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With all the talk about interest rates finally dipping at least close to my current rate, I thought it might be a good time to look into refinancing to get rid of my PMI. Does this look like a good calculator to figure out if refinancing makes sense? https://smartasset.com/refinance/refinance-calculator This will only work if my house is appraised at a certain value (i.e., I'll only reach 20% equity if my home value has increased by a certain amount - about 44k - I'm no appraiser, but this seems possible given zillow\redfin estimates, which are well above that, and recent sales near me). Is that a red flag itself, suggesting I should wait till I've paid enough on the mortgage to reach 20% without refinancing to a higher loan amount (that's how this works, right - or am I misunderstanding)? I was hoping this is what that calculator I linked above was considering when giving its recommendation. Details: My loan originated 3 years ago, current interest rate is 3.625%, and it's an FHA loan because of my prior credit score, but my score is now hovering around 760. I don't plan to leave my current place for at least 5 years. Current PMI is $215. If any other info would be helpful, let me know. Thanks for any help, this stuff makes my head spin.
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Nov 4, 2019 00:32
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Sockser posted:1. My closing is scheduled for black friday Aw man. If I were you, I would make drat sure that everyone is going to be ready and available that day. Be tenacious about this. If in the event someone can't be there due to vacations or whatever reason, make sure that someone else is available to fill in on their behalf. Sure, things could go awry in spite of you checking in on people, but it sure couldn't hurt. Yeah, I wouldn't drop PNC if I had already paid $600 at this point. Plus you'd probably lose the house switching lenders- I'm willing to bet the seller wouldn't be so patient about it. Good luck, and I hope everything goes a lot smoother for you than it did for me.
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Nov 4, 2019 00:46
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marjorie posted:With all the talk about interest rates finally dipping at least close to my current rate, I thought it might be a good time to look into refinancing to get rid of my PMI. Does this look like a good calculator to figure out if refinancing makes sense? https://smartasset.com/refinance/refinance-calculator You take out the same loan as your current mortgage balance, it doesn't go up unless it costs you cash to originate the mortgage which you don't have and they offer to roll it in. Normally they would just bump your rate slightly (perhaps 3.5% to 3.525-3.6%) and give you the couple grand in "credits" to make it cost you $0. If your house appraises correctly, potentially automatically (cheaper), then the PMI should drop off. Talk to a mortgage broker about your intentions and ask them to run the numbers for you. Saving $215/month should cover your $2-5k refi (it won't be $5k) quickly painlessly. If you at all have the couple grand, keep the lower rate and bank that $215/month in payback.
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Nov 4, 2019 19:05
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H110Hawk posted:You take out the same loan as your current mortgage balance, it doesn't go up unless it costs you cash to originate the mortgage which you don't have and they offer to roll it in. Normally they would just bump your rate slightly (perhaps 3.5% to 3.525-3.6%) and give you the couple grand in "credits" to make it cost you $0. If your house appraises correctly, potentially automatically (cheaper), then the PMI should drop off. Talk to a mortgage broker about your intentions and ask them to run the numbers for you. Saving $215/month should cover your $2-5k refi (it won't be $5k) quickly painlessly. If you at all have the couple grand, keep the lower rate and bank that $215/month in payback. Ohh, I see. I think I was confusing it with a cash-out refi when you want to get cash based on the increased value of the house. So the only real risk in my situation is potentially wasting money on an appraisal if it doesn't come back at the necessary value. I'll give my mortgage broker a call and see what she recommends. Thanks for the explanation!
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Nov 4, 2019 21:11
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DNK posted:I just refi’d 30yr @ 3.25 with 1 point through New American Funding (through Zillow). Was like 4.5k total including appraisal and closing costs. I just talked to them today and the rough quote was in that ballpark. 3.7% (which is probably due to my wife's credit, which is okay but improving) 30 yr with about 5k in costs. The guy said he was ballparking high, for what that's worth, but that's still over 1% lower than my current mortgage rate so I'd be thrilled with that if I got it. I'm trying to wrap my head around points, is there any reason buying a point would be a bad idea, assuming I'm planning to stay in the house for the term of the mortgage?
