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      08-21-2010, 10:13 PM   #1
youtkiddin
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im i the only one thats not refinanced?

has everyone jumped on the low interest rate wagon? im not hurting financially. but i do have a 6.0 rate. i went with my va loan and dont pay pmi. i could save a good bit a month. probably 150 to 200 dollars. but then i think about all the dam closing cost fees they charge. only in my house for 3.5 years. also have a hard time thinking about starting over on loan. whats your guys thoughts on this? oh one other thing, not sure if i have correct info. someone told me if you had not refinanced and lost your house you would not be held responsible for balance. on the other hand if you did refi and got to where you could not pay they would come after you for the balance.
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      08-21-2010, 10:14 PM   #2
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if you can get a better rate why not go for it?
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      08-21-2010, 10:29 PM   #3
youtkiddin
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yea i know. like i said just the thought over starting over after 3.5 years. also all i been paying is interest anyway. it would probably would be for the best. the other thing is i keep getting all these flyers in mail probably 10 a week. not sure if they are any good. guess ill try locally.
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      08-22-2010, 01:19 AM   #4
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Quote:
Originally Posted by youtkiddin View Post
someone told me if you had not refinanced and lost your house you would not be held responsible for balance. on the other hand if you did refi and got to where you could not pay they would come after you for the balance.
Was that something specific for a VA loan? For any other loan that I know of, you'll be in pain if you fail to meet your payments regardless if you refi'd or not. It sucks to start over again, but you're at least looking at a lower principal (unless you roll in your closing costs or cash out some). Are you planning to pay off the place?

I refi'd a couple months back.
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      08-22-2010, 10:49 PM   #5
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Was it originally a 30yr MTG?

Depending on your cash flow, maybe look at a 15yr note as well.
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      08-23-2010, 04:48 PM   #6
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Refi the rate AND term. You could probably pay the same monthly and be done in 20 years instead of starting over at 30.

But read the fine print. Make sure no penalty for early repayment, no ARM, no balloon, and check the fees/points.
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      08-23-2010, 05:12 PM   #7
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Quote:
Originally Posted by UncleWede View Post
Refi the rate AND term. You could probably pay the same monthly and be done in 20 years instead of starting over at 30.

But read the fine print. Make sure no penalty for early repayment, no ARM, no balloon, and check the fees/points.
Indeed, I refinanced and could have kept my same payment and pay off in 20 years, but I didn't.

Instead I did a 30 year and lowered my monthly payment, and here is my logic. Lower fixed monthly payment leaves me more flexible, the wife and I want to buy a second home (cabin) and we will be more comfortable doing it with a lower house payment. The big one, now my mortgage is very close to market value for the house, that is to say I could almost rent it out and have it cover itself. It time, when the economy improves, I should be able to rent it out and move on, if I want to (or it the wife forces the issue).
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      08-23-2010, 05:14 PM   #8
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The only dangerous thing is that I was very, very, very closed to buying a used 997 Turbo because my total monthly costs wouldn't change.
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      08-23-2010, 05:17 PM   #9
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Quote:
Originally Posted by youtkiddin View Post
has everyone jumped on the low interest rate wagon? im not hurting financially. but i do have a 6.0 rate. i went with my va loan and dont pay pmi. i could save a good bit a month. probably 150 to 200 dollars. but then i think about all the dam closing cost fees they charge. only in my house for 3.5 years. also have a hard time thinking about starting over on loan. whats your guys thoughts on this? oh one other thing, not sure if i have correct info. someone told me if you had not refinanced and lost your house you would not be held responsible for balance. on the other hand if you did refi and got to where you could not pay they would come after you for the balance.
Find a bank that doesn't charge closing cost or points. Here in the S. F. Bay area, Fremont bank does just that. Their current rates are 4.75 for a fixed 30-yr loan and 4.125 for a fixed 15-yr loan.
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      08-23-2010, 05:19 PM   #10
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Have you thought about looking at 15/20 year loans?

watch closing fees, not just the ones you pay up front but find out what your par rate is vs what rate you're actually paying.

prepay isn't necessarily a bad thing. having a 2yr prepay can lower your rate sometimes and if you don't plan to refi within 2 years, there's no issue to begin with.

how much do you currently owe on your property and how much is it worth? if you're under 80% loan to value, i'd consider looking at refi options.
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      08-23-2010, 05:51 PM   #11
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It just made sense for us. We were DINK's for awhile but after meeting with our financial advisor, we should be working on our retirement and 401K. Then all of a sudden we are now preggers!

The refi saved us $600 a month! (Old rate 6.0% plus PMI, now 4.7% no PMI). So that goes directly towards baby and retirement. All without messing our cash flow.

I say go for it. We have 20% equity so the refi was very seemless, no points to pay. We folded closing in the new loan only brought our monthy up, by $4.
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      08-23-2010, 09:50 PM   #12
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Dad just refi'd for a 3.? on their 1.5yr old house.

Why the hell would anyone get a variable rate on anything?
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      08-23-2010, 10:34 PM   #13
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You can streamline that VA loan into a new 30-yr at 4.25% as of today.
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      08-24-2010, 03:59 PM   #14
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Yes, rates are unbelievably low! As low as 4.0% 30 year and 3.75% 15 year...

Nowadays you can refi and pay no cost, and still get a great rate.

If you can, take advantage of this opportunity while it last.
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      08-24-2010, 03:59 PM   #15
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refinancing is for broke ass *****s
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      08-24-2010, 04:19 PM   #16
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refinancing is for broke ass *****s
hahahaha wha?? makes no sense
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      08-24-2010, 05:41 PM   #17
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Originally Posted by Trijicon View Post
hahahaha wha?? makes no sense
the only way to purchase a house is in cash
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      08-24-2010, 05:46 PM   #18
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hahahaha wha?? makes no sense
dont listen to him, if you threw a quarter on the ground he would tackle someone for it
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      08-24-2010, 05:50 PM   #19
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dont listen to him, if you threw a quarter on the ground he would tackle someone for it
i believe that is a racist gesture...and racism is strictly against the rules and could get banned for that, Collin
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      08-24-2010, 05:52 PM   #20
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i believe that is a racist gesture...and racism is strictly against the rules and could get banned for that, Collin
Edit
I retract me previous statment.
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      08-24-2010, 05:54 PM   #21
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i believe that is a racist gesture...and racism is strictly against the rules and could get banned for that, Collin
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      08-24-2010, 05:54 PM   #22
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I hope you are joking, we don't know what race you are/he is.
you better watch your tone
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