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Discussion Starter · #1 ·
Who\'s Gonna Re-Fi Now

Got a call today from my mortage guy, wanted to know If we wanted to stream-line our FHA loan. Said he locked it in yesterday at 4.8% if we wanted it. I said heck yes. Right now we are paying 6% on a 30 yr note. Fyi might check it out, you might save some $$$$$$$$
 

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I thought it was 1st time buyers only.Guess I will look into it:eek::
 

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I refinanced back in '02, but at these rates, it looks mighty inviting...

BUT...with all the fees I paid last time, I'm not sure I'd save any money. Took quite awhile to recoop those fees, before any savings started kicking in, in the first place.

So...if I refinance now (again), it would add another 7 years before my mortgage would be paid off...right?!

Altogether, if I refinanced now, it would be like adding ten years on top of the original 30 year note. In other words...a 40 year mortgage!

I might be wrong in thinking this way, but it just doesn't seem beneficial to me... :shrug:
 

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Discussion Starter · #4 ·
Originally posted by Big L
I thought it was 1st time buyers only.Guess I will look into it:eek::
Anybody can, don't know bout conventionall loans, But FHA, and VA you can (stream-line) meaning if rates fall below what rate your at you can re-fi, just can't cash out. No apprisals, proof of income junk like that req. on this
 

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I got the same call and it isn't going to help me. Like Chairman I don't see how I can recoup my title fees, etc in a short period of time. Plus, I may be putting my house up for sale in the next 6 months if I get a new job and it just doesn't make sense. Beware if you do refi and don't go for an adjustable rate or arm. That's what started this mess to begin with. And of course biting off more of a mortgage then you can chew.
 

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Locked in today on a re-fi..... 4.65% 30 yr fixed.....With one float down opportunity before closing...:D

Iffin ya got the credit rating, and your over 5%, I'd definitely look into it.:thinking:
 

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Discussion Starter · #7 ·
Originally posted by Chairman
I refinanced back in '02, but at these rates, it looks mighty inviting...

BUT...with all the fees I paid last time, I'm not sure I'd save any money. Took quite awhile to recoop those fees, before any savings started kicking in, in the first place.

So...if I refinance now (again), it would add another 7 years before my mortgage would be paid off...right?!

Altogether, if I refinanced now, it would be like adding ten years on top of the original 30 year note. In other words...a 40 year mortgage!

I might be wrong in thinking this way, but it just doesn't seem beneficial to me... :shrug:
If you re-fi'd now and got a lower rate, and saved $$$ then the $$$ you save apy extra on your note. Anything you pay extra most of the time goes to princ. Closing fees aren't that much on these loans. Cause you can't cash out
 

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Originally posted by kc704
I got the same call and it isn't going to help me. Like Chairman I don't see how I can recoup my title fees, etc in a short period of time. Plus, I may be putting my house up for sale in the next 6 months if I get a new job and it just doesn't make sense. Beware if you do refi and don't go for an adjustable rate or arm. That's what started this mess to begin with. And of course biting off more of a mortgage then you can chew.
There are good rates on no-cost loans out there..... Just gotta dig a bit. But, you're credit rating will prolly need to be 740+:whistle:
 

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Originally posted by callaojoe
Originally posted by kc704
I got the same call and it isn't going to help me. Like Chairman I don't see how I can recoup my title fees, etc in a short period of time. Plus, I may be putting my house up for sale in the next 6 months if I get a new job and it just doesn't make sense. Beware if you do refi and don't go for an adjustable rate or arm. That's what started this mess to begin with. And of course biting off more of a mortgage then you can chew.
There are good rates on no-cost loans out there..... Just gotta dig a bit. But, you're credit rating will prolly need to be 740+:whistle:
I am over 740.
 

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On another note, my home is listed for sale.

So, would it even be worth my time, since it could sell at any time (a man can dream, can't he... :roll2: )
 

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Then, depending on your current rate setup, you should prolly be lookin....
 

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Originally posted by Chairman
On another note, my home is listed for sale.

So, would it even be worth my time, since it could sell at any time (a man can dream, can't he... :roll2 )
Chairman, if you house is listed.... I'm pretty certain you will not be able to refi......:whinging:
 

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Discussion Starter · #13 ·
Originally posted by kc704
I got the same call and it isn't going to help me. Like Chairman I don't see how I can recoup my title fees, etc in a short period of time. Plus, I may be putting my house up for sale in the next 6 months if I get a new job and it just doesn't make sense. Beware if you do refi and don't go for an adjustable rate or arm. That's what started this mess to begin with. And of course biting off more of a mortgage then you can chew.
kc704 we did the interest only loan bout 6- 7 years ago, we were paying $1500.00 a month on our mortage conventional loan, did the interest only for 48 mos fixed and then re-fi'd to FHA, we took alot of years off that way, cause we continued to pay 1500.00 a month. Min. payment on the interest only loan was $488.00 a month
 

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I owe a little under 9 yrs on a15 year refi with 5.5 so I will have to turn this over to the woman,like c/man said with closing and what not I will probably just keep sending in a little extra when I can
 

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Originally posted by callaojoe
Originally posted by Chairman
On another note, my home is listed for sale.

So, would it even be worth my time, since it could sell at any time (a man can dream, can't he... :roll2: )
Chairman, if you house is listed.... I'm pretty certain you will not be able to refi......:whinging:
Well...the contract expired about 10 days ago, so it's not "officially" listed.

But...we're planning on re-listing it for sale, after the first of the year.

Oh well...I've got enough going on right now, anyways. Which is why we haven't looked into refinancing, in the first place.

Thanks for the tips, though...
 

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Originally posted by hillbilly
Originally posted by kc704
I got the same call and it isn't going to help me. Like Chairman I don't see how I can recoup my title fees, etc in a short period of time. Plus, I may be putting my house up for sale in the next 6 months if I get a new job and it just doesn't make sense. Beware if you do refi and don't go for an adjustable rate or arm. That's what started this mess to begin with. And of course biting off more of a mortgage then you can chew.
kc704 we did the interest only loan bout 6- 7 years ago, we were paying $1500.00 a month on our mortage conventional loan, did the interest only for 48 mos fixed and then re-fi'd to FHA, we took alot of years off that way, cause we continued to pay 1500.00 a month. Min. payment on the interest only loan was $488.00 a month
That's the best way to get it paid off. If you are used to paying that amount and plan on staying in your house for a while and can get in with that lower rate just keep paying what you were and make sure they are applying the extra to principle. You'd be surprised how many years you can take off your loan. I do that on all my vehicles. Finance it for say a 60-month term and then I figure what it would cost to pay it off in say 48 months and pay that payment if I can afford it. I have yet to have a car go full-term on a loan. The key to any refi is going to be the extra costs like CJ said. Title fees, appraisals, etc. If you can get into it for a no cost setup and will stay in the house then it could easily be worth the refi hassle. It just won't work for me cause I don't plan on being in my house in 6 months.
 

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I just bought a new home in July.. At one point, we discussed stayin in the old home, and doing a cashback re-fi and some home improvements... The mortgage guy told me I couldn't do that until 6 months past the listing agreement's expiration. You may be able to do a no cash out refi though... Not sure though...

cj
 

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Chairman, ideally when a person refi's they gain an advantage, extending the maturity would negate most of your gain. Whenever we have refinanced we always made the maturity date shorter or the same. Some people refinance to get a lower monthly payment, but that's not really going to help the end result.
 

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Back after 9/11 when rates dropped I refianced my home loan twice. I went from a 30 year loan to a 20 year loan for a few dollars less payment. You don't have to refi for another 30 years.
 

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we did it today too why not
 
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