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View Full Version : Misc Best place/way to refinance home


crossbow
02-02-2011, 10:16 AM
Rates are really low now. I am thinking of refinancing the house to a short term loan so I can retire sooner. Where do you guys think is the best place to get a new loan?

Also, I tried Aliens but they wanted human genitals for collateral. Go figure.

doomy3
02-02-2011, 10:21 AM
Rates are really low now. I am thinking of refinancing the house to a short term loan so I can retire sooner. Where do you guys think is the best place to get a new loan?

Also, I tried Aliens but they wanted human genitals for collateral. Go figure.

I have several companies I like to recommend to clients. NASB is a bank I use a lot that is very easy to deal with. I also like Union National Mortgage here in Lee's Summit. They are a mortgage broker, and usually have great rates.

If you want me to have someone contact you, shoot me a PM and I will do that.

Rates are starting to move up a bit, so now is a good time to refinance or buy for anyone looking to do either.

DeezNutz
02-02-2011, 10:22 AM
What are rates at currently, please? 30-year fixed.

doomy3
02-02-2011, 10:25 AM
What are rates at currently, please? 30-year fixed.

Wells Fargo is quoting a 4.875 Conventional 30 Year Fixed Rate or a 4.750 FHA 30 Year Fixed Rate today.

DeezNutz
02-02-2011, 10:25 AM
Wells Fargo is quoting a 4.875 Conventional 30 Year Fixed Rate or a 4.750 FHA 30 Year Fixed Rate today.

Thanks, dude.

Hog Farmer
02-02-2011, 10:26 AM
I was quoted a 4.75 when they we're advertising a 3.99 so I told them to go stick it in their ass.

Saulbadguy
02-02-2011, 10:28 AM
Wells Fargo is quoting a 4.875 Conventional 30 Year Fixed Rate or a 4.750 FHA 30 Year Fixed Rate today.

How much equity minimum should one have in their home before refinancing?

doomy3
02-02-2011, 10:32 AM
How much equity minimum should one have in their home before refinancing?

TBH, I am not nearly as familiar with the refinancing process as I am with resale. I deal almost exclusively with people looking for purchase loans, since my job is to sell houses.

I can tell you on a purchase loan that right now people only need 3% down to get into an FHA loan, and Wells Fargo just changed their minimum requirements for someone to be able to qualify for an FHA loan to 500, but they require 10% down for those borrowers.

2bikemike
02-02-2011, 12:53 PM
How much equity minimum should one have in their home before refinancing?

If you don't have 20% equity it can still make sense to refi if doing so will lower your overall payment including PMI.

El Jefe
02-02-2011, 01:05 PM
If you don't have 20% equity it can still make sense to refi if doing so will lower your overall payment including PMI.

Interesting.

mikeyis4dcats.
02-02-2011, 01:11 PM
How much equity minimum should one have in their home before refinancing?

all depends on the closing costs IMHO. You can sometimes refi at a lower rate, but if you end up paying a lot of closing costs it can negate the lower rate.

There are plenty of online calculators to run numbers.

Stewie
02-02-2011, 01:30 PM
I'd check with your current lender first. When I refinanced my house they gave me a competitive rate without all the expenses a new lender would require. I think they called it a streamline refi, or something.

Oxford
02-02-2011, 01:32 PM
If you don't have 20% equity it can still make sense to refi if doing so will lower your overall payment including PMI.

Even better, look into a one-time PMI on top of the loan. If you get to 80% before the note comes due you can get a refund of the remaining premium.

Check insurance companies if your with a major one (State Farm, Farmers etc). By law they can do home mortgages now. Closing costs can eat you up so watch those. Also, if you have to pay points to refinance your home, they may be deductable on FedIncTax if you itemize. Check the law on that with your tax people.

The_Doctor10
02-02-2011, 01:38 PM
If your goal is to retire sooner, I don't quite see how refinancing your home, making it so you have to pay off your house for a longer period of time and ultimately increase your chances of losing your home is at all a good idea. It's obviously your choice, but the risk would seem to far outweigh the benefits, regardless of the current interest rate.

mlyonsd
02-02-2011, 01:44 PM
Don't go with Citibank. They're idiots.

Been going thru a refi that started in October and they still can't get the paper work right.

And THEY own the original mortgage.

Earthbound
02-02-2011, 01:45 PM
Most lenders will only let you borrow up to 90% of the appraised value of your home. If you are underwater or owe what your home is worth, you would probably need to bring quite of bit of cash to make it work. This can still be reasonable if you are lowering your rate a lot and plan on sticking in the home for a while.

Earthbound
02-02-2011, 01:45 PM
BTW, there are some banks out there that will give you a 100% LTV but they are becoming rare.

mlyonsd
02-02-2011, 01:46 PM
If your goal is to retire sooner, I don't quite see how refinancing your home, making it so you have to pay off your house for a longer period of time and ultimately increase your chances of losing your home is at all a good idea. It's obviously your choice, but the risk would seem to far outweigh the benefits, regardless of the current interest rate.If you can get the interest rate down far enough you can easily lower your payments and length of note. Lots of people refi to go from a 30 year to 15 or even 10.