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4
RWSGFY
2020 Jun 3, 11:30pm
RWSGFY
2020 Jun 3, 11:30pm
rocketjoe79 says
Which bank?
covid_shmovid saysrocketjoe79 saysI'm getting another refi from 3.25% to 2.5%
30yr fixed?
Yep
Which bank?
6
rocketjoe79
2020 Jun 4, 8:09am
rocketjoe79
2020 Jun 4, 8:09am
Prime1. NOTE this is probably a special case: VA IRRRL Refinance. Sorry if I got everyone excited.
To do a VA IRRRL you have to have at least a 0.5% rate reduction. It's no cash out, costs are rolled into the new mortgage. I am buying this down by 1/2 percent. My principal is increasing about 8%. Total costs are about $50K less over the life of the loan. $300 less P&I per month. I'm also 10% VA disabled so they waive the funding fee.
To do a VA IRRRL you have to have at least a 0.5% rate reduction. It's no cash out, costs are rolled into the new mortgage. I am buying this down by 1/2 percent. My principal is increasing about 8%. Total costs are about $50K less over the life of the loan. $300 less P&I per month. I'm also 10% VA disabled so they waive the funding fee.
8
Tenpoundbass
2020 Jun 4, 8:27am
Tenpoundbass
2020 Jun 4, 8:27am
It really depends on when you took out your mortgage. I took mine out right at the height of Congress putting on a Dog and pony show to reform Mortgage applications and process. There was a sweet spot window when I took out my mortgage that the rules were overwhelmingly on the side of Buyer. No fees, no way the rate can ever go up, every penny over my mortgage payment goes fully to the mortgage. That part alone was huge, also had only a $77 MIP which rolled off at 20% equity.
I was getting a new Good Faith Estimate every other day. Because they were tinkering with the rules during that month I was closing.
About a month after I closed, they pretty much scrapped most of those sweet terms. My title company told me to never refi, just pay it off, double up on my payment and slam it down. It would take an act of congress to foreclose on your home, and you would have stop paying for a long time.
Since then the MIP is several hundred now, it never rolls off. When I started slamming down my mortgage about 5 years ago, and 5 years after I took my mortgage, PNC sent me a letter saying that most of my second payment would go to interest. I called them up and told them to look at my contract, and they backed down. I hit a rough spot in 2012, and couldn't pay the mortgage on the first and had to wait until the 15th, PNC called me buffaloing me and threatening some oppressive late fees, and going to send me to collection.
Again I told them to look at my contract, there are no late fees, and I have a 15 day grace period to pay after it's due. PNC was trying at act like it's late one day after the due date. I am even allowed 3 deferments a year. I haven't taken any, but when they hawking me over collection I told them I could defer it if I wanted to. They were like "We don't do that" I said Look at my contract.
It's a shame 44's administration didn't leave the Mortgage rules like they gave me. By time it was all over, they back peddled all the way back to how the terms were originally before the bubble. They didn't do dick but give me sweet terms.
I was getting a new Good Faith Estimate every other day. Because they were tinkering with the rules during that month I was closing.
About a month after I closed, they pretty much scrapped most of those sweet terms. My title company told me to never refi, just pay it off, double up on my payment and slam it down. It would take an act of congress to foreclose on your home, and you would have stop paying for a long time.
Since then the MIP is several hundred now, it never rolls off. When I started slamming down my mortgage about 5 years ago, and 5 years after I took my mortgage, PNC sent me a letter saying that most of my second payment would go to interest. I called them up and told them to look at my contract, and they backed down. I hit a rough spot in 2012, and couldn't pay the mortgage on the first and had to wait until the 15th, PNC called me buffaloing me and threatening some oppressive late fees, and going to send me to collection.
Again I told them to look at my contract, there are no late fees, and I have a 15 day grace period to pay after it's due. PNC was trying at act like it's late one day after the due date. I am even allowed 3 deferments a year. I haven't taken any, but when they hawking me over collection I told them I could defer it if I wanted to. They were like "We don't do that" I said Look at my contract.
It's a shame 44's administration didn't leave the Mortgage rules like they gave me. By time it was all over, they back peddled all the way back to how the terms were originally before the bubble. They didn't do dick but give me sweet terms.
Anyone have ideas on Student loan refi? They're killing my daughter (she has pretty bad credit.)