fixed. I bring $4,700 to the table all in. Break even is 3 years. I know im here longer than that. Overall savings is $26k if we go the full term. I’m looking forward to just being done w this loan.

Here is the dude I worked with:
DAVID DUPLESSIS
NMLS 1826162
(949) 470-6262
 
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Do the math on how much you have left and what you would pay in interest with the current rate vs

Rfing and the additional refi costs.

Most of the time you will save money in the long run but if you have less than half left on your principal or more and your making big payments to get it paid off faster it may be cheaper just too finish your loan.
 
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Huskydriver said:
Do the math on how much you have left and what you would pay with the current rate vs

Reading and the additional refi costs.

Most of the time you will save money in the long run but if you have less than half left on your principal or more and your making big payments to get it paid off faster it may be cheaper just too finish your loan.
Click to expand...

3 years into this loan. Ran all the numbers and it makes sense. A lot could be saved dropping to 2.5% and continuing to make additional principal payments (been doing it 3years already). Savings near $26k

I think more than anything, I’m curious how the refinancing is going for people.

I called a lender (Navy Fed) last week and was told they are 90-120 days out for a refinance. Yikes.
 
We just refinanced our house about 3 weeks ago and got 2.79 on a 15 year which worked for us. We ended up using Spring Eq and eventually they turned it over to quicken, but I will say the process was super easy especially considering everything going on. We closed in 25 days and probably could have been a couple days quicker if I had gotten them paperwork sooner. We are happy overall and no complaints with how it all went.
 
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I'm encouraging my clients to take advantage of the great rates being offered lately. I have a great lender for VA loans if you are interested. He just did a 2.7 % no down VA loan for a client. Let me know if you want his info.
 
I'm in the middle of it myself... same deal. 4.25% VA loan, holding out for sub-3% IRRL with a cash-out (the missus wants a pool). If they won't give it to me, nbd... more than 30% equity so a regular commercial refi should get us to 2.8. Just gotta cover closing costs rather than roll 'em in.
Key point... look at what the lender is offering in the way of a "true" biweekly payment. It can end up freeing up monthly cash and not extend the loan term so much. The difference is your payment (and interest) are calculated based on 26 payments a year instead of 12... so you can shave off a few years on the term.
Do your best to bargain on the closing costs... lenders have wiggle room here. You can usually talk them out of a couple thou if you play your cards right.
 
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MJF said:
I'm encouraging my clients to take advantage of the great rates being offered lately. I have a great lender for VA loans if you are interested. He just did a 2.7 % no down VA loan for a client. Let me know if you want his info.
Click to expand...

I’d graciously accept the info. Can you message it to me?
 
MJF said:
I'm encouraging my clients to take advantage of the great rates being offered lately. I have a great lender for VA loans if you are interested. He just did a 2.7 % no down VA loan for a client. Let me know if you want his info.
Click to expand...
If he can handle an IRRL, please send his info.
 
I just refinanced mine. Went from 3.25% down to 2.50%. Was a VA backed loan as well. Very easy to do, just make sure the company doing the loan paperwork is aware of the VA requirements. I guess the VA has some weird standards that are needed to be met before they will ok you to refinance.
 
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woogie_man said:
I just refinanced mine. Went from 3.25% down to 2.50%. Was a VA backed loan as well. Very easy to do, just make sure the company doing the loan paperwork is aware of the VA requirements. I guess the VA has some weird standards that are needed to be met before they will ok you to refinance.
Click to expand...
What company did you use?
 
We just did the refi thing. Our bank of 20 years couldn’t or wouldn’t meet the rate and minimal closing costs provided by our credit union of 40 years. We found out after doing the refi with the credit union, that our long-time loan officer had come to work one day, packed up and retired. Banks care until they don’t. We were lucky to have the credit union on backup. All the local banks have waiting lists.
 
Just refi’d with Quicken/Rocket. I have refinanced a few times over the last 10 years and this was by far the easiest.
 
I went from 4.5% (FHA loan 3 years ago when rates climbed) 30 year with PMI.

