patrick.net

When did you get your mortgage?
I got mine in 2010, right at the time, new Finance reform legislation was putting on a Dog and Pony show to look productive. Actually the GFE, was being tweaked every day, as a result, the bank kept having to send me a good faith estimate, every day. Which by the way, was supposed to be the first form that the bank is supposed to send, and only send once, and it was supposed to be accurate. But I got upto 10 different versions.

Also the MIP I paid at the time, was a low $62 a month, I know I've been saying $77, but I took a closer look when I filed taxes this year and it's only $62 a month. It is now at least 4 to 5 times that.

Do you currently have a non recourse loan, I got a Non recourse loan, which was rare during the RE bubble, many of the people that short sold their homes are now on the hook for the difference of their loan. Also many people were foreclosed and are still on the hook for the balance of their loan.

Also my loan doesn't have any late fees, or hidden charges, my rate can't go up for missing a payment. Now non of this stuff has happened but it's still nice to know, that some disaster in my life down the road, wont lead to even more legal and financial woes.

My rate aw 4.50%, but even if rates fell to 2%, I still wouldn't save any money, infact with the higher MIP I might end up owing more. But I doubt I would have as good of terms in the borrowers favor as I have now. My Title guy, told me it was the most one sided Mortgage he ever saw. He recommended I either pay off the loan, or just pay the monthly payments and enjoy the place, but warned me to never ever refinance it. He told me that even at that time, they were tweaking the Mortgage reform, and he didn't think it would ultimately stay so one sided.

My current rate is 3.15% 15 year
He offered me 3.625% for the 30 year or 2.875% for 15 year no cost. Since it's no cost I think the APR would be similar. I am 43, and I will retire in 15 years if everything goes according to plan.