Post by: archery288 on September 02, 2009, 10:18:21 AM
Post by: fishcrazy on September 02, 2009, 05:41:48 PM
Kris
Post by: LongTatLaw on September 03, 2009, 03:47:54 AM
My monthly changed -275$ after I went front 6.625 to 5.5
expect to pay a grand or 2 for the refi
Post by: jackelope on September 03, 2009, 08:08:25 AM
both times cost me nothing out of pocket...the closing costs got built into the new payments.
Post by: JackOfAllTrades on September 03, 2009, 09:22:16 AM
Quote
the closing costs got built into the new payments
But I assume you did pay points... And you did/or are paying those closing costs 'with interest'.
For some, this is totally acceptable. For some, just the fact that a refi from a 15 to a 30 or a 30yr at a lower rate saves enough on the monthly payment 'not to lose the house'. Just keep in mind that there are costs. Banks and mortgage companies are in this to make a profit. It's up to us to double check ourselves to make sure we're willing to give them that much profit. It comes at our expense.
I'd love to be in position to buy a rental home right now.. Mortgage rates will never be much if any lower. Now is the time to buy.
For my primary residence, I need to re-do the math but I think if I could find a 5yr plan @4% I'd be all over it.
It's not all about the monthly payment though.
Jo, could you post some numbers for how much a total mortgage costs over time? End to end.. Say a $300,000 mortgage for 30yrs on a 5% rate vs a $300,000 mortgage on a 15yr loan at 4.5%.
To me, that total cost is more of an enticement for people to refinance.
-Steve
Post by: BLKBEARKLR on September 03, 2009, 09:26:22 AM
Was really looking at refinanceing mine, but the over all end result would have cost me about 50,000 more.
Post by: JackOfAllTrades on September 03, 2009, 09:27:12 AM
Post by: JackOfAllTrades on September 03, 2009, 09:29:59 AM
I've got a little more than 6 years left on a 15yr mortgage that's at 6.25% and I can't take advantage of the current lower rates.
-Steve
Post by: robodad on September 03, 2009, 09:32:10 AM
Amount financed $153,000 @ 6.25% = $186,300 finance charges for a total of $339,300 Payment of $942.00
Amount financed $153,000 @ 5.25% = $151,000 finance charges for a total of $304,000 Payment of $844.00
Post by: jackelope on September 03, 2009, 09:35:59 AM
yes the closing costs cost me, but not immediately out of pocket, and my payment went down both times.
i've only been in my house for 6 years, so at my present financial status, refinancing to a 15 year is not an option for me.
Post by: JackOfAllTrades on September 03, 2009, 09:37:00 AM
Quote
I did not buy points
SWEET!
You don't hear that very often!
Post by: Machias on September 03, 2009, 09:41:27 AM
here is a senerio 30yr fixed VA Loan
Amount financed $153,000 @ 6.25% = $186,300 finance charges for a total of $339,300
Amount financed $153,000 @ 5.25% = $151,000 finance charges for a total of $304,000
What would a $153,000 @ 4.35% = on a 15 year loan be?
Post by: robodad on September 03, 2009, 09:51:46 AM
Quote
What would a $153,000 @ 4.35% = on a 15 year loan be?
Here ya go Fred:
Amount financed $153,000 @ 4.3% = $54,875.07 Finance Charges for a total of $207,875.07
Payment $1154.86
Post by: JackOfAllTrades on September 03, 2009, 09:54:03 AM
Cut the length of contract... SAVE A CONSIDERABLE AMMOUNT.
Post by: Machias on September 03, 2009, 09:54:44 AM
QuoteWhat would a $153,000 @ 4.35% = on a 15 year loan be?
Here ya go Fred:
Amount financed $153,000 @ 4.3% = $54,875.07 Finance Charges for a total of $207,875.07
Now THAT is saving some money!! Thanks for the figures!
Post by: LOVEMYLABXS on September 03, 2009, 09:59:20 AM
I'm fixin to pay of my place :IBCOOL: only 1100 to go and 40 acreas and the house is ours 8) now my question is once it's payed off will/should the morgage company send a paid in full statement? Next do i need to go to the court house and have chnages made anywhere stating this? Never been in this perdictament so THANKS for any info you can give me on this
Oh yea and only 5 months 27 days till retirement :cmp1: :brew: dont ya LOVE it when a plan finally comes together :hello:
Post by: robodad on September 03, 2009, 10:01:54 AM
Got a question?