Now it's a 3.25% 20 year, $30 PMI for another year. Didn't have cash for the closing costs, but I'm cutting $90k off the 7 years and reduced interest even with the costs in. Basically a restart on the principal though.
(Before I catch shit for this, we just moved the wife's business and made a big investment into making her much more profitable. So there went most of my cash and all of hers.)


Now, my coworker thought he's getting an amazing deal at a 2.8% 15 year. He was already 2 years into a 20 year at 3.15%. He rolled closing costs into the loan and they made the numbers work where he "only pays $50 more per month...". He would have been better off making a few extra payments. He's not smart enough to see the numbers and remember they're making $5k off him each time.
 
Mid to high 2 handles are pretty common for 15 year right now. No cash out refi’s may get an appraisal waiver which can save you a few hundred. Still going to pay for title insurance, origination fee lenders cost etc. If you plan to stay in the house at least 5 years even a one percent drop makes sense. Going from a 30 to a 15 can also be a really good call right now
 
chevy_man said:
I went from 4.5% (FHA loan 3 years ago when rates climbed) 30 year with PMI.

Now it's a 3.25% 20 year, $30 PMI for another year. Didn't have cash for the closing costs, but I'm cutting $90k off the 7 years and reduced interest even with the costs in. Basically a restart on the principal though.
(Before I catch shit for this, we just moved the wife's business and made a big investment into making her much more profitable. So there went most of my cash and all of hers.)


Now, my coworker thought he's getting an amazing deal at a 2.8% 15 year. He was already 2 years into a 20 year at 3.15%. He rolled closing costs into the loan and they made the numbers work where he "only pays $50 more per month...". He would have been better off making a few extra payments. He's not smart enough to see the numbers and remember they're making $5k off him each time.
Click to expand...

I’m not trying to pay someone $5,000.00 to brag about a 2.8%
 
Quicken/Rocket was quick and painless. Less than 30 days to close a pretty reasonable numbers all around. Closing agent came to the house and paperwork done in 40 minutes.
 
ZY100 said:
Quicken/Rocket was quick and painless. Less than 30 days to close a pretty reasonable numbers all around. Closing agent came to the house and paperwork done in 40 minutes.
Click to expand...


I've been having the exact opposite experience with them. Went 60+ days and they called me 15 minutes before the scheduled closing to tell me they didn't have a notary. I offered to meet them at my bank, wife's bank, title company, whoever the fuck has notary on staff and no dice. Didn't even bother scheduling anything because my pay stub and stuff expired that day for the fed regulation.
This was after I provided them with a payoff, PDF straight from my current mortgage servicer. They spent 30 days "confirming" the payoff and requested 2 more during this time.

Then it was time to hastle me about my pay stubs. My poor secretary was ready to start smacking them for the assnine requests. "This formatt is wrong, we can't process it. This name isn't there, and all those ledger reports for the year aren't proof of a paystub." Etc.


I'm 99% sure that because I live in BFE they just couldn't get anyone here to contract out services too. I've asked them to give me a time and place and I'll drive to a place with an airport or someone they can contract out. No dice, just "we're working on things on our end".
 
Currently doing a cash out on one and straight refi on another house 2.85%. Don't be afraid to shop around, big companies aren't willing to compete with smaller ones and a mortgage really doesn't matter who has it.
 
Just went from a 30yr/4.75% to a 15yr/2.99%. Payment went up another $140/month but I will be saving over $70k in the end, more if I pay off early.
 
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I just refinanced my mortgage (4.00) and switched it to a VA loan (2.75), now that VA loan limitss have been repealed. NO PMI.

themortgagereports.com

No VA loan limits | Can I get a VA jumbo loan in 2024?

VA loan limits have been lifted by new legislation from Washington. This will help many vets get financing, especially in high-cost areas.
themortgagereports.com themortgagereports.com

Jesse Kangas at NASB was superb.

