we just need another war or bank meltdown or something
I dont even know why we have this loan …we went to look at the house and the guy told me I could only buy it with out a 203k loan… we bought a house that was forclosed for 4 years and needed about 60k worth of work just to move in… new roof,sidding, septic,water system and was full of mold… this could be why we needed that load for the fact how much work had to be done befor I could move in
But I have called 2 times to look into REFI and they always tell me I have a Diff kinda loan then aa reg house loan (I have thought about switching banks and getting a new “out of the box” type loan)
I would have thought you could do a SONYMA rehab loan, probably easier than that thing,
I told you I called Joel and talked about this with him. We can REFI to 5% with $3500 in closing cost to drop our payment only $50 a month. That would give us a savings of $18,000-$3,500=$14,500 total savings?!?!
It is your call?!?!
NYspeed what is your thoughts?
we talked about this on page one
we are not doing this …im just talking …
there is no savings b/c we have spent that ion finance charges now and they do not count that into the mix
Just ignore me… I was over generalizing about people receiving loans in the last 5 years, discussing them on internet forums. It clearly didn’t stick… forget it.
you should listen to your wife more.
Why would you not want to drop your payment and pay less interest?
How long do you plan to live at your house?
Forget what you’ve spent in the past on your loan, look to the future. It could make A LOT of sense to refinance now.
Do not be silly I 100% see the point you were making. 
I got my mortgage in October, around 6.15% it was going to be 6.5% but right before closing my lawyer called and we had to redo ALL the paperwork for the new rate.
so… not worth refinancing to 4%?
I would LOVE to get my payment lower… but is it worth the hassle? does it effect my credit?
How long do you plan on staying in the house for? It depends.
Also, why would you consider changing 6.15% to 6.5% ???
you’re not gonna get 4% on a refi right now…
the one thing that I’m going to add here is that people always calculate savings over the entire 30 year loan. Most people don’t keep their house for anything close to 30 years. If you keep it less than 5 year the money you pay to close on the refi will often put you at a loss vs. keeping the higher rate in the big picture.
no, it was going to go in as 6.5% but at the last minute the rates dropped and he was nice enough to change the paperwork for that tiny bit of a drop. $ is $ to me.
I do plan on being there for a long time.
If you keep it less than 5 year the money you pay to close on the refi will often put you at a loss vs. keeping the higher rate in the big picture.
ah! I understand, ty!
Has anyone ever heard of Euro Mortgage Bankers? They just quoted 5.25% or maybe even less.
Because of the new mortgage laws starting Sept 1, 2009 I can not refinance. They think it is too risky to lower my monthly payment by almost $1000. So I guess they feel I am less of a risk with a higher payment. That should make perfect sense to the Federal govt because everything they do defies all logic.:bloated:
God bless the US of A!
wat?
Why can’t you refi? Funky Jumbo or something?
Good thing it isn’t september.
It’s not that the law won’t let me it is just that they are adding huge points for certain credit scores (not mine, my wife) on Freddie Mac loans. The bank was ready to roll and they called back and said I will need another $7,000 to close!!! It takes 60 days to close which would put us past the Sept. 1 deadline. Her credit is not “bad” but they are raising the bar even if you have been all good on your current loan.
I have NEVER been late on a payment.(I make the payments)
I am working with the bank to get a non freddie mac now which actually would be a little lower rate but only for 15 years, then ARM for the last 15 which scares me.
If you can lock into 4%, do it. Anything less than a 2% drop is not worth it. You also have to factor in the other variables. Attorney costs, closing costs, re-applying for the load etc. This alone may cost you several thousand dollars out of pocket.
The other thing to evaluate is if you are currently in a 30 yr mortgage at 6.15%, you might want to check out what a 15 yr might be at 4.15%. You’d be surprised. It may actually only be a few hundred dollars more per month. At that case, you may be better off just going that route and saving yourself several thousands of dollars over the what-would-have-been 30 year term and own your home in half of the time. That is exactly what I did earlier this year. My payment adjusted $150 up a month to own my home in 15 years. 
Not to mention, I saved over $65,000 in the process. I used to crunch numbers for Bank of America Mortgage back in the day…
Why, you’ll probably be dead or living in Canada by then anyway. Just refi in 15 years…
Good point.