Re-Financing your house

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MsM8tress

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WTFrick is this....man, ok...I'm trying be a good little house owner and not get screwed by loan...also would be nice to combine 80/20 loan to a single loan and lock in on a good re-fi interest rate while stuff is still low. On my initial loan I didn't pay PMI cause I got an 80/20 (only financing 80% so no pmi, only required in OH if over 80%), got 4 years in, and (for re-fin. purposes I am 4,000.00 over for not requiring PMI)......

OFFER: they can combine 80/20, (escrow & ins included) have me at 6.75 for 14 months, instead of PMI I will have a .5 add on for 14 months (tax ded.), then once under 80% down to 6.25 (loan is fixed now, will be fixed at 6.75 then drop to fixed at 6.25).

He also said that we can do the apprsl. first, if value is increased, and I've got 80% of apprsd. value paid, no PMI or TAMInc., re-fi at 6.25.

no credit rating problems, and current loans are at 6.50 for the 80% and 8.25 for the 20%

title search 750.
apprsl 305.0

I asked if there were any other charges he said no, it is the company I have the org. loan thru.

Should I ...I'm clueless...is it worth it in the long run, to give up the 4 years, or should I just increase pymt on principle ....gesh....wait till I try to figure out my retirement!!!! lololol

Any advice suggestions, marriage purposal's will be greatly appreciated!!!

SMOOCHES HOTTIES!

MsM8
 
Frogman said:
The debtor is slave to the lender.

But if you must finance a mortgage, don't get a 30 year loan. Go for the 15 year term, then try to pay it off as soon as possible.
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awhh Pepp, your too sweet, you know you have my heart, but there is no way I could ever live up to your lovelies that you post...smooches Hottie

Frogman, you have a good point, but crap happens, miss one payment and your screwed! Why not take the 30 years, then pay double and if something happens you will still be able to make payments on time and eat (to heck with food, buy gas and mods for my Mark!)!

I was wanting a way to figure out how I will know what will be most advantageous re-fi or not, but it will stay at 30 years (hate giving up the 4, but the 20% is at 8.75, way to high for my credit score).

Now with the interest rate going up and dem's in office...I think I better lock it in low while I can

Thanks anyway Hottie ;)

Smooches
Debi
 
Tried to call you...I think I still have you PH #...either that or I just called an ex-girlfriend...

First...don't think like a homeowner. Think like an investor...that's the key to success.

Second...you can use your cash fallout from refinancing and quadruple it's worth with a one time prepayment (depending on your properties value).

Use this to help:

http://www.interestratecalculator.com/mortgage/index.html

Me? I'd search for the best rate and refinance in a heartbeat. Damn paying off the property. If your areas values increase at a high enough rate I'd use its equity to purchase more homes. Play the system...don't let it play you.
 
HI HOTTIE!!!!!!!!!! Hi Steve!! This calls for a new HOTTIE pic in the guys thread!!! I have not heard from you in ages!!!

lolol that's who is calling me! I am on the phone with work and reservations. I will look at the url.
THANKS STEVE
SEE YOU AT THE CHRISTMAS PARTY!!! SMOOCHES!!!!


HI TORQ :)

Thanks for all the urls....now are you going to be on hand to explain them to me !! lolol... I will check them out Hottie ;) If I have any q's I'll be knocking.

Don't think I'm letting you get away either.. you know the only thing Hotter than a young Mark is one in his prime!!! Let me see a pick of you and that MarkVII in the Guys thread Hottie!!!

SMOOCHES!!!

Debi
 
Although I happen to know a mortgage broker, (not licensed in Ohio I might add), I have a buddy who owns a mortgage business that might lend a hand. Let me check with him.

I am sure he can give you some decent advice if you don't want to get fleeced. He would fleece you if he could, trust me. (Not that I ever would, sweetie pie) but since you are in a safe zone, (Ohio) he might be willing to depart with some good advice.

I'll check and get back to you.

BTW, my mortage broker experience has been limited to doing my own mortgages. Nothing like paying yourself a point on the back end on a short term deal thru a buddy. :D
 
Ok --- Im confused... Why do this except to take 2 payments and make them 1? Whats your reason for this?

You are right - dont get a 15 yr. But pay extra whenever you can. Try to get at least 1 extra payment a year total.

Ultimately - 2 questions -

Do you plan to stay in this house for 30 years? If you plan to sell in 5 years, then why bother?

Whats the total cost of doing nothing vs. their proposal?
 
MonsterMark said:
What rock did you just crawl out from under.
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The repubs were throwing rocks at me at the polls abd buried me - I just got out... :)
 
MsM8tress said:
Frogman, you have a good point, but crap happens, miss one payment and your screwed! Why not take the 30 years, then pay double and if something happens you will still be able to mak
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If you can't afford emergencies as they happen, then you can't afford the house. Sure, you may make xyz dollars, but if you don't have a nice stash of cash for emergencies, then Murphy WILL move in with you and live in the spare bedroom.

And what happens if you miss one payment on a 30 Year morgage? Same thing.

And actually, it's generally three payments before you go into foreclosure. and then you still have a couple of months, depending on your mortgage company, and how quickly they act on it.

When you're looking at a measely extra 250 dollars a month (depending on the ammount of the loan, ofcourse) between a 15 Year and a 30 year, I'll stick to the 15 year mortgage.

I would highly suggest you check out this link, maybe even spend some $$ on they guys' book. www.daveramsey.com After following his gospel for almost a year, I can personally tell you it is NICE to not have any debt.

But... it's your money, you do as you please with it.

And please don't call me a "hottie". Thanks.
 
Frogman said:
...And please don't call me a "hottie". Thanks.
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I will check out the book...but heck if I had enough money I'd friggin buy the house and not worry about a loan right - riiiight. I checked out the web site, I think I will do the free join for a week and see what it is about, also, I will check out the library. Thanks for your opinion and the url....ummmm...uhhh

(I'm thinkin...."ummm he is making this sooo hard, I want to call him HOTTIE...but he did say please,... humm.. and when he tries he can be a nice guy....but he was so snide with a few of LVC members, surprised me...he can be such a sweetie....ah I've got it!...done thinking)

OK Frogman, what do ya say, you try to be a little more congenial (cause I know you can, I've experienced it!), and I will not call you a "HOTTIE". Now, it's really hard for me to not call a Hottie a Hottie, but, if you can make an effort to give your replies a little proof read to where you are not slicing others up with meanie posts, I will give it my best effort to not call you "HOTTIE".

Smooches and thanks again....ummm Frogman....dang that is hard....
 
Thanks MonsterMark, appreciate it! I shot you an email with addt'l info;)
SMOOCH!

HI BIGDADDY ;), I did the 80/20 (2 loans) to avoid PMI and/or .5% TAIns. You have to get PMI or TAIns if you are borrowing more than 80%.

What I really want to do is get that dang 20% interest rate down, it's 8.75! yech!

Thanks BigDaddy, can't wait to see you for Christmas ;). Hey have we started Secret Santa yet?

MsM8
 
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