OT: Mortgage Refinancing
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That was their standard "pitch", but any lender can provide a slightly higher than standard interest rate to offset the standard closing costs. It all depends on the situation and whether it makes sense to do so.
Quoted 2.85. Take it? Sounds too good to be true. When I bought 3 years ago 3.75 was crushing it. I’ve never heard of a less than 3 percent 30 year fixed mtg.
2.875 to 3.00 is where rates are, depending on how much equity you have and the type or property (single family homes get the most attractive rates in most instances).
Greg, we've spoken in the past on some new loan and refi options, and i've always valued your insight and honesty.
Are you seeing Jumbo rates in NJ for sub-3.00%? I am about to lock in with a refi for 3.125% on a jumbo, but if you're seeing things below 3, I will call you immediately! I have a LTV of about 67%
yes, refi it into a 5-year fixed-rate first lien equity loan at NVE Bank in Englewood NJ. The rate I got was 3% (I closed a couple of weeks ago) and they only charged $100 application fee and a $65 recording fee. Easy to apply, less paperwork because it’s a portfolio loan for the bank and great service. They cover all other costs including the appraisal.
I just did the calculation using a financial calculator; It will save you $3,476 in interest. So it’s worth the $165 in fees, and there will be little hassle. You also may need to pay $50 to your current lender to discharge the current mortgage. Your payment will be $1,509 a month for 60 months.
Does AMEX allow you to pay the monthly on the card and also get the rewards points for the payment ?
2.875 I locked that rate in today. Stoked about it. Yeah I’m a single family home, great credit score and a good amount of equity in my house non jumbo. Incredible sub 3. I remember when 3.5 was like other worldly. This is a gift.
Given the low rates and the potential for inflation, is it the best move to pay down the loan early?
I think I'm already below 4%, so I'm not sure how much better I can get, but I do consider getting some cash out and buying some land somewhere.
I think I'm already below 4%, so I'm not sure how much better I can get, but I do consider getting some cash out and buying some land somewhere.
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It's really a different dynamic with the pandemic and how that's impacted the mortgage rates. And thanks to the RU message board community with great questions and sending me feedback to me via email/text [email protected]
GO RU....!!
GO RU....!!
the question has come up a few times on whether people should refinance...definitely 1000%, especially if you have a rate at 3.5% or higher and if you plan to stay in your house for another 3+ years.
[email protected]
The RU community and beyond always welcome for inquiries or general questions and also get some valuable sports or recruiting questions to chat about....or it can be NFL, NCAA football, etc...let's talk savings now, this timing is perfect to get your mortgage payment down, or cutting down the amount of years left, making your money work easier and smarter.
CALL or Text is fine too....732-742-4367.....!!
[email protected]
GO RU......!!!
[email protected]
The RU community and beyond always welcome for inquiries or general questions and also get some valuable sports or recruiting questions to chat about....or it can be NFL, NCAA football, etc...let's talk savings now, this timing is perfect to get your mortgage payment down, or cutting down the amount of years left, making your money work easier and smarter.
CALL or Text is fine too....732-742-4367.....!!
[email protected]
GO RU......!!!
I got 3 percent on a 20 year. The entire process was done electronically except for closing which was done by handing paperwork off and signing. We barely chatted. Totally crazy how technology has changed the mortgage process.
It is very fluid now for sure....we are definitely busier now because of inquiries but the current status of everyone working from home, has made things more efficient. The days of people wasting time driving to an office, from an office, to their parents house or a day care or after care to pick up their children is not a factor now.....our underwriters and processors are logging on during Saturdays, Sunday nights after time with their families, after 10PM, once the kids are asleep and able to do things now that makes it very much an easier time vs years ago.
Technology like DocuSign, allows things to be acknowledged in their phones instantly.
Is there a formula/equation to find out how many years you can take off a mortgage if you prepay x amount of dollars a month?
@Rutgersfamily there are easy ways to calculate it, down to the last dollar, but the simplest way is adding one extra mortgage payment per year, usually shaves 3 and a half years off a 30 year mortgage.
In the examples here, lets say you have 350K mortgage, 3% rate for 30 years, the approximate mortgage is 1475 per month....if you made one extra payment of 1475 over the course of every year, it's 26.5 years vs 30 years.
The refinance opportunities are applying that savings elsewhere or shortening the term of the mortgage, in either case, anyone who has a mortgage, connect with me here and we'll sort out the path that makes sense for your situation.
[email protected]
Stay away from Rocket Mortgage. Staffed with folks who are NOT detail oriented.
Just refinanced into a 15-year 2.75% (might be at 2.625 now) with @NewJerseyHawk. Not a ton of work on my end, everything was done online and the closing took 20 min at our house.
I am only as good as the contacts I get a chance to work with....!! Always great to work with the RU folks here in state and beyond.
You aren’t kidding. Spoke with 2 guys from Rocket early on in my refi process and could tell that they weren’t professional or trustworthy from a mile away. A good broker or the big banks are the way to go.
Last mortgage I had was 8.25% which I turned over to my ex-wife back in '94. Prior to that we had mortgages in double digits for a few years back in the '70 at other houses
we owned. Imagine living through that along with the Arab Oil Embargo and a salary in the $300-$400 a week range. Also, my wife was a stay at home mom for 17 years.
we owned. Imagine living through that along with the Arab Oil Embargo and a salary in the $300-$400 a week range. Also, my wife was a stay at home mom for 17 years.
If you can afford the payments, refinancing for 15 years makes much more sense than for 30 years. Your rates would be lower and you save a lot on interest charges. Also, I refinanced four times in my life and never paid any closing costs out of pocket. I paid 1/8 % more. You need to meet a minimum threshold for the mortgage amount to make this workable for the lender as well.
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NJ Hawk, thanks great info. If that extra pmt a year were on a 15 year mortgage, is it still about three and a half years saved?
On a 15 year, the principal paid is so much better than a traditional 30...if you make 1 extra payment a year on a 15, you save about 18 months off the term....
Yeah, I looked at this option but smaller loan and very good point .25% interest for .25 point made going this way better for me.
I just emailed you about a possible refinance on an income property. Looking forward to your thoughts.
Rocket Mortgage was great during the purchase of our home so I guess it depends who you get. We purchased a short sale and after delays on the banks / towns end, we were put on a severe time crunch before the house would have been foreclosed. Our initial broker wouldn't commit, but our Rocket person told me she would get it done and she did. Worked with me at all times of the day.
@mikebal9 ...
I saw the breakdown of your email this AM, been on and off the road today but have some thoughts and will reply to you in a bit....