YOUR NEW RATE IS 6.62??? I hope you meant your OLD rate is 6.62. 15 year about 5.25%,,, 30 about 5.80%.

We are having a problem finding someone to lend us money without charging us more. We owe 60k on a 350k home and they want like .2% more for NOT taking at least 100k !!!

WTF,,,,, this is a NO risk loan,,, I should have people lining up at my front door !!

They wont make a ton of money,,, but no risk at all !!!!!!

Before you say anything,,,, there is also a penalty for taking 100k because that is a "cash out " loan.

I CANT WIN !!!!!!!!

 

Old rate is 8.49% for 30
New rate is 6.62 No Doc (get ya there)

 

No Doc,,,, gotcha

 

I did a LIBOR back in March. It's a interest only loan for 5 years based on a 30 year. The rate is 3.2% for 6 months. It changes every six months. For the last 7 years it has been real low. The advantage of this is that you only have to pay interest and tax. But if you pay more, it goes directly towards the principle. It allows you to pay down the principle much quicker and also provides the flexibility to invest $$$ somewhere else.

 

I am in the process right now for a 15 year with O points for 5%. Only had 20 years on my present morgage my old rate was 7%. I will cost me a extra 23.00 bucks a month. Saving me a ton of cash in the long run.

 

My rate is 0% since 1998 Oh yeah it's PAID for :

One of the very few advanatges of being older :laugher:

 

Well im younger but these problems with this baja are turning me gray as a mule.

How goes it Cal?
Get her out a second time yet?
Jason

 

well i'm paying...hold on i don't have a mortgage. one of the benefits of being younger

 

Damn heard that one all the way over here LOL

 

I just bought my 3rd home in December, 6.125%, doesnt make sense to pay the closing costs again to refinance yet, they kill us with tax stamps, flood surveys, etc. down here, all works out in the long run with low property taxes, and $25,000 homestead exemption(if you live here full time you get a $25,000 reduction on your tax assessment), and no State Income tax. I'm not sure how the taxes are where everyone else is, but I came from Connecticut, the tax you to death State.

 

Well I went a little further than refinancing.Put my home up for sale (by owner) and bought a BRAND NEW house,bigger than the one I presently live in,with a 3rd car garge that is 41' deep,and financed for 10 years at 5%,with a .003% cap Oh yea,,,no points either
Bigger home,and lessened my mortgage payments by almost $300.00 a month.
God,I love this Country!!!!!!

 

Closing this week on a no cost 5.75% 30 year mortgage. I remember my first house in 92 for 9.125% and were excited at how low an interested rate we got!

 

Refi'd a month ago. Did a 4.75%, 7 year balloon based on a 30 year payment. I will recoop my refi costs in 6 months. If rates stay the way they are or at least close, I'll probably be building new within a year. Thats why I went with the balloon.

 

We are having a problem finding someone to lend us money without charging us more. We owe 60k on a 350k home and they want like .2% more for NOT taking at least 100k !!!

If your state has a no Pre-Payment penalty law they can't charge you for putting down cash, most state do.
So, get a loan for $101k the day after the closing send a cash down of $41k to your finance co. your mortgage will be back to $60K.
The again you could change the 272 for a 38 Footer and really see your saving go!!!

 

If your state has a no Pre-Payment penalty law they can't charge you for putting down cash, most state do.
So, get a loan for $101k the day after the closing send a cash down of $41k to your finance co. your mortgage will be back to $60K.
The again you could change the 272 for a 38 Footer and really see your saving go!!!

I asked about that,, they would raise my intrest rate because I was not just refinancing, I was taking cash out. :angry1:

 

I just called today. 5.5% for 30. 4.875% for 15. 0 points.

OB....what the hell? You owe $60k on a $350k house and you're 32? You big ballin *%&$**%)#. LOL! And you own like 15 vehicles? Why the hell you waiting to buy a 38 Cigarette?

Us business owners like Candyman and myself should go work for the man. Sounds like it pays better Your place looking for an MBA to surf speedwake all day? LOL! I guess maybe I'd be your speedwake/OSO assistant surfer.

Mark

 

Our current lender offered to refinance with no cost, drop pmi and give us 5.15% for 15 years. Old loan was 6.675% 30 years.

Steve

 

Refinanced in April and got 5.25% for 30 years with no closing costs. Old rate was 7.75 from back in 1993. Didn't have a huge amount outstanding but still saved 300 per month. You're right it is a GREAT country!

 

Well im younger but these problems with this baja are turning me gray as a mule.

How goes it Cal?
Get her out a second time yet?
Jason

Not yet. Did replace the oil line standing on my head. Also fixed the gas guage. Tomorrow before the rain hits again I want to unstick my trim indicator cables and bump the timing up to 36*.

 

. Didn't have a huge amount outstanding but still saved 300 per month.

HEY , time for a new boat :laugher:

 

5.5

 

Wish I could re-fi. Got layed off as I was looking into it. Guess I waited too long looking for the best deal. Now I just have to show some income on the new gig and hope they stay low long enough to get it done. Wish I could refi cause my rate is way high by today's standards.

 

Refinancing now... my mortgage company actually called ME. They are paying ALL costs... I'm going from 15 to 10 years and from 6% to 4.75%. The good news is that my HELOC is also being refinanced at the same time... rate going from 8.5% to 5.5%... also at no cost to me! I'm going to pay $100 more per month, but my loan will be gone at the same time my kids are!

 

Your HELOC should be paid off completely correct?
I could not get my lender to comply with what I wanted and I ended up not doing my settlement
6.75% for 30 with 2 1/2 points and mandatory close my HELOC
I told her to go pound sand, no freakin way when everyone is GIVING mortgages away.
Chase Manhattan can bite me
and I dont want to close my HELOC either, Ill be happy to pay it off at settlement but I dont want to close it completely.
Jason

 

I just refinanced at 5.0 fixed for 10 years. Paid 1 point on $55,000. It was fixed at 7.5 but it was going to expire and I was going to revert back to a variable at 7.0. Saved a few bucks and took out alittle extra for new windows and siding. Should have went for more $$$ and bought a CV-27. I always wanted twins, Mike.