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You (and everyone else thinking about it) should refinance as soon as possible. Today, get on the phone. Rates have already come up ~0.75% from their lows depending on the type of loan and are rising quickly. The usual disclaimer this is not a sure thing stats is complicated blah blah blah rates are gonna be a lot higher in a few months then they are right now.
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Nov 17, 2016 19:18
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Pryor on Fire posted:You (and everyone else thinking about it) should refinance as soon as possible. Today, get on the phone. Rates have already come up ~0.75% from their lows depending on the type of loan and are rising quickly. Right now, this week, rates are rising because the stock market is up and bonds are falling, all because of an assumption that the fed will raise interest rates due to the economy heating up a bit. This is entirely speculative. Pryor on Fire is also speculating. It's the current thinking, but the current thinking is wrong about half the time. You should refinance when it makes sense to refinance. Most likely that 9k on your credit card at 0% won't make much or any difference in terms of the deal you can get, but you can ask your broker about it if you want. If your income is such that you can easily afford to pay a thousand dollars a month against that balance, then your income to debt ratio is just fine and you'll qualify, no problem. If you'll feel more secure about waiting till the debt is gone, you can do that too. Again, nobody actually knows for sure what mortgage interest rates will be like in the future. Be very suspicious of anyone who thinks they do know, because they are probably overconfident.
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Nov 17, 2016 19:27
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You're absolutely 100% right, I'm also willing to give you like 10:1 odds that the 30yr mortgage rate will be substantially higher than it is now by next summer. It's loving happening.
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Nov 17, 2016 19:33
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I'm glad we locked in before the election.
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Nov 17, 2016 19:46
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BraveUlysses posted:I have no intent of using the credit card after it's paid off but i want to know how long my credit report will be impacted by the balance I was carrying, since it will probably factor somewhat into my refinance. You can just give them a statement showing the $0 balance to counteract any balance on your credit report.
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Nov 17, 2016 19:52
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Rated PG-34 posted:I'm glad we locked in before the election.
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Nov 17, 2016 19:54
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Pryor on Fire posted:You're absolutely 100% right, I'm also willing to give you like 10:1 odds that the 30yr mortgage rate will be substantially higher than it is now by next summer. It's loving happening. We'll see. I think it's possible. It's also possible the economy starts to tank, if trump starts a protectionist trade war, which he can do more or less unilaterally since treaties are entirely the domain of the executive. But he might not do that, irrespective of campaign promises. If congress dumps the ACA, health care costs are going to skyrocket, which will also slow down consumer spending and stall the economy. Deregulation of banking could push the numbers up, though. We just don't know. All that aside, we do know that rates are very low right now, and I don't think $9k of credit card debt is big enough to worry about when doing a refi. I'd go ahead anyway.
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Nov 17, 2016 19:57
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On the other hand, if that $9k represents a significant percentage (say, a third or more) of your total credit available, it can impact your refi. I've told this story here before, but my first mortgage jumped a half point due to my brand new Home Depot card being maxed in its first month. It was only a $500 limit, but since I had so little revolving credit at the time (about $2k) it tripped some usage warning and raised my rate significantly. Now that I have way more credit available to me it wouldn't get noticed, but everything is relative. Also don't apply for more credit while you're applying for a mortgage. That is also a reason why that card was a bad idea.
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Nov 17, 2016 20:27
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H110Hawk posted:You can just give them a statement showing the $0 balance to counteract any balance on your credit report. That's a good point but I'm getting blue balls over this stupid VW settlement...I'm waiting and waiting and the car just sits in my driveway and it may not be handed back until January and I'm not sure I want to wait that long to refinance. My FICO score is just under 800, maybe it won't really matter that much? on the other hand, waiting for the settlement money lets me clear out a 10k auto loan and 9k credit card debt.
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Nov 17, 2016 20:43
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BraveUlysses posted:My FICO score is just under 800, maybe it won't really matter that much? on the other hand, waiting for the settlement money lets me clear out a 10k auto loan and 9k credit card debt. With an 800 FICO you could probably murder your underwriter's parents in front of them and still get approved. The only real impact $9k of credit card debt paid on time has on you is if the minimum payment pushes your debt to income ratios too high, and if you have enough disposable income to dump $1k a month into it I suspect that's not going to be an issue.
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Nov 17, 2016 22:28
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BraveUlysses posted:My FICO score is just under 800 I wouldn't sweat this detail. Call a lender and ask them. My credit report made it look like I was drowning in credit card debt, but at 795 avg credit score they really didn't care. You just need to talk to underwriting and explain things plainly when they ask you. You can already afford your current mortgage, a no money out refi that extends the term is only going to improve that. They are unlikely to even ask you about the credit card debt. "Yeah it's a 0% promo card that I'm paying off in 11 equal payments to never get hit with the accrued interest."
