View Full Version : anybody refi there house, recently?
RACER X
08-04-2011, 05:26 PM
rates are really low right now?
been trying, but because its a rental property and its massively underwater (owe 170, valued at 130), and not enough savings nobody will touch me. Been turned down once and offered really crappy terms and rates two times. With a credit score in the mid 700s and never missed a house payment yet its amazing
Rangerscott
08-04-2011, 07:23 PM
I thought refinancing hurts your credit?
wildchild
08-04-2011, 07:34 PM
I know a few who have tried but the bank said not enough value in their houses to cover the loan.
I thought refinancing hurts your credit?
it shouldnt, but a home equity line should, because with a home equity you are borrowing against the value of your home, with a refinance you are just looking at better rates on the same deal you already had.
Rangerscott
08-04-2011, 07:47 PM
My mother refinanced a couple years ago. I guess everything is good with them.
fasternyou929
08-04-2011, 08:06 PM
I thought refinancing hurts your credit?
It's scary how little many adults know about credit/finances.
Refinancing will not hurt your credit; it simply replaces your old mortgage with a new one, written with better terms (unless you're really being taken to the cleaners :lol:).
The only argument to support it "hurting your credit" (and it's a stupid one because the effect would be negligable) would be your credit report would show a recent inquiry.
Gas Man
08-04-2011, 09:37 PM
per wifey..
she has rates of 3.5% for 15 yr mortgages.
tommymac
08-04-2011, 09:43 PM
per wifey..
she has rates of 3.5% for 15 yr mortgages.
30 yr fixed are under 4.5. I thought I did amazing at 4.75. Not sure I could afford a 15 yr now, I am overpaying but if things are tight in a given month I use that money elsewhere.
101lifts2
08-04-2011, 10:06 PM
been trying, but because its a rental property and its massively underwater (owe 170, valued at 130), and not enough savings nobody will touch me. Been turned down once and offered really crappy terms and rates two times. With a credit score in the mid 700s and never missed a house payment yet its amazing
I was in the same boat...until I short sold the condo. But...you are really not that upside down. 30% isn't all too bad.
I was in the same boat...until I short sold the condo. But...you are really not that upside down. 30% isn't all too bad.
it was on the market for 18 months, now I have a tennant in there. At one point I was ready to walk away from the loan and just call it a day.
per wifey..
she has rates of 3.5% for 15 yr mortgages.
wait? what? she does loans? tell her to give me a call
101lifts2
08-04-2011, 10:09 PM
It's scary how little many adults know about credit/finances.
Refinancing will not hurt your credit; it simply replaces your old mortgage with a new one, written with better terms (unless you're really being taken to the cleaners :lol:).
The only argument to support it "hurting your credit" (and it's a stupid one because the effect would be negligable) would be your credit report would show a recent inquiry.
This is true unless you are taking out a home equilty loan. Then...this is lumped into the revolving credit bucket. This loan is usually much higher than credit card limits.
Particle Man
08-04-2011, 10:09 PM
4.5 for 20 in this neck of the woods.
101lifts2
08-04-2011, 10:11 PM
it was on the market for 18 months, now I have a tennant in there. At one point I was ready to walk away from the loan and just call it a day...
Well....I wouldn't have walked away with only 30k in the red. :idk:
Well....I wouldn't have walked away with only 30k in the red. :idk:
at the time I had moved out of the house and couldnt afford 2 house payments, I didnt really have a choice, then a tennant came along
anthonyk
08-04-2011, 10:39 PM
I'm about to refinance. I've heard rates down in the 3's for 15-yr mortgages as well. That's probably what I'll do, giving me about the same payment as the 30-yr I have right now.
Captain Morgan
08-04-2011, 11:03 PM
refi'd mine a few months ago. Got 4.25% on a 15 year fixed. Was previously at 6.875% on 30 year. My payment only went up $30 per month by going from 30 (had 28 years left) to 15 years.