I'm fixin to pay of my place :IBCOOL: only 1100 to go and 40 acreas and the house is ours 8) now my question is once it's payed off will/should the morgage company send a paid in full statement? Next do i need to go to the court house and have chnages made anywhere stating this? Never been in this perdictament so THANKS for any info you can give me on this
Oh yea and only 5 months 27 days till retirement :cmp1: :brew: dont ya LOVE it when a plan finally comes together :hello:
Gonna be a LOOOOOOOOOOOOOOOOOOOOOOOOOOOOOng time till I'm in that predicament !!!
Not sure how it works !!
Post by: dreamingbig on September 03, 2009, 10:03:16 AM
Congrats on paying off some debt!
Post by: dreamingbig on September 03, 2009, 10:09:34 AM
In the news, the ADP Employment report came in worse than expected. Also this morning, Revised Productivity for the 2nd quarter finished near expectations and showed the largest gain in nearly six years. This emphasizes that businesses are maximizing output from their current staff, and the efficiency gains help to curb inflation - which is good for Bonds.
Today's rates are holding steady. Currently 15 year fixed rate loans are still at the 4.375% mark and 30 year conventional fixed rate loans are at 4.875%. Right now rates are doing well, however if the market starts to fluctuate things may change. I will keep you guys posted.
Didn't know you got into the biz! Congrats. I have worked in secondary for 8 years now (setting pricing, hedging interest rate risk, and selling loans) and follow the market quite closely. Rates are better than they have been in a couple months and I wouldn't get too greedy. 30yr fixed rates are back to 4.875% or so at par and I don't expect them to go much lower than that. Credit guidelines also continue to be tightened making it harder to qualify. Good news is that the LTV on Fannie owned mortgages is being moved up to 125 for DU refi plus which should help those who haven't been able to qualify due to declining home prices. Most companies should have the 125% LTV available very soon if not already. The larger banks (Wells Fargo and Bank of America) will have them first. If you ever have any questions shoot me a PM and I will answer them.
Post by: JackOfAllTrades on September 03, 2009, 10:14:32 AM
Point is.. Anyone putting off refinancing needs to do the math and Git'R Done! There's a bunch of money to be saved by consumers.
-Steve
Post by: jackelope on September 03, 2009, 10:21:22 AM
I have a great mortgage person...
:dunno:
Post by: BLKBEARKLR on September 03, 2009, 10:31:36 AM
Got a question?
I'm fixin to pay of my place :IBCOOL: only 1100 to go and 40 acreas and the house is ours 8) now my question is once it's payed off will/should the morgage company send a paid in full statement? Next do i need to go to the court house and have chnages made anywhere stating this? Never been in this perdictament so THANKS for any info you can give me on this
Oh yea and only 5 months 27 days till retirement :cmp1: :brew: dont ya LOVE it when a plan finally comes together :hello:
Could not have said it any better myself. I am in the same situation, only thing I am doing now is buying new trucks. Already bought the 2008 F250 diesel, now fully paid for. Going to wait until around December by a brand new ranger, get it paid for then beginning of 2011 but a new F150. And then have that paid for by Aug 2012. And the wife retires and we settle down. Will probably sell this house though and move to a state that is more retiree friendly. Starting to like the looks Wyoming more and more every day with the research I have been doing....
Joe
Post by: LOVEMYLABXS on September 03, 2009, 11:00:06 AM
Post by: runamuk on September 03, 2009, 11:10:04 AM
and retirement isn't that what happens when you die :chuckle:
Post by: BLKBEARKLR on September 03, 2009, 12:32:14 PM
Post by: bucklucky on September 03, 2009, 12:53:00 PM
Post by: BLKBEARKLR on September 03, 2009, 12:55:35 PM
Cant beat a good tractor ;)
Sure you can with a Big A$$ Hammer :chuckle: :chuckle:
Post by: bucklucky on September 03, 2009, 12:56:59 PM
Post by: fishcrazy on September 03, 2009, 07:25:44 PM
QuoteWhat would a $153,000 @ 4.35% = on a 15 year loan be?
Here ya go Fred:
Amount financed $153,000 @ 4.3% = $54,875.07 Finance Charges for a total of $207,875.07
Now THAT is saving some money!! Thanks for the figures!
What would the monthly payment be on that?
Kris
Post by: Machias on September 03, 2009, 07:37:39 PM