Jesse Kangas Army Veteran
Sr. Loan Consultant (NMLS ID#: 1494266)
p : 816.508.2101 f: 816.508.1301 m: 913.530.8689
903 E. 104th Street, Suite 400 | Kansas City, MO 64131

reviews | apply online | schedule a call

VA Mortgage Loans | Get a Hassle-Free VA Home Loan | NASB

www.nasb.com www.nasb.com

longebow...
 
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I refinanced a land loan when shit hit the fan hard a few months ago, interest rates from my lender hit an all time low to my advantage. Penalty to refinance was about 5K, but in the end it'll save close to 100K. I have a neighbor who did the same thing at the same time and dropped his rate over 2 points saving even more.
 
While you're shopping, shop for a shorter term on the loan. Years ago our lender called to lower our rate, but restart the 30 year term. I told him I wanted a 10 year term. He bitched. I said you've got my number, call me back. He called back and the payment went up $100 per month. I took the deal and continued paying $500 extra each month. It's good to now be debt free.
 
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BTW...if you refinance with Quicken/Rocket you can refinance anytime after 90 days (even if they sell your note) for no fees. You might have to get a new pest inspection and possibly a new appraisal if its been a while. They don't really advertise that....

Even if Trump wins, I don't see me getting much below 2.75, but you never know....

This guy did me a solid;

Austin Edmondson
Toll Free: (313) 373-1852
NMLS #1824470
 
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My lender has been killing it for my clients. Originally we thought the Wuhan was going to really hurt the real estate market. It's been booming instead. A lot of escrows were canceled when lenders stopped jumbo loans { that was messy}. All of that has been worked out.

My favorite lender
Tate Stringer
310-427-5553
 
Thanks for all the info, leads and help.

I was able to settle in on a 2.25% fixed. I bring $4,700 to the table all in. Break even is 3 years. I know im here longer than that. Overall savings is $26k if we go the full term. I’m looking forward to just being done w this loan.

Here is the dude I worked with:
DAVID DUPLESSIS
NMLS 1826162
(949) 470-6262
 
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It is indeed manageable, and I was thinking of the same to be honest. I can do it because my mortgage provider did include it in my contract which was quite flexible, and I'm happy I made the decision at the moment. I think flexibility is very important when it comes to mortgages because you never know what might come up in the near future. Furthermore, it's more about what you get out of the blanket the guy making the arrangement is getting you. I went with a mortgage broker Leeds Decision to buy my first house, and I'm definitely glad I was with the current economic situation I'm in a very good position!
 
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It is advantageous for the bank to refinance loans that fit its requirements (the term and amount are suitable, the client is reliable). The bank gives the borrower money so that he repays the loan in the previous bank ahead of schedule and then earns by receiving interest from a new client. In addition, this new loyal customer may purchase other financial services from his new bank. When I was thinking about refinancing a mortgage, I visited Mortgage Advice Lincoln several times. So the specialist found banks that were ready to provide their services to me.
 
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You can also see if you would benefit from a loan modification (changing the terms of your current mortgage) vs refinance.
 
hashbasket said:
Hi! This is the right idea. The advantages of refinancing a mortgage with an additional amount are more favorable conditions in comparison with a consumer or car loan, and the absence of expensive life and property insurance.
Click to expand...
Well, would have been better when the rates were super low. Not sure there is any advantage to this now that the rates are considerably higher.
 
Refinancing is a great solution. And remember also that a mortgage always implies getting a large amount of credit, and this service is not available to everyone. To receive money, you need to have sufficient solvency, collect a lot of documents, go through a bank check and wait for the bank's response for some time. The whole loan procedure may require a lot of time, effort and additional financial costs. To avoid problems, try using Mortgage Broker Colchester.
 
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The one and only reason to refinance anything is to get a lower rate and/or reduced term length of a loan, which results in you paying the bank faster and with less in interest, period. Right now virtually nobody is going to get that deal, and everyone is better off keeping the grind and paying off their debts to get out from being the bank's bitch.

I'm not a religious man, but Proverbs 22:7 is as good of advice as anything to everyone of the world.
The rich rule over the poor, and the borrower is slave to the lender.
Click to expand...
 
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