RACER X
08-04-2011, 11:06 PM
Just hd dinner w friends and they were in the middle of refi, both had credit scores in the high 700s and 1 of them working and could only get 4.5 for 20 yrs, so what would it take to get a 3.5? 800s?
anthonyk
08-04-2011, 11:18 PM
Just hd dinner w friends and they were in the middle of refi, both had credit scores in the high 700s and 1 of them working and could only get 4.5 for 20 yrs, so what would it take to get a 3.5? 800s?
Probably more important than the credit score is the move from 20 to 15 years.
fasternyou929
08-04-2011, 11:31 PM
This is true unless you are taking out a home equilty loan. Then...this is lumped into the revolving credit bucket. This loan is usually much higher than credit card limits.
Taking out a massive car loan or skipping a few payments will lower your borrowing power too, but that wasn't the question posed. It was specific to refinancing.
shmike
08-04-2011, 11:37 PM
Just hd dinner w friends and they were in the middle of refi, both had credit scores in the high 700s and 1 of them working and could only get 4.5 for 20 yrs, so what would it take to get a 3.5? 800s?
It is more than just credit score these days (as it should be).
They will also take into account other variables: Income history (sales job? steady income? etc), loan to value ratio, debt to income ratio, available credit to income ratio, etc.
RACER X
08-04-2011, 11:46 PM
next ?, we have similar scores, initial house loan is entirely in my name. if we add her, will it make our rate better?
i imagine our debt/income ratio would be alot better
Gas Man
08-05-2011, 03:09 AM
30 yr fixed are under 4.5. I thought I did amazing at 4.75. Not sure I could afford a 15 yr now, I am overpaying but if things are tight in a given month I use that money elsewhere.
Yeah and I'm at 6% from about 3 years ago. Sucks but... my house is about 1/3 upside down. Sucks being I just paid off (for the last 5 years) my condo I sold back then. That cost me $450 a month due to a $35k loss. Blows. Brand new when i bought it, sold it 5 years later.
wait? what? she does loans? tell her to give me a call
She does it all. She was a branch manager, then collections manager, and now the director of marketing. Email me via the board and I'll get you in touch with her.
Just hd dinner w friends and they were in the middle of refi, both had credit scores in the high 700s and 1 of them working and could only get 4.5 for 20 yrs, so what would it take to get a 3.5? 800s?
That is a perfect tier 1 or "A" score. That is what all rates are set for when advertising.
next ?, we have similar scores, initial house loan is entirely in my name. if we add her, will it make our rate better?
i imagine our debt/income ratio would be alot better
Yeah but only if that ratio needs the help. Otherwise you're shorting yourself in the foot. When you figure out your ratio in the future on something like a car, you both are responsible for the payment. Not half the payment, the entire payment for each of you.
tommymac
08-05-2011, 04:33 AM
values by us are way down too, a house up the road just sold for 380k, which is what my mortgage is, kick in the ass is it is a rather nice house so I dont want to know what mine is worht now.
Cutty72
08-05-2011, 09:52 AM
values by us are way down too, a house up the road just sold for 380k, which is what my mortgage is, kick in the ass is it is a rather nice house so I dont want to know what mine is worht now.
I could buy my place 3 times for that! :lol:
OneSickPsycho
08-05-2011, 10:34 AM
I could buy my place 3 times for that! :lol:
Yeah, but who would want to buy a place in ND... let alone 3 places!
This is true unless you are taking out a home equilty loan. Then...this is lumped into the revolving credit bucket. This loan is usually much higher than credit card limits.
Home equity lines don't hurt your credit rate either. :lol: Never hurt mine, my score is in the 800's and was even before it was paid off. Of course home equity lines are more debt, which is considered with re-fi's or new loans.
Captain Morgan
08-05-2011, 11:58 AM
values by us are way down too, a house up the road just sold for 380k, which is what my mortgage is, kick in the ass is it is a rather nice house so I dont want to know what mine is worht now.
I could buy my place 3 times for that! :lol:
I could buy my place 6 times for that!!
AquaPython
08-05-2011, 01:18 PM
refi'd mine a few months ago. Got 4.25% on a 15 year fixed. Was previously at 6.875% on 30 year. My payment only went up $30 per month by going from 30 (had 28 years left) to 15 years.
what did it cost you out of pocket to do that?
