Advice on Refinancing the House etc Needed, ASAP!

Is it really necessary to say stuff like that? This is holiday season, so be nice!

 

15 year fixed with Bank of America. 4.25% nanny nanny boo boo. i have had the loan for awhile, and lots of equity in the house. Bank of America has been a pain in the a s s to deal with. i would go with a cash out re fi at a higher rate just to be rid of them. i also have a great becon score which gets me better rates. guess i should shop around and do a refi....

 

I think this is due to 'historical' reasons.

Anyhow, Karen, you may want to get an MS Excel or other spreadsheet program and experiment with different terms and interest rates so that you can see how much of your monthly payment goes to principle and interest over time. You could also see how paying extra each month affects these values (may not be as much as you think / may be more than you think).

The lender should be able to provide an amortization schedule, but I find it useful to change the values myself.

 

Terry:

So, surely all mortgages companies/brokers don't charge exactly the same fees. That means that some charge higher fees than others. Is there a general rule that fits? Banks are usually the most expensive? Private brokers are usually the most ........

How does one know where to start? Any websites that compare fees/points/and interest rates?

 

Monday is a Holiday for banks.....

 

Just go with a broker. all he does is find you the best deal, hopefully. He can even tell you who the lender will be when he quotes you if that is of a concern. When I re-fied my loan, I called BoA and asked them what they could do for me, they held the current loan. They cut me no slack. I told them that I would go through a broker then and my loan could end up with someone else. They couldn't do anything for me. My broker did it and it happened to go back to BoA with the same rate they quoted but no closing costs. BoA wanted about $1700 in closing costs. Just call a broker.

 

Don't look now but you've self..........
Image Unavailable, Please Login

 

O M G!!!!

ROTFLMFAOATSB!!!!

 

Venusone.....


Why are you making this so hard? Its a VERY simple thing. You do not need to pay someone here to help you.... all you need to do is take the exceedingly simple advice that has been given and CALL A BROKER. Call 3 of them, tell them all you situation, and have them bring you quotes.

If you want me to help you figure out which type of loan program may be best, PM me.

What lender you ultimately end up with does not matter one whit. If the lender holding your loan were to go belly up, your loan would simply get sold to another. No big deal. All lenders will service your loan the same, they all must comply with all state and federal laws. This is a HIGHLY regulated business.

"Fair" pricing is 1% to the broker, competitive 3d part fees (title, attorney...), no discount points and a wholesale priced interest rate. Or, you can have a slightly higher rate and pay less to the broker. Evaluate both options.



Terry

 

You are welcome. But KAREN, get a CPA or a Planner who will help you and be available to answer your questions. In the long run you will be much better off. The kind of 'trades' you refer to are, obviously, not beneficial, or you wouldn't have had to post this thread.
In the first couple of years you will pay big, but afterwards, when they become more familiar with your situation, things (and costs) will slow down. Do it now.

 

328.
Image Unavailable, Please Login

 

LOL!! You got mail.

 

Back to the refi, I don't know where you are located but here is a link
http://www.emeryfinancial.com/
You obviously want it to be easy and not need to deal with anything, these guys will give you a good rate with no fees to you (as has been discussed) without you needing to deal with anything. You can try to find a better rate and figure out which is the best for your situation, but a little difference in rate is not that big of a deal and you will be much better off then you are now.

Now sell me your Z.

 

I re-fi'd two properties with a Flex Loan from Indy Mac. The nice thing about this loan is that if I pay down the principal, the payment adjusts downward, unlike convential loans.

 

Lots of good advice here but nobody has applied the numbers to your situation... maybe this will help you put things in perspective.

Let's say your current balance is $200,000 and you want to remain on a 30 year mortgage:

Payments at 8.3% = $1509
Payments at 5.5% = $1135

Monthly savings is $374. Annual savings is $4488. Savings over a 5 year period is $22,440.

So if it costs you $4000 in closing costs, who cares? You'll get it back in the first year.

When you consider refinancing the same amount for 15 years at 5.3%, your payments go to $1613 which is only $100 more than your current payments... but you own the house in 15 years.

 

How about some that haven't been posted 2 years ago.

 

LOL!