DFD

D Griff wrote: ↑Wed Oct 07, 2020 4:30 pm Working with a broker and have an application in

In your own thread.

I’m going to start looking into refi again. My house is worth $475K-ish, I owe $206K, I’m at 3.25% fixed for 30 while overpaying about $500 a month. I can’t imagine I’ll get massive savings, but it can’t hurt to look.

Took nearly a month but I finally have aimloan.com giving me some solid progress. Went in at 4.25% and I'm now currently locked in @ 2.875% for 20 years. Payments go down a few hundred bucks. I think I qualify to bypass the mandatory appraisal, but i kinda still want it eventually.

Just waiting on the next step.

Acid666 wrote: ↑Mon Oct 12, 2020 11:36 am Took nearly a month but I finally have aimloan.com giving me some solid progress. Went in at 4.25% and I'm now currently locked in @ 2.875% for 20 years. Payments go down a few hundred bucks. I think I qualify to bypass the mandatory appraisal, but i kinda still want it eventually.

Just waiting on the next step.

That's quite !

Dbest wrote: ↑Mon Oct 12, 2020 11:11 am I’m going to start looking into refi again. My house is worth $475K-ish, I owe $206K, I’m at 3.25% fixed for 30 while overpaying about $500 a month. I can’t imagine I’ll get massive savings, but it can’t hurt to look.

So I got quotes from a few local lenders. The best one came in at 2.75% for 30 years with 4K closing costs. With 0 cash at close it takes 5 years for the refi to pay for itself. Maintaining our current rate of overpayment puts us on pace to pay off the house in under 15 years. But the required mortgage payment drops like $300, that’s important because we’re going to keep this property forever as an investment, we plan to buy a second home to rent out and hopefully pay for itself, but being able to cut the overpayment on the current property and have an extra $800 a month to work with if need be can come in handy with trying to juggle 2 properties when the time comes.

We’re definitely jumping on the refi.

Currently at a weird crossroads.
Paperwork for refinancing with the new company has a sheet for Covid in it.

Due to the ongoing COVID-19 crisis and recent forbearance legislation, American Internet Mortgage, Inc., requires all loan applicants to certify the following: Certification of Continued Employmentand Mortgage PaymentsBy signing below, I/we certify that:

1.I/We have not experienced any change in employment status or reduction in earnings from the level(s) represented on our loan application and I/we do not anticipate my/our employment status or earnings level to be negatively impacted in the future(including receiving any government support related to COVID-19including SBA or PPP loans); AND

2.I/We have not received a forbearance from making monthly payments on my/our mortgage(s)or consumer loan(s)and I/we do not intend to request any such forbearance in the future.

I/We understand that mortgage fraud is a federal offense with substantial penalties. I/we also understand and agree that any misrepresentation and/or omission may result in my lender, American Internet Mortgage, Inc., calling the loan due and payable in full.

For 1), I have had a reduction in earnings (had my hours cut and took a pay cut), but I'm not misrepresenting it as I gave them my last check stub and 2 months of bank statements so they should know what my average income is per pay period. I kind of expect my income to fluctuate but not enough to where I cannot pay my mortgage. So I think I'm clear for this first one.
2nd, I did use a forbearance from my mortgage when Covid originally hit and we struggled with pulling in work, but after the 3 month time frame passed, I actually paid it in full and technically didn't skip any payments. I recently took another forbearance this month while I'm in the middle of refinancing, figuring that I'd just save some money for a bit (we had some emergency vet bills pop up), and then I'd either get back on track with payments or just hold them off completely until my refinance goes through and I can start paying the new company.

I'm kind of conflicted as to what to do. I can totally pay it and can make it a priority, but there's still a chance that if shit hits the fan with work there's no way I can ask for a forbearance on the new company. Our next quarter looks fairly promising with a lot of the quotes we have out, but we haven't landed any of the big ones yet. Once we land one or two, we've got enough work for a few people for months... Which will then give us lead time to seek out other new work while we're on these current projects.

^^^ most places will not allow a refinance within 1 year of the end of a forbearance term. You may be SOL here.

Dbest wrote: ↑Wed Oct 14, 2020 11:27 pm ^^^ most places will not allow a refinance within 1 year of the end of a forbearance term. You may be SOL here.

Yeah I think I'll be better safe than sorry. Rather than fib it and try to squeeze by, I'm gonna pay this month's mortgage and then finish with my refi paperwork and play the technicality that I never really missed a payment.

Got house during vid 2.37% on arm.