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Nov 4, 2019 21:39
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MockingQuantum posted:I'm trying to wrap my head around points, is there any reason buying a point would be a bad idea, assuming I'm planning to stay in the house for the term of the mortgage? you "lose" the points when you refi, so if you think your wife's credit improving will bring down your rates more in 5 years or whatever and you'll want to refi again then maybe hold off
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Nov 4, 2019 21:48
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When you're buying a house, you have to find a mortgage so you can shop rates and fees, but at some point you pretty much have to make a choice and lock things in because you're closing and need the mortgage in time. When you're refinancing, you don't have that deadline. As a result, while there's the risk of waiting and seeing rates rise, you can constantly check fees and they will fluctuate. Of course, getting multiple quotes every few days or once a week from a bunch of banks is work, which is why you should consider a broker. Tell the broker you're looking to refi, you don't have a hard deadline, and ask them how frequently they can check rates and fees for you. They get compensated by whatever bank you wind up going with, not you, so it's effectively free to you, and banks are OK with paying brokers because it gets their foot in the door of a lot more potential mortgages than otherwise. I've refinanced twice, and both times my broker was able to get me such low fees that the refi was essentially free. The last time was in 2012 so I would not just assume you can get a free refi, of course! And you may decide not to go with a broker, if you prefer; but, do keep in mind that just because such-and-such bank quoted you a rate and a fee last thursday, doesn't mean that's the same rate and fee they'll quote you next thursday. Even if the interest rate hasn't changed.
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Nov 4, 2019 21:53
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MockingQuantum posted:I just talked to them today and the rough quote was in that ballpark. 3.7% (which is probably due to my wife's credit, which is okay but improving) 30 yr with about 5k in costs. The guy said he was ballparking high, for what that's worth, but that's still over 1% lower than my current mortgage rate so I'd be thrilled with that if I got it. Looking at your other post, what if you just don't include your wife's credit & income? Ask the lender to run that, and to give you unlocked "loan estimate" forms on both.
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Nov 4, 2019 22:19
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anyone have a good broker referral?
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Nov 5, 2019 01:57
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H110Hawk posted:Looking at your other post, what if you just don't include your wife's credit & income? Ask the lender to run that, and to give you unlocked "loan estimate" forms on both. I might do what Leperflesh suggested above and talk to the broker who got us the original mortgage, and see if he can get us some quotes that don't include my wife's credit and income. I've got one rough quote myself that I can at least lay out for him and let him know kind of the ballpark we're looking for.
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Nov 5, 2019 02:04
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Tunicate posted:anyone have a good broker referral?  licensed in California if it matters. I seem to only be finding 3.5%'s, maybe that's the best my market supports right now.
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Nov 5, 2019 02:40
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I got 3% on a 15 year fixed at par through 5/3. There was a requirement to transfer some money in their checking account for 60 days as part of the deal but I’m pretty satisfied.
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Nov 5, 2019 03:04
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Is there anywhere I can find out what a "reasonable" homeowner's insurance rate is for my area without getting bombarded with solicitation calls for the rest of my life? Based on something the guy at New American Funding said, I think I may be overpaying for insurance, but I'm not sure how to check if that's the case. I may just get a quote or two from some of the big national companies just to figure out a baseline, but any other ways of going about it?
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Nov 5, 2019 03:30
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MockingQuantum posted:Is there anywhere I can find out what a "reasonable" homeowner's insurance rate is for my area without getting bombarded with solicitation calls for the rest of my life? Based on something the guy at New American Funding said, I think I may be overpaying for insurance, but I'm not sure how to check if that's the case. I may just get a quote or two from some of the big national companies just to figure out a baseline, but any other ways of going about it?