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Nov 17, 2016 22:49
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poo poo, rates are already hosed up...i was quoted over 3.675 a month ago and now i was offered 4.375% with no closing costs which is not even worth doing 
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Nov 17, 2016 23:47
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BraveUlysses posted:poo poo, rates are already hosed up...i was quoted over 3.675 a month ago and now i was offered 4.375% with no closing costs which is not even worth doing Get quotes from many lenders, and be patient. Rates and deals change as often as twice daily. This is why I often recommend working with a broker - the broker is paid by the lender so it's free to you, and they can check rates across a dozen or more lenders all at once. This week is especially volatile so I would not be at all surprised if rates settled down in the next week or two. Or maybe they'll go up!
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Nov 18, 2016 00:21
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Seeing as how the economy is so phenomenally weak, I wouldn't expect the rates to be raised. It's just some short term volatility.
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Nov 18, 2016 03:01
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Rated PG-34 posted:Seeing as how the economy is so phenomenally weak, I wouldn't expect the rates to be raised. It's just some short term volatility. What? How is the economy weak? It's hot enough that Yellen said it may be time to raise short term rates.
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Nov 18, 2016 04:04
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Jealous Cow posted:What? How is the economy weak? It's hot enough that Yellen said it may be time to raise short term rates. Median household income when adjusted for inflation and such is lower than 1997. The top 20 shipping companies are losing money. South Korea is imploding and China isn't doing so well (primarily export economies). These are all signs that demand is weak. Rated PG-34 fucked around with this message at 04:51 on Nov 18, 2016 |
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Nov 18, 2016 04:22
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--- wrong th
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Nov 18, 2016 07:01
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Woop, we got a commitment letter from Wells Fargo for a 10% down mortgage. Looks like we are on track to closing.
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Nov 18, 2016 19:40
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Rated PG-34 posted:Woop, we got a commitment letter from Wells Fargo for a 10% down mortgage. Looks like we are on track to closing. Congrats! I just finished my re-fi closing ceremony with Wells Fargo. I've been really impressed with the polish on their process and their loan tracking system. Took a bit longer to close than I'd have liked but that's because they originally planned on using a spot appraisal until I decided not to bring extra cash to close. I think that put my balance above some limit. Anyway, have been really impressed with them even though I probably paid 1/8 percent higher than I could have gotten on the open market (2.875 for 15 years) but I wanted to stay with them for the convenience.
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Nov 19, 2016 05:01
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My friend closed on a house a couple weeks ago about a mile and a half from me. House is super nice but has do many drat switches. Standing in one location in the kitchen/living room I could see 21 just by turning in place.
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Nov 19, 2016 14:02
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Is it a newer house? I find in my friends' houses that are 1990s and newer, the light switch count is way higher than older homes. Personally, I refuse to allow anything more than a three-switch plate in my house and even then I only have one of those (for exterior lights). Otherwise people end up playing Guess Who to figure our which switch does what.
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Nov 19, 2016 15:00
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The top of the stairs in my last house built in '91 had a loving five gang switch gangbang controlling lights you couldn't even see while standing there.
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Nov 19, 2016 15:04
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Our house, built in 94, has a shitload of actual lights. Luckily no ridiculous switches (the most we have is a four-gang at the bottom of the basement stairs), but so many fuckin bulbs. Since there are a number of chandelier fixtures and a bunch of outdoor lights with a couple bulbs, I counted upwards of 180 bulbs...something is always needing replacement. So absurd.
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Nov 19, 2016 15:13
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uwaeve posted:Our house, built in 94, has a shitload of actual lights. Luckily no ridiculous switches (the most we have is a four-gang at the bottom of the basement stairs), but so many fuckin bulbs. Since there are a number of chandelier fixtures and a bunch of outdoor lights with a couple bulbs, I counted upwards of 180 bulbs...something is always needing replacement. So absurd. At least you are paying for the electric company''s christmas presents?
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Nov 19, 2016 19:15
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House built in the late 90s, we have at most 3 switches on a single plate. Most of the house is just 1 switch-plates and pretty sparse. I do love having outlets that are controllable by multiple switches, we've got a plug-in lamp in the corner of the living room that's controlled by a switch next to the door (for when you get home) and a switch next to the stairs (for when you're going upstairs, likely to sleep).
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Nov 20, 2016 01:02
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Slappy Pappy posted:Congrats! I just finished my re-fi closing ceremony with Wells Fargo. I've been really impressed with the polish on their process and their loan tracking system. Took a bit longer to close than I'd have liked but that's because they originally planned on using a spot appraisal until I decided not to bring extra cash to close. I think that put my balance above some limit. Anyway, have been really impressed with them even though I probably paid 1/8 percent higher than I could have gotten on the open market (2.875 for 15 years) but I wanted to stay with them for the convenience. Cool, thanks. We got 3.375 percent for 30 yrs as we are only doing 10% down, but at least there's no mortgage insurance. I think Wells Fargo is the only bank that does 10% down with such a low rate.
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Nov 20, 2016 02:03
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Rated PG-34 posted:Cool, thanks. We got 3.375 percent for 30 yrs as we are only doing 10% down, but at least there's no mortgage insurance. I think Wells Fargo is the only bank that does 10% down with such a low rate. I need to talk to Wells Fargo apparently. Where in the country are you?
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Nov 20, 2016 04:12
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H110Hawk posted:I need to talk to Wells Fargo apparently. Where in the country are you? We are buying a place in Manhattan.