I forgot that I never updated this... the offers came back and the rate dropped down from 3.75 to 2.85% but it requires $10K in closing costs

I am going to pass at this time, I just don't see us staying here for more than five years based on our history and other things. That is a lot of money upfront to recoup and very when our original closing costs were half that.

D Griff wrote: ↑Wed Oct 28, 2020 4:23 pm I forgot that I never updated this... the offers came back and the rate dropped down from 3.75 to 2.85% but it requires $10K in closing costs

I am going to pass at this time, I just don't see us staying here for more than five years based on our history and other things. That is a lot of money upfront to recoup and very when our original closing costs were half that.

What's the breakdown?

A large portion of that is likely escrow...which you get back when you pay off your old mortgage. IIRC, I had to pay $8k out of pocket to refi, but got $6k back from the old mortgage for escrow.

Detroit wrote: ↑Wed Oct 28, 2020 5:08 pm

D Griff wrote: ↑Wed Oct 28, 2020 4:23 pm I forgot that I never updated this... the offers came back and the rate dropped down from 3.75 to 2.85% but it requires $10K in closing costs

I am going to pass at this time, I just don't see us staying here for more than five years based on our history and other things. That is a lot of money upfront to recoup and very when our original closing costs were half that.

What's the breakdown?

A large portion of that is likely escrow...which you get back when you pay off your old mortgage. IIRC, I had to pay $8k out of pocket to refi, but got $6k back from the old mortgage for escrow.

Hmmm that could be a big factor, thanks for pointing that out.

all of these mortgage brokers really aren't good, they never provide any detail. It drives me fucking nuts, like we're talking about the most money I'm spending on anything, biggest investment in our lives, and it's just super nonchalant.

Maybe I should try another quote, this girl never even called me or anything, sent over some numbers weeks ago that I never replied to because it seemed terrible.

D Griff wrote: ↑Thu Oct 29, 2020 8:37 am

Detroit wrote: ↑Wed Oct 28, 2020 5:08 pm
What's the breakdown?

A large portion of that is likely escrow...which you get back when you pay off your old mortgage. IIRC, I had to pay $8k out of pocket to refi, but got $6k back from the old mortgage for escrow.

Hmmm that could be a big factor, thanks for pointing that out.

all of these mortgage brokers really aren't good, they never provide any detail. It drives me fucking nuts, like we're talking about the most money I'm spending on anything, biggest investment in our lives, and it's just super nonchalant.

Maybe I should try another quote, this girl never even called me or anything, sent over some numbers weeks ago that I never replied to because it seemed terrible.

Mortgage brokers are really more for "advanced" borrowers I think. They're not so much in the sales business as just getting shit done. Mine asked me what I wanted in a mortgage, he made it happen. That's it.

But look at the breakdown in closing costs. I'm sure the vast majority of the closing costs are escrow refundable things, otherwise that's the most expensive mortgage ever and I can't even begin to figure out what it could possibly be charging that much for. Appraisal ~$500, admin fees ~$500-$1k, title work maybe ~$1k...there's just not much else?

I think I mentioned it before, but my refi with Ally was fantastic. All online, all self-lead. Really cheap closing costs.

Currently at 4.625% with 24 years remaining. No plans to move.

Working with a broker now and about to lock in at 2.94 for 25 years, which saves me ~$400 a month thanks to the rate and PMI savings. Will free up the ability for me to quickly pay off the medical bills from this year’s surgery and then the one coming up in January. After that I’ll go back to putting that towards the principal and start paying it down.

I could go to 20 years at the same rate, have a similar P&I payment and still save 170 a month, but I’m thinking the financial flexibility is ideal short term to refill our savings and put me back in my comfort zone.

fledonfoot wrote: ↑Sat Oct 31, 2020 8:00 pm Currently at 4.625% with 24 years remaining. No plans to move.

Working with a broker now and about to lock in at 2.94 for 25 years, which saves me ~$400 a month thanks to the rate and PMI savings. Will free up the ability for me to quickly pay off the medical bills from this year’s surgery and then the one coming up in January. After that I’ll go back to putting that towards the principal and start paying it down.

I could go to 20 years at the same rate, have a similar P&I payment and still save 170 a month, but I’m thinking the financial flexibility is ideal short term to refill our savings and put me back in my comfort zone.

fledonfoot wrote: ↑Sat Oct 31, 2020 8:00 pm Currently at 4.625% with 24 years remaining. No plans to move.