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Nov 5, 2019 04:49
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I'm pretty happy with my refi. Total cost was $2.5k for a 3.625% with all of the costs rolled into the new mortgage. I'm also combining a 2nd mortgage which was used to avoid PMI 2.5 years ago. My first mortgage was 4.25% and the second mortgage was a variable currently at 6.5%, so I'm saving like $300 a month and my refi will pay off in less than months :chefkiss: I was super tempted to go with a 15 year at 3%. It wouldn't be much more than I was paying before for my two mortgages, plus the extra money I was throwing at the high APR mortgage every month, but at the same time, I'd prefer to decrease my monthly expenses. At this low rate I'll just stop paying the extra principle, which with the extra $300 I'm saving will be like an equivalent $500 a month.
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Nov 5, 2019 06:10
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Realtor said to expect a counteroffer today. It's been a long enough delay that I wondered if the seller just ignored our offer. Hopefully we can get this figured as it's starting to snow and removing it is going to be an issue in a month. So do the realtors actually talk and discuss this poo poo, or does mine just email over the offer and the other guys passes it on to the seller?
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Nov 5, 2019 14:30
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Signed, funded, closed. It’s all down hill from here I assume.
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Nov 7, 2019 00:01
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zelah posted:Signed, funded, closed. It’s all down hill from here I assume.  Seller countered with full price. Wee. My realtor talked to sellers realtor, seems the seller has a set price and will not deviate from it. At all. Kind of wish they'd stick "FIRM" on the price or something.
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Nov 7, 2019 00:37
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You could try full ask with a kick-in for closing costs, but you risk pissing them off.
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Nov 7, 2019 00:49
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Yooper posted:
NO LOWBALLS I KNOW WHAT I GOT. zelah posted:Signed, funded, closed. It’s all down hill from here I assume. Oops.
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Nov 7, 2019 00:54
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lovely part is I have to wait 6 months till the snow melts in order to do this all over again.
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Nov 7, 2019 01:06
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You could always leave the hellscape of northern Michigan and rejoin civilization. But then you'd have to change your forum name, so maybe not.
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Nov 7, 2019 03:18
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Yooper posted:
Sometimes the timing is just bad and it wasn't meant to be.
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Nov 7, 2019 14:45
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Can someone post the secure wire instructions? I've seen it posted before. Is it just make a separate call to verify info? I'm hoping to not have to wire.
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Nov 7, 2019 15:24
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Mr. Powers posted:Can someone post the secure wire instructions? I've seen it posted before. Is it just make a separate call to verify info? I'm hoping to not have to wire. Receive them from someone you already know. Call the company you are sending the wire to, on a number you already know or find in public records, talk to someone you know, and ask them to read out their wire instructions specifically bank name, routing, and account numbers. If it matches exactly then you are fine. If it doesn't, figure out why it doesn't. Sending the wire: walk into your bank and hand them the paper and ask them to wire it for you. If that isn't an option spend a lot of time keying this stuff in and triple verifying it, one number at a time. If you have questions on where to fill in the "further forward to" etc crap call and ask. Try to do it close to when the banks open east coast time. Once sent: call and ask for the wire desk. Ask when your wire should be out, if everything looks good, and what the process is from here. Just tell them flat out it's for your mortgage, your first wire, and you are nervous. If it already is, call your receiver and ask them to figure out pickup. They might seem really bored at this prospect but ask them when they will call their bank/look online to verify receipt. You might need to call them back in a few hours. It all can happen as soon as 10ish minutes, or as long as hours. If you were a big company you could get it done in less time by forcing everyone on the phone on a conference call and prewriting the wire and then telling them "go." There are people at every step of the way looking at it by hand. Your bank may hold it for a fraud check or might forward it immediately. Take a breath. These are overkill instructions, but it's also your life's savings as it were.
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Nov 7, 2019 15:45
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/\/\/\. The title company I'm working with says they take checks...so I'll just go to their office in person and skip all of the fraud options. Put in an offer this week on a condo and it was accepted.
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Nov 7, 2019 17:36
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In my case the money just disappeared from my bank without me asking. Also the notary asked for less money than he was supposed to charge. As usual I don't fully understand what's going on but it seems to be working out.
