Those of you think about refinancing your houses... - Chicagoland Sportbikes
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post #1 of 38 (permalink) Old 01-30-2008, 05:39 PM Thread Starter
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Those of you think about refinancing your houses...

Those of you think about refinancing your houses...

--------------------------------------------------------------------------------

DO IT...i just called my guy...payoff on my house is 89,700...with 10 years left...

but current payment is over 1150 per month...i called him to find out what i can do, and he said that i can drop to a 5.0 apr on my V.A loan and redo it for another 15 years (yea basically starting over) but saving over $250 A FUCKING MONTH...to me thats totally worth it...so im doing it...i can always pay a little bit extra a month to help kill off the pay off amount faster and still keep extra cash in the pocket....BOOYA!!!!!!!!!!!!!!!!!!

if any of you have been debating about doing it, then call your guy...im going to meet with my guy tomorrow at 430 after work to start the paperwork...and he thinks i can get it done fast enough so i dont have to worry about this months payment and next payment wont be until april 1st...

this looks like a good start to the new year...saving $ BABY!!!!!!!!!!!

...plus my gf was with me saying "omg slow down, slow down" and I was thinking "Lose annoying squalk box in passenger seat, afford more mods and have less weight in the car and on the back of the bike"...so i dumped her and I'm single again as usual...HERE KITTY KITTY!!!
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post #2 of 38 (permalink) Old 01-30-2008, 05:51 PM
 
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10 years x $1,150=$138,000

15 years x $900 =$162,000

Tell me again how you are saving money?
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post #3 of 38 (permalink) Old 01-30-2008, 05:54 PM
 
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Another thing. When you start a mortgage 95% of your payment goes to interest for the first few years. Right now with 10 years left a huge portion of the payment is going towards principal.
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post #4 of 38 (permalink) Old 01-30-2008, 05:54 PM
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anyone know anything about this
http://www.u1stfinancial.com/

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post #5 of 38 (permalink) Old 01-30-2008, 05:54 PM
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I actually have an appointment with my mortgage guy on Monday. Looking to get out of my arm or maybe buy a new place.

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post #6 of 38 (permalink) Old 01-30-2008, 05:55 PM
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Quote:
Originally Posted by geno View Post
10 years x $1,150=$138,000

15 years x $900 =$162,000

Tell me again how you are saving money?


BOOYA!


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post #7 of 38 (permalink) Old 01-30-2008, 05:55 PM
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Quote:
Originally Posted by geno View Post
Another thing. When you start a mortgage 95% of your payment goes to interest for the first few years. Right now with 10 years left a huge portion of the payment is going towards principal.
Agreed. Your going to start putting money to interest all over again. is it worth 250 a month extra.

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post #8 of 38 (permalink) Old 01-30-2008, 05:56 PM
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Quote:
Originally Posted by geno View Post
10 years x $1,150=$138,000

15 years x $900 =$162,000

Tell me again how you are saving money?
+1

A smaller payment + 5 years is not saving money. Good on ya for getting a little more cushion each month - but let's not confuse the terms.
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post #9 of 38 (permalink) Old 01-30-2008, 05:59 PM
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wth? 1150/month on a loan less than 100k? sounds like you should have refinanced a long time ago under some other offerings.

glad to hear you're finally doing something else. a lot of people just make their head hurt thinking about the math and don't bother touching their current loans.

but as geno says, it doesn't sound like you're really coming out ahead here. other than you have a lower monthly payment and you'll take advantage of it by making extra payments on the principle...

sounds like "your guy" is selling you what you want to hear and making a nice commission for himself by rewriting your loan with some other institution.

go put your numbers in a spreadsheet (plenty of them out there on public sites) and see if you really are saving the money you think you are

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post #10 of 38 (permalink) Old 01-30-2008, 06:02 PM
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Looking at it financially, it's a bad deal.

However, if you're struggling and the extra $250 a month will take a load off your shoulders, create less stress, and allow you to enjoy life a little more, then do it. It's all about what's important to you, not us.

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post #11 of 38 (permalink) Old 01-30-2008, 06:07 PM
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Ask your guy what his 10yr rate is.



Off topic slightly, is it better to refin. a small balance or take out home equit. loans, once the mortgage has been paid in full.

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post #12 of 38 (permalink) Old 01-30-2008, 06:08 PM
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yea dood honestly if you have 10 years left, have him get you that rate on a 10 year fixed. The only reason your payment is dropping $250 a month is because your tacking on an extra 5 years to your payments.

Ask about the 10 year fixed, the rates are the same as a 15 year.

Fed's just cut rates another .5% and im waiting around for the new rate sheets to pop out and ill let you know what they're at.

