Mortgage refi question

Anybody refinance lately? How much money did you save per month? Phone Post 3.0

300 Phone Post 3.0

lormpino - 300 Phone Post 3.0
Refi/ paid off bills (400$ a month )
Mortgage went up 100 . Went from 5 to 4 percent . Stayed at 15 years

=300 month profit Phone Post 3.0

lormpino -
lormpino - 300 Phone Post 3.0
Refi/ paid off bills (400$ a month )
Mortgage went up 100 . Went from 5 to 4 percent . Stayed at 15 years

=300 month profit Phone Post 3.0
Nice Phone Post 3.0

School me on the process. Closing costs paid? Phone Post 3.0

In Phone Post 3.0

BJJStudent2 - School me on the process. Closing costs paid? Phone Post 3.0
Lots of different things can happen/
Depends on existing loan/ credit/ isnit gonna benefit you?
What's the math??? Phone Post 3.0

Refi just went through a few weeks ago (Wells Fargo fucked it up and I had to wait almost 3 months for the fucking thing).

I'm saving $240 a month and it was a no cost refi. Not great, but I'll take the extra $240 a month. I'm sure rates are better now than in November when I locked the fucking thing in, so the timing for you is probably right.

It IS hard to get refis now though. I had to buy $90,000 home insurance just to qualify. I quit the insurance after 2 months and the refi went through (didn't need it before when I refied 4 years ago).

DO NOT USE WELLS FARGO, THEY SUCK.

If I had to do it all over again, I'd go with QUICKEN LOANS, they look to be the best reviewed company out there.

Ask your lender to pay your closing costs, they can do so a t very slightly higher rate. Go with a smaller mortgage banker or broker that is recommended locally or has a better fully disclosed rate, not the mega lenders.

Just finalized mine Wed last week.

 

Went from a 5.75 to a 3.5%  @ 10 Years. 

 

Paid off 16,000 in a home equity loan.  So payment is about the same.  The 16K is what I would have saved wit hthe rate adjustment. I just sort of got the benifit up front.  The payment on that was like 150. a month at 5%. 

jman - Refi just went through a few weeks ago (Wells Fargo fucked it up and I had to wait almost 3 months for the fucking thing).

I'm saving $240 a month and it was a no cost refi. Not great, but I'll take the extra $240 a month. I'm sure rates are better now than in November when I locked the fucking thing in, so the timing for you is probably right.

It IS hard to get refis now though. I had to buy $90,000 home insurance just to qualify. I quit the insurance after 2 months and the refi went through (didn't need it before when I refied 4 years ago).

DO NOT USE WELLS FARGO, THEY SUCK.

If I had to do it all over again, I'd go with QUICKEN LOANS, they look to be the best reviewed company out there.
Thanks man. With Quicken is the whole process automated online, or are you assigned a rep? Phone Post 3.0

lormpino -
BJJStudent2 - School me on the process. Closing costs paid? Phone Post 3.0
Lots of different things can happen/
Depends on existing loan/ credit/ isnit gonna benefit you?
What's the math??? Phone Post 3.0
I owe about 320k. Current rate is 4.25%, and current principal and interest is $1634 per month. Phone Post 3.0

refi in November..rate was 2.89..locked in for 5 years...

Ze Dano - refi in November..rate was 2.89..locked in for 5 years...
Adjustable rate? Phone Post 3.0

BJJStudent2 -
Ze Dano - refi in November..rate was 2.89..locked in for 5 years...
Adjustable rate? Phone Post 3.0
Nevermind, didnt read Phone Post 3.0

BJJStudent2 - 
jman - Refi just went through a few weeks ago (Wells Fargo fucked it up and I had to wait almost 3 months for the fucking thing).

I'm saving $240 a month and it was a no cost refi. Not great, but I'll take the extra $240 a month. I'm sure rates are better now than in November when I locked the fucking thing in, so the timing for you is probably right.

It IS hard to get refis now though. I had to buy $90,000 home insurance just to qualify. I quit the insurance after 2 months and the refi went through (didn't need it before when I refied 4 years ago).

DO NOT USE WELLS FARGO, THEY SUCK.

If I had to do it all over again, I'd go with QUICKEN LOANS, they look to be the best reviewed company out there.
Thanks man. With Quicken is the whole process automated online, or are you assigned a rep? Phone Post 3.0

I didn't use Quicken. I used Wells Fargo because my current mortgage was with them and they had a free "streamlined" refi (no inspection and a few other things not needed). I thought this would be easier, but it was a fucking nightmare. I did check with another lender I used before, and he could only get me 1/8 point lower, so I did at least get a pretty good rate at the time.

I only say Quicken because of their reviews, so I have no personal experience with them.

Good luck, even with the easiest lender, it can still be a bit stressful and painful.

Closed friday. Saved 80 per month, got rid of PMI and got 17k cash out. Phone Post 3.0

ShanTheMan - Closed friday. Saved 80 per month, got rid of PMI and got 17k cash out. Phone Post 3.0
Nice Phone Post 3.0

221$ Phone Post 3.0

danggook - 221$ Phone Post 3.0
Sorry $321 forgot that I'm just throwing extra 100 to principal each month Phone Post 3.0