Refinancing

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  #31  
Old 01-12-2021, 07:57 PM
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manaboutown manaboutown is offline
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Last week I went to Bankrate dot com. Loan Monkey and a couple other outfits were offering 2.25% on 30 year fixed rate at 0 to a fraction of one point. I am working on a 0 point one right now. It looks like rates have started to inch up some.
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  #32  
Old 01-13-2021, 01:10 AM
Ann Marie Acacio Ann Marie Acacio is offline
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We recently closed on a 15-yr. fixed rate of 2.375 with Guaranteed Rate...and no points! We originally had our mortgage with Citizens First, so I also contacted them. When I told the VP about this offer, he said "stop shopping and lock it in!" Originally, our monthly payment was proportioned 1/3 to mortgage and 2/3 to interest. Now it's the opposite! Our son was so impressed that he and his wife also refinanced with them. Staff was great to work with. Contact Kyla DeMarzio, kyla@rate.com, 973-9398671. Tell her Ann Marie Acacio referred you.
  #33  
Old 01-13-2021, 02:40 PM
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The rates shown on Bankrate dot com are going up but still looking good. That 2.25% 30 year fixed was a once in a lifetime opportunity as I saw it!
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  #34  
Old 01-13-2021, 10:40 PM
CoachKandSportsguy CoachKandSportsguy is offline
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Most inflation models are showing increasing rate pressure, so if you are considering, wait no longer, do it now! We are considering rfinancing to the max the current home, and paying off the TV house to reduce the rate and have the TV house free and clear versus the northern home. . . which is the opposite of what we have now.
  #35  
Old 01-14-2021, 09:48 AM
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Quote:
Originally Posted by Bruce Hancock View Post
When considering a refinance, please consider all options. Think about a Reverse refi and eliminate your payment. Save that money, enjoy life a bit more.
"Here’s what you need to know to avoid being misled by reverse mortgage advertisements:

A reverse mortgage does not guarantee financial security for the rest of your life.
You don’t receive the full value of loan. The face amount will be slashed by higher-than-average closing costs, origination fees, upfront mortgage insurance, appraisal fees and servicing fees over the life of the mortgage. In addition, the interest rate you pay is generally higher than for a traditional mortgage.
Interest is added to the balance you owe each month. That means the amount you owe grows as the interest on your loan adds up over time. And the interest is not tax-deductible until the loan is paid off.
You still have to pay property taxes, insurance, utilities, fuel, maintenance, and other expenses. If you don’t pay your property taxes, keep homeowner’s insurance or maintain your home in good condition, you can trigger a loan default and might lose your home to foreclosure.
Reverse mortgages can use up all the equity in your home, leaving fewer assets for you and your heirs. Borrowing too soon can leave you without resources later in life.
Generally, you don’t have to pay back the money as long as you remain in your home. But when you die, sell your home or move out, you, your spouse or your estate, i.e., your children, must repay the loan. Doing that might mean selling the home to have enough money to pay the accrued interest."

Don't be Suckered into Buying a Reverse Mortgage — Consumer Reports

I am enjoying life and looking forward to my new 2.25% mortgage.
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Last edited by manaboutown; 01-14-2021 at 11:02 AM.
  #36  
Old 01-30-2021, 03:46 PM
CoachKandSportsguy CoachKandSportsguy is offline
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Well, we waited two weeks and you all got rates of your lifetime! We just refinanced and went from two mortgages with $3,100 in monthly payments to one mortgage with 1,650 and the TV house free and clear. . . . 2.99% with 1.4 points and 3K in closing costs. The NE house is maxed out LTV so the final amount will depend on the final appraisal, but prices here are going up weekly. . . Taking advantage of the increased values. . .

Interest rates did rise, and i hedged my 401K bond positions with TLT puts, as well as hedged the stock position as well, both profitable, to offset losses, but expect more market valuation reductions. . .
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