Comments on: Last Train for Mortgage Refinance http://thefinancebuff.com/last-train-for-mortgage-refinance.html like a friend telling you about money ... Wed, 23 May 2012 21:42:04 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: TFB http://thefinancebuff.com/last-train-for-mortgage-refinance.html#comment-3858 TFB Tue, 20 Apr 2010 16:26:39 +0000 http://thefinancebuff.com/2010/03/last-train-for-mortgage-refinance.html#comment-3858 CK - No you are not missing anything. At closing, you will be asked to pay accrued interest on your current loan, prepaid interest for a partial month on your new loan, seed money for your escrow account (search for "escrow waiver" on this site for my post on that topic), and any homeowner's insurance or property tax bill due shortly. But all those are not cost in the true sense. Appraisal, processing, and title insurance are covered by the lender. CK – No you are not missing anything. At closing, you will be asked to pay accrued interest on your current loan, prepaid interest for a partial month on your new loan, seed money for your escrow account (search for “escrow waiver” on this site for my post on that topic), and any homeowner’s insurance or property tax bill due shortly. But all those are not cost in the true sense. Appraisal, processing, and title insurance are covered by the lender.

]]> By: CK http://thefinancebuff.com/last-train-for-mortgage-refinance.html#comment-3856 CK Tue, 20 Apr 2010 14:00:34 +0000 http://thefinancebuff.com/2010/03/last-train-for-mortgage-refinance.html#comment-3856 TFB - I must be missing something here when I see the only closing costs estimated at $60 (recording fees) when I enter my information at http://www.nationalmortgagealliance.com/nocost/nocost_index.aspx. Does it truly mean that all fees are covered by the lender (appraisal, processing, title insurance, and all those other fees typically charged during closing). Seems tool good to be true. I must be missing something here... If I really can lower my rate over .5 for no fee then I'm inclined to jump on this. TFB – I must be missing something here when I see the only closing costs estimated at $60 (recording fees) when I enter my information at http://www.nationalmortgagealliance.com/nocost/nocost_index.aspx. Does it truly mean that all fees are covered by the lender (appraisal, processing, title insurance, and all those other fees typically charged during closing). Seems tool good to be true. I must be missing something here…

If I really can lower my rate over .5 for no fee then I’m inclined to jump on this.

]]> By: LM http://thefinancebuff.com/last-train-for-mortgage-refinance.html#comment-3656 LM Tue, 23 Mar 2010 19:03:46 +0000 http://thefinancebuff.com/2010/03/last-train-for-mortgage-refinance.html#comment-3656 TFB - I called the first few lenders on that list and unfortunately they wont work with co-ops, which is what i own. Since I dont technically own the unit, but rather shares in the building, getting financing is a bit trickier. Thank you for the reply, though TFB – I called the first few lenders on that list and unfortunately they wont work with co-ops, which is what i own. Since I dont technically own the unit, but rather shares in the building, getting financing is a bit trickier.

Thank you for the reply, though

]]> By: TFB http://thefinancebuff.com/last-train-for-mortgage-refinance.html#comment-3653 TFB Tue, 23 Mar 2010 17:05:50 +0000 http://thefinancebuff.com/2010/03/last-train-for-mortgage-refinance.html#comment-3653 LM - If you don't have a mortgage now, it would be a cash-out loan and the rate would be higher. You can call a few <a href="http://www.mtgprofessor.com/upfront_mortgage_lenders.htm" rel="nofollow">up-front mortgage lenders</a> like NMA and see what they offer. If I own my home free and clear I would keep it simple and just use any extra cash to pay down the student loan. LM – If you don’t have a mortgage now, it would be a cash-out loan and the rate would be higher. You can call a few up-front mortgage lenders like NMA and see what they offer.

If I own my home free and clear I would keep it simple and just use any extra cash to pay down the student loan.