Working with a broker now and about to lock in at 2.94 for 25 years, which saves me ~$400 a month thanks to the rate and PMI savings. Will free up the ability for me to quickly pay off the medical bills from this year’s surgery and then the one coming up in January. After that I’ll go back to putting that towards the principal and start paying it down.

I could go to 20 years at the same rate, have a similar P&I payment and still save 170 a month, but I’m thinking the financial flexibility is ideal short term to refill our savings and put me back in my comfort zone.

I too would prioritize the lower monthly over shorter term. You can pay it like a shorter term if you want, then crank it up/down as needed. Sure you'll pay a bit more in interest, but the flexibility is worth it IMO.

Looks like we’re getting this done with no appraisal, either. Good stuff.

Locked in yesterday and approved today at 2.949 for 25 years. Appraisal waived, drops to ~$6k in closing costs including escrow, and I get a ~$3k check back from current escrow account. Closing costs are rolled into the loan, and there’s no money out of pocket at closing.

Loan processor sent me a message today with one question about our previous address and how long we were renting there... (10 years)... and with that answer says “thanks for the cleanest and most complete file I’ve worked on this year... this should be EASY”.

Hopefully.

This has been super quick and easy with these guys. I’m impressed.

fledonfoot wrote: ↑Wed Nov 04, 2020 9:56 pm Locked in yesterday and approved today at 2.949 for 25 years. Appraisal waived, drops to ~$6k in closing costs including escrow, and I get a ~$3k check back from current escrow account. Closing costs are rolled into the loan, and there’s no money out of pocket at closing.

Loan processor sent me a message today with one question about our previous address and how long we were renting there... (10 years)... and with that answer says “thanks for the cleanest and most complete file I’ve worked on this year... this should be EASY”.

Hopefully.

This has been super quick and easy with these guys. I’m impressed.

Pretty major

fledonfoot wrote: ↑Wed Nov 04, 2020 9:56 pm Locked in yesterday and approved today at 2.949 for 25 years. Appraisal waived, drops to ~$6k in closing costs including escrow, and I get a ~$3k check back from current escrow account. Closing costs are rolled into the loan, and there’s no money out of pocket at closing.

Loan processor sent me a message today with one question about our previous address and how long we were renting there... (10 years)... and with that answer says “thanks for the cleanest and most complete file I’ve worked on this year... this should be EASY”.

Hopefully.

This has been super quick and easy with these guys. I’m impressed.

Baller!

fledonfoot wrote: ↑Wed Nov 04, 2020 9:56 pm Locked in yesterday and approved today at 2.949 for 25 years. Appraisal waived, drops to ~$6k in closing costs including escrow, and I get a ~$3k check back from current escrow account. Closing costs are rolled into the loan, and there’s no money out of pocket at closing.

Loan processor sent me a message today with one question about our previous address and how long we were renting there... (10 years)... and with that answer says “thanks for the cleanest and most complete file I’ve worked on this year... this should be EASY”.

Hopefully.

This has been super quick and easy with these guys. I’m impressed.

Wow, they waived appraisal? We got appraisal waived on our new house too. I'm amazed that this is becoming more common practice despite requirements for mortgages getting tighter. Guess they're not worried about house values as much as people's ability to pay the loan back? The people buying our old house had to get an appraisal, which is happening this week.

When we refi'd the old house in February, we had to get an appraisal. That was an extra $500 flushed down the toilet, but we were just under $3k in closing costs without escrow including the appraisal, so seems like that $3k closing cost number is right. With rates where they are, could be very advantageous to refi. Nice work!

Buddy of mine refinanced both his properties and had appraisals done so we could pull out the equity in them. Ended up with $180k that he’s going to use to buy another property or two

SAWCE wrote: ↑Thu Nov 05, 2020 12:41 pm Buddy of mine refinanced both his properties and had appraisals done so we could pull out the equity in them. Ended up with $180k that he’s going to use to buy another property or two

Dang...seems sketchy...but I guess no risk no reward?

Detroit wrote: ↑Thu Nov 05, 2020 1:41 pm

SAWCE wrote: ↑Thu Nov 05, 2020 12:41 pm Buddy of mine refinanced both his properties and had appraisals done so we could pull out the equity in them. Ended up with $180k that he’s going to use to buy another property or two

Dang...seems sketchy...but I guess no risk no reward?

Yeah he went opposite of most people with his new monthly outlay being an extra $600/month or something, but that doesn’t seem too bad especially if he only buys one more property and pays straight cash for it. Will be interesting to see what he actually does with the money.