Refinancing
- Thread starter BullDawg
- Start date
Oz
You're all F'in Mad...
Re: Re: Refinancing
I have Countrywide. My Refinance quote with them was filled with junk fees and high points. So I ditched them, and stumbled across Amerisave-dot-Com who happened to offer the lowest APR of the day. I got a wicked low rate, which I bought down a little bit. Forgot to mention - Amerisave charges a $500 fee with the application that is applied towards your closing costs. Basically $3-400 of that deposit covers Appraisal and Credit report, and just makes sure you're not wasting their time.
Today, rates are back to up where they were right after the war started. But, a couple of tips. 20 year is a great option if you want a quicker payoff without the big payment of a 15 year. Compare APR's and not the just Interest Rate. They must disclose the APR which includes all of the fees associated with the financing of the loan. Often, the lowest Interest Rate isn't the lowest APR because of points or origination fees. Find the lowest no-point APR and then pay points if you want a lower interest rate. If the junk fees that a lender charges are under 1.5% of the loan, or lower, you're getting a fairly decent deal. (If you can negotiate some of them to go away, that's a bonus!) Shop your Homeowners Insurance while you're doing it. I cut mine nearly in half by changing from Nationwide to Erie.
Amerisave was pretty cool. I applied online and was "approved" in a few hours. The next day, the appraiser was calling to schedule the apraisal. Then they email you about 5 days later when you can download your loan papers. Log into their secure site and everything was right there in PDF format. I printed and signed and used their corporate Express Mail account number to send the forms overnight. They email about a day after they receive them, and about a week later, assigned a closing date. Title Company comes to the house and completes everything for a Kitchen Table Closing.
If you're looking for a HELOC, check out DeepGreenBank or CitizensAdvantage dot-com. No closing/fees/costs loan, up to 90% LTV at Prime minus 3-tenths adjustable for the life of the loan with a 5 year draw and a 20 year repayment. They're my next step after closing the first mortgage refi next week.
I have Countrywide. My Refinance quote with them was filled with junk fees and high points. So I ditched them, and stumbled across Amerisave-dot-Com who happened to offer the lowest APR of the day. I got a wicked low rate, which I bought down a little bit. Forgot to mention - Amerisave charges a $500 fee with the application that is applied towards your closing costs. Basically $3-400 of that deposit covers Appraisal and Credit report, and just makes sure you're not wasting their time.
Today, rates are back to up where they were right after the war started. But, a couple of tips. 20 year is a great option if you want a quicker payoff without the big payment of a 15 year. Compare APR's and not the just Interest Rate. They must disclose the APR which includes all of the fees associated with the financing of the loan. Often, the lowest Interest Rate isn't the lowest APR because of points or origination fees. Find the lowest no-point APR and then pay points if you want a lower interest rate. If the junk fees that a lender charges are under 1.5% of the loan, or lower, you're getting a fairly decent deal. (If you can negotiate some of them to go away, that's a bonus!) Shop your Homeowners Insurance while you're doing it. I cut mine nearly in half by changing from Nationwide to Erie.
Amerisave was pretty cool. I applied online and was "approved" in a few hours. The next day, the appraiser was calling to schedule the apraisal. Then they email you about 5 days later when you can download your loan papers. Log into their secure site and everything was right there in PDF format. I printed and signed and used their corporate Express Mail account number to send the forms overnight. They email about a day after they receive them, and about a week later, assigned a closing date. Title Company comes to the house and completes everything for a Kitchen Table Closing.
If you're looking for a HELOC, check out DeepGreenBank or CitizensAdvantage dot-com. No closing/fees/costs loan, up to 90% LTV at Prime minus 3-tenths adjustable for the life of the loan with a 5 year draw and a 20 year repayment. They're my next step after closing the first mortgage refi next week.
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SxyPrincess
New Member
Can you refinance a home if you've lived in it less than a year? 
Oz
You're all F'in Mad...
Depends on what you paid to get into it. For example, when I moved into my home 8 years ago, I paid 4 points to buy down the interest rate. My break-even point was about 66 months versus taking the higher interest loan with low/no discount points. So for the last 18 months, I've been enjoying lower payments as a result of that up-front expense. Refinancing in the six years would not have made financial sense (Cents!)
I have a friend who has refinanced 3 times in the last 30 months. First time because he had to, and the next 2 times to reduce his rate/payment. I paid points on my refi, which typically folks don't do, but this time my payoff is about 33 months. I don't plan on ever refinancing this mortgage, and I can't imagine that the rates will go lower.
I have a friend who has refinanced 3 times in the last 30 months. First time because he had to, and the next 2 times to reduce his rate/payment. I paid points on my refi, which typically folks don't do, but this time my payoff is about 33 months. I don't plan on ever refinancing this mortgage, and I can't imagine that the rates will go lower.
SxyPrincess
New Member
I tried...Originally posted by Oz
After re-reading your post, I don't think my wife would approve of that living arrangement and/or the financial involvement.
