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woohoo just signed the refi paperwork

Discussion in 'The Lounge' started by eric strt6, Mar 25, 2011.

  1. eric strt6

    eric strt6 Resident Curmudgeon

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    What a paperwork nightmare. The bank dragged it on for five months. But it will be worth it. No points no fees and we we from a 30 year fixed at 5.125% for 500k to 4.5% 30 year fixed on the same amount. Way cool
     

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  2. SkaredShtles

    SkaredShtles I love NEWCASTLE and will ONLY drink NEWCASTLE!!!!

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    Nice job. We went from 6% 30-year to 3.75% 15-yr.
     
  3. clarkenstein

    clarkenstein Monkey

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    nice - that's a great rate. hell, historically speaking that 5.125% you were paying was a great rate.

    i wish i could do a 15yr, but housing costs mixed with stupid high property taxes in my area (central dirty jerz) make it impossible to get a reasonable monthly payment. i wish i could find a state that has jobs and low property taxes. we're considering colorado, but i know nuthin about the place other than it has mountains.

    coloradoes can haz mountainz.
     
  4. narlus

    narlus Eastcoast Softcore
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    30 year fixed? aren't you older than dirt? :D
     
  5. ALEXIS_DH

    ALEXIS_DH Tirelessly Awesome

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    30 year mortgage?.. damn... am thinking of buying an appartment, and anything over a 5 year mortgage scares the **** of me......
    ill try to buy the cheapest place i can live in, though.... :D
     
  6. stevew

    stevew unique white person

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    jbp created dirt....
     
  7. CrabJoe StretchPants

    CrabJoe StretchPants Reincarnated Crab Walking Head Spinning Bruce Dick

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    I probably could/should refinance, but I can't bring myself to go through all the hassle/wasted costs for a minimal savings so soon after closing on my house.
     
  8. narlus

    narlus Eastcoast Softcore
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    but i bet he doesn't have 28 more years on his mortgage...
     
  9. jimmydean

    jimmydean The Official Meat of Ridemonkey

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    Nice! I pay month to month and can move whenever I feel like.

    And if the water heater explodes, the owner covers the repair and my insurance covers the damage.
     
  10. dante

    dante Unabomber

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    We refi'd ~13 months after buying our house, and the $120/month we've saved since has been WELL worth it. :thumb: Then again, we plan on living in our house for the next 30 years, so...
     
  11. IH8Rice

    IH8Rice I'm Mr. Negative! I Fail!

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    i probably should look into refinancing w/ my 5.875% rate
     
  12. Serial Midget

    Serial Midget Al Bundy

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    and at half a million freaking dollars??? The California dream seems more like servitude.


     
  13. MMike

    MMike A fowl peckerwood.

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    blows my mind.....the selling price of my house was half that.
     
  14. Pesqueeb

    Pesqueeb bicycle in airplane hangar

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    We refied a couple years ago @ 4.375. Our 30 year loan dropped 200 some bucks a month, but were still making our old payment which means were paid off in about 13 years. Between the stupidly low rate and the fact that our house is now worth less than we paid I think were staying for good, I'm not willing to take the financial hit, or give up the thought of having no mortgage when I'm 45.
     
  15. JTOLL

    JTOLL Chimp

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    No closing costs or anything? sweet! Why 5 months can I ask?
     
  16. eric strt6

    eric strt6 Resident Curmudgeon

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    Bank kept deciding they needed more information. funny thing is they are the original lender. Then again it is B of A:rant: freakin incompetent employees
     
  17. dante

    dante Unabomber

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    We took the opposite approach - Once we got down to 5% even, we just started making the minimum payment and banking the rest. We *had* been able to make far more than the 5% on a combination of dividend-paying stock funds and corporate bond funds. Now that everything is grinding closer to 0%, I'm hoping for inflation to buoy that at some point. I mean, mid 00s we were getting 5.5%+ interest just on a normal savings account...
     
  18. Westy

    Westy the teste

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    I am excited by this very exciting thread.
     
  19. Pesqueeb

    Pesqueeb bicycle in airplane hangar

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    When did you get your original loan? If its been within the last ten years what probably happened is that BAC didn't care about your information because real estate was HOT HOT HOT and it could never, ever possibly come down. :rolleyes: If lenders had been practicing that kind of due diligence in the first place we wouldn't be where we are now.
     
  20. eric strt6

    eric strt6 Resident Curmudgeon

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    lol original was Wells, 1st refi less than a year ago was B of A. then the Gov mandated through a program that they offer another refi so we jumped on it. This makes 2 refis in one year. total drop in interest is 1.5%:weee:
     
  21. Brian HCM#1

    Brian HCM#1 MMMMMMMMM BEER!!!!!!!!!!