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Nov 20, 2016 05:05
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uwaeve posted:Our house, built in 94, has a shitload of actual lights. Luckily no ridiculous switches (the most we have is a four-gang at the bottom of the basement stairs), but so many fuckin bulbs. Since there are a number of chandelier fixtures and a bunch of outdoor lights with a couple bulbs, I counted upwards of 180 bulbs...something is always needing replacement. So absurd. I hope you have LED or CFL bulbs in all those. If not, do the math on how quickly you'll recoup the cost on swapping. We pay some of the lowest electricity prices in the nation and swapping to LED's still started paying off over a year or so. Your local utilities might subsidize some LED bulbs, so do your homework on where you can buy with the utilities rebates.
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Nov 20, 2016 05:57
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H110Hawk posted:I need to talk to Wells Fargo apparently. Where in the country are you? It's a bit too late to talk to the right person at Wells Fargo, the lowest fee mortgages 30 yrs are at ~4.125% now, congrats to everyone who locked in below 4.0, something tells me we're not going to see that again for a loooooooong time.
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Nov 20, 2016 15:17
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BeastOfExmoor posted:I hope you have LED or CFL bulbs in all those. If not, do the math on how quickly you'll recoup the cost on swapping. We pay some of the lowest electricity prices in the nation and swapping to LED's still started paying off over a year or so. Your local utilities might subsidize some LED bulbs, so do your homework on where you can buy with the utilities rebates. Yeah as soon as we moved in 4 years ago virtually all of the ones that are on any appreciable amount got changed to led. The break even was like 10 or 12 months like you said. I think I dropped something like $450 all at once on bulbs, I remember just buying display boxes full of Cree bulbs on sale. They are the lower-CRI ones but not nearly as sickly-looking as CFLs so we are happy with them.
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Nov 20, 2016 15:38
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Pryor on Fire posted:It's a bit too late to talk to the right person at Wells Fargo, the lowest fee mortgages 30 yrs are at ~4.125% now, congrats to everyone who locked in below 4.0, something tells me we're not going to see that again for a loooooooong time. Yeah but I'm living in a bubble and SHUT UP. 
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Nov 20, 2016 16:57
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Pryor on Fire posted:It's a bit too late to talk to the right person at Wells Fargo, the lowest fee mortgages 30 yrs are at ~4.125% now, congrats to everyone who locked in below 4.0, something tells me we're not going to see that again for a loooooooong time. 3.625 feels good man
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Nov 20, 2016 22:53
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Saw a house yesterday, showed it to my wife that night. opted to put in an offer this morning, found out there was another offer, had an open house and brought most of our families through for the hell of it, goosed up our offer by 15k, +10k more then asking, ended up with a winning offer because it was an estate sale and we were cool with a turbo quick closing date. I might be the owner of a nice 3 bedroom bungalow on a corner lot on a quiet street with a weird 70's swinger bar underneath. Original owner for 60 years, and it smells like ancient cigarettes.
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Nov 21, 2016 05:14
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The thread title is forever relevant.
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Nov 21, 2016 21:19
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Team_q posted:Saw a house yesterday, showed it to my wife that night. opted to put in an offer this morning, found out there was another offer, had an open house and brought most of our families through for the hell of it, goosed up our offer by 15k, +10k more then asking, ended up with a winning offer because it was an estate sale and we were cool with a turbo quick closing date. I'd be interested to know about some properties you declined to bid on.
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Nov 21, 2016 21:21
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Subjunctive posted:I'd be interested to know about some properties you declined to bid on. Many of the other Houses were set for specific offer presentation dates. Frustratingly, unless the houses are overpriced, everything is going into competition, we had a tough time as many of the houses we were interested in were sold before we had a chance to go take a look at it. The last house we bid on was asking ~92k over the tax evaluation, we put in an offer about 15k over asking, there were 7 offers and the winning offer was 33k over asking. This house was a bit cheaper, but in a worse neighborhood, but it looked nice on the interior. Our winning house has all the necessary updates excluding the style, new(last 5 years) heating, AC, Roof, bathroom updates. It's the neighborhood we were looking for, all similar houses in the area were either going for 50k+ with all the style updates, or for about the same without any upgrades to anything important, or weird non desired upgrades(Drafty sunrooms or indoor hottubs). We were up against 2 other offers. Honestly, we got into the market about a year after we really should have gotten in, but we couldn't at the time. Edit: the bar is part of the house, it's a wet bar in the family room. Not a literal bar. Team_q fucked around with this message at 22:20 on Nov 21, 2016 |
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Nov 21, 2016 22:15
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Team_q posted:Edit: the bar is part of the house, it's a wet bar in the family room. Not a literal bar. Ah. I was thinking some live/work setup.
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Nov 21, 2016 22:35
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Well got my appraisal back. 1k over the contract price. Unsure how to feel about that.
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Nov 22, 2016 11:14
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DirtyFalcon posted:Well got my appraisal back. 1k over the contract price. Unsure how to feel about that. Mine was literally 1$ over.
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Nov 22, 2016 13:19
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