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post #13 of 38 (permalink) Old 01-30-2008, 06:15 PM
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Quote:
Originally Posted by Silentalero View Post
Fed's just cut rates another .5% and im waiting around for the new rate sheets to pop out and ill let you know what they're at.
wohooo! I can't wait to see what my guy has to say. Maybe I'll be buying something new this summer.

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post #14 of 38 (permalink) Old 01-30-2008, 06:17 PM Thread Starter
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i had originally started out at 7.5 back in 2000 with a 120k loan...then refinanced back in 2003 and got 5.5 dropped to a 15 year...

but now u guys are making me rethink this whole thing...

i went to bank of america and did thier calculation...this is what they gave me back...


Refinancing will cost you, in today's dollars, $4,435 more over the 10 years than continuing with your current loan.

Current Refinanced
Total monthly payment $916 $717

...plus my gf was with me saying "omg slow down, slow down" and I was thinking "Lose annoying squalk box in passenger seat, afford more mods and have less weight in the car and on the back of the bike"...so i dumped her and I'm single again as usual...HERE KITTY KITTY!!!
Quote:
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pussy is the root of all evil...
Quote:
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mmmm pussy
You dont like me....i dont give a fuck...cause i'll still put ya in the hospital...me tollerating you is all that matters...
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post #15 of 38 (permalink) Old 01-30-2008, 06:18 PM
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I missed the boat on the rate drop early last week. Was too busy with work and had my head in the sand; a 15yr fixed was going for 4.75%!!! Last Friday they had crawled back up to 5.375, I'm waiting to see if they roll back down a little before locking in.

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post #16 of 38 (permalink) Old 01-30-2008, 06:23 PM
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Quote:
Originally Posted by Silentalero View Post
yea dood honestly if you have 10 years left, have him get you that rate on a 10 year fixed. The only reason your payment is dropping $250 a month is because your tacking on an extra 5 years to your payments.

Ask about the 10 year fixed, the rates are the same as a 15 year.

Fed's just cut rates another .5% and im waiting around for the new rate sheets to pop out and ill let you know what they're at.
PM me your new rates when you get them.




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post #17 of 38 (permalink) Old 01-30-2008, 06:25 PM Thread Starter
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well lilke i said....its with the V.A loan from the government...i just called him and talked to him...he said the V.A doesnt have a listing on his paperwork for a 10 year loan, but will look into it now and will let me know who also has the chance to do a 10 year loan...like FHA and whatnot...im looking to try to drop my payments if i can, but making me look at it like u guys just did definatly makes me think about the 15 year all over again...

...plus my gf was with me saying "omg slow down, slow down" and I was thinking "Lose annoying squalk box in passenger seat, afford more mods and have less weight in the car and on the back of the bike"...so i dumped her and I'm single again as usual...HERE KITTY KITTY!!!
Quote:
Originally Posted by Arch View Post
pussy is the root of all evil...
Quote:
Originally Posted by Hunny View Post
mmmm pussy
You dont like me....i dont give a fuck...cause i'll still put ya in the hospital...me tollerating you is all that matters...
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post #18 of 38 (permalink) Old 01-30-2008, 06:26 PM
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Quote:
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wohooo! I can't wait to see what my guy has to say. Maybe I'll be buying something new this summer.
Just remember, that is NOT a direct effect to our rates. I'll know more tomorrow.


And tony, ill shoot ya a pm as soon as i find out. Im floating all my loans now waiting to see what tomorrow morning holds for us. Im expecting there to be another refi boom very soon though with rates going in the direction they are.

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post #19 of 38 (permalink) Old 01-30-2008, 06:32 PM Thread Starter
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well , with the new percentage cut they just announced, the banks will want more peolple to go to them, so maybe, JUST MAYBE, they will up the anti on this whole thing...if i dont feel like im saving $ int he long run, then i will just get a saturday job for a few months to bring my payroll back up to where i like it...im making ends meat right now and covering my bills...including buyin a new car...just maybe i will hold off in the long run if i dont like the #'s adding up...

...plus my gf was with me saying "omg slow down, slow down" and I was thinking "Lose annoying squalk box in passenger seat, afford more mods and have less weight in the car and on the back of the bike"...so i dumped her and I'm single again as usual...HERE KITTY KITTY!!!
Quote:
Originally Posted by Arch View Post
pussy is the root of all evil...
Quote:
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mmmm pussy
You dont like me....i dont give a fuck...cause i'll still put ya in the hospital...me tollerating you is all that matters...
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post #20 of 38 (permalink) Old 01-30-2008, 06:32 PM
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Yup, I know they are directly related, but this should help the situation.

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post #21 of 38 (permalink) Old 01-30-2008, 06:33 PM
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Quote:
Originally Posted by Silentalero View Post
Just remember, that is NOT a direct effect to our rates. I'll know more tomorrow.