]]> By: LM http://thefinancebuff.com/last-train-for-mortgage-refinance.html#comment-3651 LM Tue, 23 Mar 2010 04:56:20 +0000 http://thefinancebuff.com/2010/03/last-train-for-mortgage-refinance.html#comment-3651 TFB - I own an apartment free and clear in NYC. I dont carry any debt except for my wife's student loans. Rates on those loans range from 3%-6.8%. I would like to borrow against my home to a) pay down her high interest student loans while paying the min on the low IR ones and b) provide an additional hedge against future inflation which I believe to be on the horizon. I have impeccable credit for my age (low 30s) and was hoping you could point me in the right direction. The apartment is worth ~420k and I am looking to borrow approx 100-150k at a fixed rate without any penalty for early repayment. I have literally never borrowed a dime in my life or carried a cc balance. Can you provide any advice? BTW, I have read many of your posts on the Boglehead's forum and your advice on TIPS has been nothing short of phenomenal. Thanks in advance. LM TFB – I own an apartment free and clear in NYC. I dont carry any debt except for my wife’s student loans. Rates on those loans range from 3%-6.8%. I would like to borrow against my home to a) pay down her high interest student loans while paying the min on the low IR ones and b) provide an additional hedge against future inflation which I believe to be on the horizon. I have impeccable credit for my age (low 30s) and was hoping you could point me in the right direction.

The apartment is worth ~420k and I am looking to borrow approx 100-150k at a fixed rate without any penalty for early repayment. I have literally never borrowed a dime in my life or carried a cc balance. Can you provide any advice?

BTW, I have read many of your posts on the Boglehead’s forum and your advice on TIPS has been nothing short of phenomenal.

Thanks in advance.
LM

]]> By: TFB http://thefinancebuff.com/last-train-for-mortgage-refinance.html#comment-3650 TFB Tue, 23 Mar 2010 01:54:21 +0000 http://thefinancebuff.com/2010/03/last-train-for-mortgage-refinance.html#comment-3650 md - I said I've been taking 0.25% steps (2nd paragraph in the post). My goal is to reduce interest, not to reduce payment. I have a set date on which I plan to pay off my mortgage. It's calculated from the date I got my first loan. When that date comes, I will pay it off. The life of the loan is not extended. 4.5% for 30-year is a great rate. md – I said I’ve been taking 0.25% steps (2nd paragraph in the post). My goal is to reduce interest, not to reduce payment. I have a set date on which I plan to pay off my mortgage. It’s calculated from the date I got my first loan. When that date comes, I will pay it off. The life of the loan is not extended. 4.5% for 30-year is a great rate.

]]> By: md http://thefinancebuff.com/last-train-for-mortgage-refinance.html#comment-3649 md Tue, 23 Mar 2010 01:46:12 +0000 http://thefinancebuff.com/2010/03/last-train-for-mortgage-refinance.html#comment-3649 TFB - Nothing personal - I am just trying to know what were the steppings you took to get to this rate. I am wondering if there is much prudence to keep refinancing and extending the life of the loan to reduce payment - meanwhile giving away lot of money in interest payments. I am already at 4.5% for 30 Yr (1/2 Pt paid in mar 2010 Refi). TFB – Nothing personal – I am just trying to know what were the steppings you took to get to this rate. I am wondering if there is much prudence to keep refinancing and extending the life of the loan to reduce payment – meanwhile giving away lot of money in interest payments.

I am already at 4.5% for 30 Yr (1/2 Pt paid in mar 2010 Refi).

]]> By: TFB http://thefinancebuff.com/last-train-for-mortgage-refinance.html#comment-3645 TFB Mon, 22 Mar 2010 19:31:31 +0000 http://thefinancebuff.com/2010/03/last-train-for-mortgage-refinance.html#comment-3645 MD - Just curious, how would my rates in the past help you? You decide if it makes sense based on your current rate and the rates you can get *now*. MD – Just curious, how would my rates in the past help you? You decide if it makes sense based on your current rate and the rates you can get *now*.

]]> By: MD http://thefinancebuff.com/last-train-for-mortgage-refinance.html#comment-3644 MD Mon, 22 Mar 2010 19:27:29 +0000 http://thefinancebuff.com/2010/03/last-train-for-mortgage-refinance.html#comment-3644 Please can you list all the mortgage rates you have had in the past? I am wonderig if it makes sense for me to refi. Please can you list all the mortgage rates you have had in the past? I am wonderig if it makes sense for me to refi.

]]>