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Nov 7, 2019 18:25
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Got a pre-approval worksheet and the PMI listed seems super low. Is that the PMI the lender is comitted to or is it subject to change?
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Nov 7, 2019 18:31
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Popete posted:You could always leave the hellscape of northern Michigan and rejoin civilization.  And then miss stuff like this? We're now evaluating building. Which seems like more trouble for more money just to get the layout I'd want in the spot I want. I dunno...
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Nov 7, 2019 18:33
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zelah posted:Signed, funded, closed. It’s all down hill from here I assume. 
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Nov 7, 2019 18:34
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El Mero Mero posted:/\/\/\. The title company I'm working with says they take checks...so I'll just go to their office in person and skip all of the fraud options. Make sure you get from them in writing how long it will take them to clear a personal check, or use a cashiers check.
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Nov 7, 2019 18:45
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I think I did a certified check from my bank and the nominal fee was absolutely worth not dealing with the headache of any other method we had available to us.
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Nov 7, 2019 18:51
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The Slack Lagoon posted:Got a pre-approval worksheet and the PMI listed seems super low. Is that the PMI the lender is comitted to or is it subject to change? PMI would fall under a subject to change category.
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Nov 7, 2019 18:58
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H110Hawk posted:Receive them from someone you already know. Call the company you are sending the wire to, on a number you already know or find in public records, talk to someone you know, and ask them to read out their wire instructions specifically bank name, routing, and account numbers. If it matches exactly then you are fine. If it doesn't, figure out why it doesn't. This should be in the OP. My CU has since told me they can wire my funds along with their funds to closing at not cost, and I'm pretty sure they will be careful with their dollars.
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Nov 7, 2019 19:14
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Mr. Powers posted:This should be in the OP. My CU has since told me they can wire my funds along with their funds to closing at not cost, and I'm pretty sure they will be careful with their dollars. That's some good info. I'd also recommend checking the fees. My CU also does it for free while a bank I use for business stuff charges fees and/or a %.
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Nov 7, 2019 19:36
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Title company told us that a cashiers check would probably take a day vs wiring taking an hour or less. Thankfully the title company is in my building and my wife works a few blocks from the bank, so I got the directions handed to me, scanned them, and she handed the bank the instructions. Took probably 30 minutes for all our money to be gone.
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Nov 7, 2019 20:03
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MockingQuantum posted:I think I did a certified check from my bank and the nominal fee was absolutely worth not dealing with the headache of any other method we had available to us. The problem with this depends on the amount of the check. Not every bank/branch will have a medallion signatory for a downpayment-sized check. E: also if you lose the check, or it's destroyed. Have fun with your 3-6 month process to get your money back.
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Nov 7, 2019 20:03
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zelah posted:Title company told us that a cashiers check would probably take a day vs wiring taking an hour or less. Thankfully the title company is in my building and my wife works a few blocks from the bank, so I got the directions handed to me, scanned them, and she handed the bank the instructions. Took probably 30 minutes for all our money to be gone.  This is how it's supposed to work. Wiring is nothing to be afraid of, but it is the thing scam artists focus on because it is incredibly difficult to claw back a wire. This includes "advanced persistent threats" (to way overstate it, basically a compromised password) on escrow/title company computers who will sit there and just read all the email, then send you forged wire instructions at just the right moment. It's lottery odds this will happen to you but it's why I suggest the phone check. Why not spend 15 minutes of your life to not wire 5, 6, 7 figures to a hacker?Or same paragraph, but replace hacker with a transposed account number which any human along the chain of ~4+ people (Title company, you, bank wire desk, other bank wire desk, forwarded bank teller/back office, etc) involved could make, and then you have to deal with a long process of getting the money back. Better hope it was the bank who made the mistake if you want it back "faster." H110Hawk fucked around with this message at 20:15 on Nov 7, 2019 |
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Nov 7, 2019 20:13
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Yooper posted:
you in houghton/marquette then?
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Nov 7, 2019 20:45
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Yooper posted:
This was taken in July I presume.
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Nov 7, 2019 21:06
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