And tony, ill shoot ya a pm as soon as i find out. Im floating all my loans now waiting to see what tomorrow morning holds for us. Im expecting there to be another refi boom very soon though with rates going in the direction they are.
Yup it's looking that way, nice thing is i the rates come down enough to cause a refi boom it could get a lot of people out of trouble and get this economy moving again. Question is which stocks to buy to take advantage of this refi boom.

Keep me on your distribution lists for rates. How often do they get updated?




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post #22 of 38 (permalink) Old 01-30-2008, 06:38 PM
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Yup it's looking that way, nice thing is i the rates come down enough to cause a refi boom it could get a lot of people out of trouble and get this economy moving again. Question is which stocks to buy to take advantage of this refi boom.

Keep me on your distribution lists for rates. How often do they get updated?
Depends on market, once a day minimum. But i've seen it change 4 times in one day.

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post #23 of 38 (permalink) Old 01-30-2008, 06:54 PM
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Are they still allowing 100% LTV? Interest only and all that?

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post #24 of 38 (permalink) Old 01-30-2008, 07:00 PM
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50 bps again today by the fed.. Give it a few weeks, rates will be nice. Shit, I hope rates stay low through the summer. I need to sell my house.
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post #25 of 38 (permalink) Old 01-30-2008, 07:01 PM
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Are they still allowing 100% LTV? Interest only and all that?

They're still out there for 100% but you'll need rock star credit. Interest only will be very hard to find if it even still exists...
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post #26 of 38 (permalink) Old 01-30-2008, 07:02 PM
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Are they still allowing 100% LTV? Interest only and all that?
There are still some risky loan programs out there, but the list keeps getting shorter every day.


I know some of you already know this, but for those that don't: Keep an eye on the yield for the 10 yr bond.

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post #27 of 38 (permalink) Old 01-30-2008, 07:06 PM
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There are still some risky loan programs out there, but the list keeps getting shorter every day.


I know some of you already know this, but for those that don't: Keep an eye on the yield for the 10 yr bond.

money.cnn

Line of quotes at the top, 4th from the left. As the yield increases and decreases, so will rates
true, so rate watchers need the bond to go up which historically meant you needed the stock market to tank. A strong day in the bond market may not be reflected in rates until the next day. Some places change rates 2-3 times a day. The best way to time the market is get pre-approved through your lender. Let them watch rates for you and get an idea when you want to lock..
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post #28 of 38 (permalink) Old 01-30-2008, 07:19 PM
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Quote:
Originally Posted by scout67 View Post
Off topic slightly, is it better to refin. a small balance or take out home equit. loans, once the mortgage has been paid in full.
Depends on what your time frame is and what kind of balance. If you want awhile to pay it off, either would be ok now with rates what they are. Our mortgage rates right now are slightly over 5.6% but with any checking account you get .125 off. Our lowest HELOC rate right now is -.51 below prime, which do the math is 5.49, and you get another .25 with a checking account; only thing is that as prime raises, so will the HELOC rate...Only thing is with my bank you can actually do up to 5 locks on your line, which means you can lock in a certain rate for a certain amount for a chosen period of time, so it's like having up to 5 mini loans within the line.

If it's just a small amount, you won't want to take out a mortgage because there's closing costs and other crap you have to do, where for a HELOC or home equity loan you can do either $0 or $399 closing costs, with a very similar rate.

Hope that all made sense, but if you have any questions let me know

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post #29 of 38 (permalink) Old 01-30-2008, 07:29 PM
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Loans Loans Loans......


There are a few questions you should ask yourself around a refinance.


What is my current payment ?
What is my future payment ?

What is my current payoff balance ?
What will my new payoff balance ( loan amount ) be ?

What is the current toatal of outstanding payments ?
What will the new total of payments be ?

What are the out of pocket costs of the transaction ?


If you write all those numbers down on a sheet of paper across from each
other you will clearly see what the impact to your equity is, what the total
of fees for the transaction will be and where they will come from.


Like Thunderstuck, many people just look at the payment .... now you may
( due to circumstance ) choose to do that..... it's not always the right thing.


How about this..... you have 28 years left on a 30 year loan. You are going
to drop a full point and save $150 Month... they tell you it's no cash due
but you notice your principle amont goes from $150,000 ( current payoff )
to $156,000 ...... a very common practice and not a good deal at all.

It would take you 40 Months just to break even on that one.


All too common.


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post #30 of 38 (permalink) Old 01-30-2008, 07:32 PM
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my mortgage guy says your all lying. He says 30 year fixed is at 5.75




HDTony.... Damn glad to meet you!

Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.

- Ronald Reagan

AirTek Heating & Air inc.
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