Just Try to Refinance. I Dare You

by FluteHolder Fri Oct 17, 2014 1:51 pm

http://www.bloombergview.com/articles/2014-10-17/just-try-to-refinance-i-dare-you

by Guest Fri Oct 17, 2014 1:53 pm

FluteHolder wrote:http://www.bloombergview.com/articles/2014-10-17/just-try-to-refinance-i-dare-you

(didn't read the article)

This is a battle I have lost 2-3 times in recent years. Now I won't go for it until my principal/loan goes down, or the house value goes up, by 40-50 K.

by MaxEntropy_Man Fri Oct 17, 2014 2:16 pm

I am in the process. we'll see how it goes. i've refinanced thrice in the last three years and doing it again now.

by Marathadi-Saamiyaar Fri Oct 17, 2014 2:24 pm

MaxEntropy_Man wrote:I am in the process. we'll see how it goes. i've refinanced thrice in the last three years and doing it again now.

You will have NO PROBLEM... Here is why..

One of the IMPORTANT condition is the applicant must have HELD a job at a SINGLE place for the previous 2 years - as seen from your W2. In other words, they expect reliability and safety in job - in this day and age.

So, Professore - you have something that Bernanke does not have. Bernanke is out of a permanent job and now makes an ekking out of speaking fees (although 200K per speech, but that does not matter to the computers).

Now, why are you refinancing ? Already you are at the rock bottom paying the least. wont you end up paying 10K for other items ?

by MaxEntropy_Man Fri Oct 17, 2014 2:30 pm

Marathadi-Saamiyaar wrote:
MaxEntropy_Man wrote:I am in the process. we'll see how it goes. i've refinanced thrice in the last three years and doing it again now.

You will have NO PROBLEM... Here is why..

One of the IMPORTANT condition is the applicant must have HELD a job at a SINGLE place for the previous 2 years - as seen from your W2. In other words, they expect reliability and safety in job - in this day and age.

So, Professore - you have something that Bernanke does not have. Bernanke is out of a permanent job and now makes an ekking out of speaking fees (although 200K per speech, but that does not matter to the computers).

Now, why are you refinancing ? Already you are at the rock bottom paying the least. wont you end up paying 10K for other items ?

I never pay closing costs. Escrows for property tax and prepayment of mortgage are the only out of pocket expenses. But that I'll have to pay anyway and what's left from the old mortgage's escrow accounts will come back to me. I did the calcs and I reduce my term by two years, don't change my monthly mortgage outlay and save $26 k in the process. The q is why wouldn't I do it.

by MaxEntropy_Man Fri Oct 17, 2014 2:32 pm

What I mean by I don't pay closing costs is that I have my broker pay it and in return accept a slightly higher interest rate. I am locked into a 3% 15 yr term with no closing costs this time.

by Guest Fri Oct 17, 2014 3:34 pm

The last time we refinanced, the rate was 2.875% for a 10 yr term, no closing costs.
We are done with refinancing. No more. Phew!

by MaxEntropy_Man Fri Oct 17, 2014 3:44 pm

When my principal gets small enough I might be tempted to play the ARM game to pay it down faster.

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