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03-31-2013, 10:05 AM | #16 |
[null]
Join Date: Sep 2008
Casino cash: $2850893
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CapFed is our bank, so I'll give them a look. Thanks!
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03-31-2013, 10:19 AM | #17 |
Supporter
Join Date: Dec 2005
Location: Highlandville, MO
Casino cash: $2962247
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Just fyi, I just did a refinance on my home. The lender was Regions bank and they did a 3.625 for me on a 30 year fixed. That was a fha loan due to my credit being a 640. I went a year without a job back in 2007-2008 and I am still repairing the damage done to my credit back then. Due to the housing market, I was over 80% of equity so I got stuck with pmi for 5 years but I'm still paying significantly less.
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03-31-2013, 10:28 AM | #18 |
Rookie
Join Date: Mar 2013
Casino cash: $10004900
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Check out Community Home Lending in Overland Park. We went through them last fall and couldn't have been happier. They took the time to learn about our situation and structured a loan that met our needs perfectly. That was done with the lowest rate we could find and very reasonable closing costs.
I would absolutely stay away from the commercial places. We got quotes from them and their fees were much higher. I guess those commercials aren't cheap. My advice would be to get a quote from Cap Fed and at least one local mortgage banker. Best of luck! |
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03-31-2013, 10:36 AM | #19 |
Has a particular set of skills
Join Date: Dec 2003
Location: On the water
Casino cash: $2579627
VARSITY
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This is what we did with our house purchase. He found a bank that was running a 30 day special to pay the closing costs of the loan. All we had to do was lock in the loan within 30 days and have good credit. Saved us thousands of $'s.
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03-31-2013, 11:12 AM | #20 |
Court Jester
Join Date: Aug 2000
Location: Orlando
Casino cash: $2512400
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I tried to refinance from 5.875 to a lower rate. Even though my credit score is over 800 no bank will do it unless I put down about 80-90 grand because my loan isn't owned by Fannie Mae or Freddie Mac and isn't a FHA or VA loan and my house is now worth a lot less because the housing market in Florida is about 35-40% of what it was a few years ago.
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03-31-2013, 03:05 PM | #21 | |
Emporer of Mongo
Join Date: Apr 2010
Location: Milky Way
Casino cash: $2417556
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Quote:
It would all depend on the appraisal most likely. So getting a lender who does the appraisal at no or little cost (their pocket) would be good so if the appraisal was short, you could protest or walk away without getting hit. I believe 80 is the magic number for PMI but I'm not completely sure, since as an investor I cant make offers with less than 25-30% down.
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03-31-2013, 04:40 PM | #22 | |
Has a particular set of skills
Join Date: Dec 2003
Location: On the water
Casino cash: $2579627
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Quote:
If you are upside down on your mortgage no one will refinance a loan for more than the house is worth. If thats not the case, why can't you refinance with that credit score?
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03-31-2013, 06:29 PM | #23 | |
[null]
Join Date: Sep 2008
Casino cash: $2850893
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Quote:
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Bacon-wrapped shrimp: My first-favorite food wrapped around my third-favorite food. I'd go to a banquet in honor of those Somali pirates if they served bacon-wrapped shrimp. |
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03-31-2013, 08:01 PM | #24 | |
Court Jester
Join Date: Aug 2000
Location: Orlando
Casino cash: $2512400
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03-31-2013, 08:35 PM | #25 | |
Scarlett Johansson's boytoy
Join Date: Nov 2006
Casino cash: $9555998
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Quote:
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04-01-2013, 09:30 AM | #26 |
Veteran
Join Date: Nov 2003
Location: INDEPENDENCE,KANSAS
Casino cash: $7248961
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i re-fi'd almost 10 yrs ago, i did not have an arm but just a higher rate than was available at the time. i chose to do the 15 yr note, paid a bit extra each month but now at 49 i am only 6 yrs from havin it paid for ! i financed the cost of re-fi into the note and over the time period of 15 yrs instead of 30 i saved a buttload.
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04-01-2013, 09:33 AM | #27 | |
Scarlett Johansson's boytoy
Join Date: Nov 2006
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Quote:
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04-01-2013, 09:55 AM | #28 | |
Molôn Labé
Join Date: Sep 2001
Location: North Carolina
Casino cash: $8566872
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Unless you are sure and disciplined I would just go 30 But then again My house is paid for and I am 100% debt free so what the hell do I know huh? |
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