LeeNetworX
08-05-2011, 01:43 PM
refi'd mine a few months ago. Got 4.25% on a 15 year fixed. Was previously at 6.875% on 30 year. My payment only went up $30 per month by going from 30 (had 28 years left) to 15 years.
Really? Who did you re-fi with? What were the closing costs on that re-fi?
Captain Morgan
08-05-2011, 04:14 PM
what did it cost you out of pocket to do that?
Really? Who did you re-fi with? What were the closing costs on that re-fi?
Went through Fifth Third on a VA loan. Closing cost was about $1500, which I rolled into the new loan. My intent is to pay the mortgage early, hopefully within 5 or 6 years. Considered the difference between just making larger payments on the 30 year loan, but I still save money with the refi even though paying off early.
101lifts2
08-06-2011, 01:15 AM
Home equity lines don't hurt your credit rate either. :lol: Never hurt mine, my score is in the 800's and was even before it was paid off. Of course home equity lines are more debt, which is considered with re-fi's or new loans.
It depends on the amount of your line of credit. A home eq. loan is the same as CC debt (revolving credit), but cc debt is not bad IF you have a large open line of credit. They look at the amount of credit vs. debt in regards to revolving credit.
101lifts2
08-06-2011, 01:18 AM
I could buy my place 6 times for that!!
Yeah, but who would want to buy a place in IN....let alone 6 places!
redflip OK I had to copy OSP.
dReWpY
08-06-2011, 03:14 AM
Im looking at picking up my first place and I'm getting a damn good deal
RACER X
08-06-2011, 01:24 PM
Talked w our current mortgage, citimortgage
$450 out of pocket
Drop from 30 yr to 20 same payment
15yr $200 more
No point buy down
But I keep hearing no fee's, I think the interest they are earning off our house should be enough,
It's thru their streamline deal, crazy thing is no real income check and they can fin. Up tp 200% more then the value of 'your' house....
dReWpY
08-09-2011, 07:20 PM
I got 4.25% fixed on a 30yr
paying 110,000 for house appraised at 165,000$
tommymac
08-09-2011, 07:27 PM
I got 4.25% fixed on a 30yr
paying 110,000 for house appraised at 165,000$
Sweet, did you pay any points on that? w egot 4.75 and thought that was amazing just 2 years ago.
dReWpY
08-10-2011, 01:59 PM
http://i291.photobucket.com/albums/ll316/mobilesnakepit/home.jpg
tommymac
08-10-2011, 02:02 PM
http://i291.photobucket.com/albums/ll316/mobilesnakepit/home.jpg
You bought a garage? :lol:
shmike
08-10-2011, 02:02 PM
http://i291.photobucket.com/albums/ll316/mobilesnakepit/home.jpg
You paid $110k for that!?
Well done.
AquaPython
08-10-2011, 02:20 PM
You bought a garage? :lol:
:lol
Cutty72
08-10-2011, 03:11 PM
http://i291.photobucket.com/albums/ll316/mobilesnakepit/home.jpg
Mow your lawn you bum.
LeeNetworX
08-10-2011, 03:25 PM
Mow your lawn you bum.
And trim that fucking tree.
tommymac
08-10-2011, 03:26 PM
And trim that fucking tree.
Looks like he needs an edger too :lol:
dReWpY
08-10-2011, 03:28 PM
All in the time. i am closing soon and all will get shit straight
LeeNetworX
08-10-2011, 03:43 PM
Looks like he needs an edger too :lol:
Yep. I have a Ryobi I'll sell you, man.
Particle Man
08-10-2011, 09:05 PM
Good work, dude
Rangerscott
08-10-2011, 09:35 PM
Yep. I have a Ryobi I'll sell you, man.
Ha.
Got a guy on my TX forum that's selling his house that has a garage that'll fit two full size pickups and 21 bikes, plus he also has an RV parking building. I'd rather my garage/shop be bigger than my hoose. LOL
OneSickPsycho
08-11-2011, 09:30 AM
Ha.
Got a guy on my TX forum that's selling his house that has a garage that'll fit two full size pickups and 21 bikes, plus he also has an RV parking building. I'd rather my garage/shop be bigger than my hoose. LOL
My house growing up was almost that way... the garage's footprint was bigger than the house...