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    We're in the process of a refi on both homes. It's a pain in the ass!!!!
     
  22. Westy

    Westy the teste

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    Go for a third, it is a great time to buy.
     
  23. Brian HCM#1

    Brian HCM#1 MMMMMMMMM BEER!!!!!!!!!!

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    If I could I would.:(
     
  24. MMike

    MMike A fowl peckerwood.

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    This is the saddest story I've ever heard. How has there not been a benefit concert for you yet? Where is Sally Struthers?
     
  25. MMike

    MMike A fowl peckerwood.

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    I don;'t think one frowny face is enough......no-one should be kept from buying a third home in California.

    I can't take any more!! Next you're going to tell me that your ski boat needs an oil change!!!!
     
  26. Brian HCM#1

    Brian HCM#1 MMMMMMMMM BEER!!!!!!!!!!

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    Actually I had the oil changed in the boat last summer, so it should be good to go for this season. However, the boat trailer needs new tires.
     
  27. nyhc00

    nyhc00 Monkey

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    housing prices are predicted to drop 5% this year and possibly next. it's a patient mans game now.
     
  28. MMike

    MMike A fowl peckerwood.

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    You are limited A million dollar first home, a second home at Tahoe, ski boat with year old oil, and a trailer in need of new tires.......there is no emoticon for what I am feeling. What kind of god would allow this?

    I am weeping openly. I am. You sir are a hero. How you face such adversity with such unmatched class.....I am speechless.

    i will be lighting a candle for you tonight. Your wife's money might not last forever. I don't even want to THINK about that happening!!
     
  29. stoney

    stoney Part of the unwashed, middle-American horde

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    To expand on MMike's feelings, Brian is living a life that few I know in the Bay Area can live. There must be a money well under one of his houses.
     
  30. johnbryanpeters

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    What is this thing you call a mortgage? Is it good to eat?
     
  31. Brian HCM#1

    Brian HCM#1 MMMMMMMMM BEER!!!!!!!!!!

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    FYI, My wife and I made about the for the last 15+ years, she recently got a raise. So yes as of this moment she is making more than me. Then again it depends on my side projects.
     
  32. Brian HCM#1

    Brian HCM#1 MMMMMMMMM BEER!!!!!!!!!!

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    I'm waiting for her. The problem is your companies helicopters aren't powerful enough to move her. And if it could, your boss wouldn't allow you to Air-waitress for anyone else but him.
     
  33. Brian HCM#1

    Brian HCM#1 MMMMMMMMM BEER!!!!!!!!!!

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    Come on Mark, you know how life is in the Bay Area. I made some investments back in the dot-com boom that paid off (before I was married), as well as cashing in big when we sold our last house in 2006. I live a modest lifestyle, don't drive new fancy cars. For a matter of fact, we're still driving the same 02 Denali & my 01 Silverado 4x4. I own my Tahoe place with my sister-in-law. It's a vacation-rental property that is always in the negative, we bought it when we had a next to nothing mortgage. Blah blah blah I can go on. Anyways, I was just commenting on how difficult it is to refi these days even with good established credit.
     
  34. Pesqueeb

    Pesqueeb bicycle in airplane hangar

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    Don't let MMike fool you. Nobody rolls in cash the way someone making a career in Aviation rolls in cash. I’d bet MMike bought the house with the pool just so he could fill the pool with $$$ to swim around in like Scrooge McDuck. That’s what I do.
     
  35. Brian HCM#1

    Brian HCM#1 MMMMMMMMM BEER!!!!!!!!!!

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    Yep, I don't have a pool (nor want one). Plus his wife is a stay at home mom, that's huge!:thumb:

    I know it's difficult for people who have never lived in the SF Bay Area to understand the cost of living. I grew up here, so I'm used to it. It would be nice to have a mortgage a 1/3 of the cost, but we love where we live and wouldn't want to change it.
     
  36. Toshi

    Toshi Harbinger of Doom

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    Brian, are you still mad about the pumps not dispensing more than $75 of fuel at a time? :D
     
  37. CrabJoe StretchPants

    CrabJoe StretchPants Reincarnated Crab Walking Head Spinning Bruce Dick

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    You'd be at the tail end of a 100 year mortgage.
     
  38. MMike

    MMike A fowl peckerwood.

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    Ah that was true when I was a contractor at a large company. How things change.

    Want to know how much private speech therapy is for autistic kids?
     
  39. dante

    dante Unabomber

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    And here I thought it was from all of the Karpiels and Hopes you were selling. :D
     
  40. Brian HCM#1

    Brian HCM#1 MMMMMMMMM BEER!!!!!!!!!!

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    With the big jump in fuel prices, now a lot of stations are allowing $100 on a debit card.