My uncle actually did that... he bought a bunch of land, set up one of those manufactured homes, and built a two-story garage with about 3x the square footage of the house...
Rangerscott
08-11-2011, 10:28 AM
I need to take a trip to a small town I lived at. We lived out in the country and not sure about the land size but it was 3/2 house, a second small house (ranch hands?), a metal garage/barn that was 30ft or so tall and 50ft long. Cant remember the dimensions but its big. Then there was a row of horse stables, and a another building with a storm cellar. Then behind that was a fiberglass well water catcher that was 20ft x 10ft x 10ft. The well pumper was built like those early 1900 oil rigs. The 4 pole with platforms. Wish I had lived there at an older age so I could have utilized what we had.
Forgot we had a fenced off 1 acre east of the house that we would mow in the shape of a baseball field.
dReWpY
08-11-2011, 01:42 PM
prices are stupid cheap right now, this house is in one of the nicer neighborhoods but the owners didnt keep up with it.
dReWpY
08-11-2011, 02:19 PM
getting the grass cut and tree trimmed
turns out the previous owners where slobs and hated by everyone that lived there, never cut the grass and let their kids run wild... and it shows, I have to put all new carpet in, patch a few holes, and clean off caked cockroach shit from the walls, it was was so bad i thought it was mold at first and almost freaked out
Particle Man
08-11-2011, 07:36 PM
Yes because cockroach shit > mold :lol:
LeeNetworX
08-12-2011, 08:34 AM
getting the grass cut and tree trimmed
turns out the previous owners where slobs and hated by everyone that lived there, never cut the grass and let their kids run wild... and it shows, I have to put all new carpet in, patch a few holes, and clean off caked cockroach shit from the walls, it was was so bad i thought it was mold at first and almost freaked out
I hope you dropped several dozen fumigation bombs in that house. If you don't kill every last one of those mother fuckers they will multiply and get out of hand again. Do it now before you clean it up and move in.
LeeNetworX
08-12-2011, 09:13 AM
Ha.
Got a guy on my TX forum that's selling his house that has a garage that'll fit two full size pickups and 21 bikes, plus he also has an RV parking building. I'd rather my garage/shop be bigger than my hoose. LOL
That's sweet. I think somewhere down the line I'd like to build an external garage at the bottom of our side drive. Would be nice to be able to keep the bike, lawn equipment and eventually a boat in it.
Captain Morgan
08-13-2011, 10:52 AM
I hope you dropped several dozen fumigation bombs in that house. If you don't kill every last one of those mother fuckers they will multiply and get out of hand again. Do it now before you clean it up and move in.
Get an exterminator in there pronto. Forget the bombs, the fog doesn't get into the areas it needs to. And if you see a roach, kill it with a paper towel, not your shoe. If you step on a roach, the eggs can pop out and then you'll track them around your house on the bottom of your shoe. Get an exterminator, even if you've been told that an exterminator was already there and taken care of the problem. Make damn certain those things are dead and gone, cause once you bring food in the house, you'll be in a world of hurt if there are any roaches hiding anywhere.
dReWpY
08-13-2011, 11:20 AM
We don't know if the are still there or.if they has someone. the only evidence is tracings on the wall. we haven't seen any bodies or actual specimens. so there is a chance that they had it taken care of and its no.longer a problem. I am going to have an extermination crew one take a look at it ASAP.
tommymac
08-13-2011, 11:29 AM
We don't know if the are still there or.if they has someone. the only evidence is tracings on the wall. we haven't seen any bodies or actual specimens. so there is a chance that they had it taken care of and its no.longer a problem. I am going to have an extermination crew one take a look at it ASAP.
What did the home inspector say/think? You cant trust the sellers in a situation like this, they will half ass everyting just to get the sale done.
dReWpY
08-13-2011, 11:34 AM
The home inspector is sending his report in this week. we are waiting on the contract to come back and set a closing date, barring horrific news
tommymac
08-13-2011, 11:38 AM
Did you walk around withthe inspector? I did with my guy and was very informative, also helps since he can answer questions and tell you stuff on the spot too.
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