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Home refinance

ConwayMuddy said:
Playing phone tag with the woman from my bank.
waiting on calls from w.f., rocket and loan depot.
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those the only loan compaines in Wisconsin? No credit unions you can call for a refinance? Wells fargo isn't going to give you the best deal. Essentially you're asking a bank to buy out your current mortgage and give you a new one for a better interest rate. In my opinion Wells Fargo is going to want the most interest and half of that is based off the APR which you still need to read about since you're having multiple companies put proposals together for you. Maybe you get lucky and tell Wells Fargo "Osh Kosh Credit Union offered me 2.675% and you're at 3.2. Any way you can match them?" and you realize how little they care about your business when they tell you "no."


Wisconsin Guild Mortgage Lenders | Find a Mortgage Loan Officer Near You

Two offices in Madison and I'm currently using them to refinance without going into the office. Digital signatures. It is excellent. Scan and upload documents to a secure website and wait.
 
Surveyboy said:
if it costs you $7200 to do a basic refi right now, you're getting fucked. I refi'd in April, cost me on paper, $2000, but got a $700 credit because I went through Costco's program. and got the same rate as I would have if I went anywhere else and same fees before credits.
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NO,

Well MAYBE.

It depends when your escrow funds all the stuff (insurance, taxes, etc.)

It cost me I think close to 15 k to close, because none of my annual stuff had payed yet.

I got a check back for over 12k in about a month from my previous mortgage company, but if all depends on if you have to come close to fully funding the escrow account.

So what is in the cost?
1. Survey if you don't have one
2. An Appraisal
3. You have to make up the escrow, but you should get check back that reimburses you from your old martgage coapny
4. Filing fees
 
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Kyle said:
Are people actually getting these low 2% and under rates? I’m in the process and the lowest we’ve been able to get with a broker is 2.875. $260k 30yr we were originally at 3.875 plus PMI at about 100 a month.

saving over 300/mo and rolling in a credit card saving 500 a month on that payment. We plan to put that 500/mo towards the house.
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I got 2.25 on a 15yr.

I haven't seen under 2%, I always hear a friend of a friend, but I am ALWAYS skeptical it is true.

People lie about 4 things.
1. The fuel mileage of their diesel
2. How fast they drove
3. The people they slept with
4. MONEY
 
RunningProblem said:
those the only loan compaines in Wisconsin? No credit unions you can call for a refinance? Wells fargo isn't going to give you the best deal. Essentially you're asking a bank to buy out your current mortgage and give you a new one for a better interest rate. In my opinion Wells Fargo is going to want the most interest and half of that is based off the APR which you still need to read about since you're having multiple companies put proposals together for you. Maybe you get lucky and tell Wells Fargo "Osh Kosh Credit Union offered me 2.675% and you're at 3.2. Any way you can match them?" and you realize how little they care about your business when they tell you "no."


Wisconsin Guild Mortgage Lenders | Find a Mortgage Loan Officer Near You

Two offices in Madison and I'm currently using them to refinance without going into the office. Digital signatures. It is excellent. Scan and upload documents to a secure website and wait.
Click to expand...

As mentioned in a previous post, I didnt think wells Fargo would be the best deal, but it doesn't hurt to look. I understand what a.p.r. is and realize that it could cancel out a low interest rate, if that's how I'm trying to say it. I also realize there are more options, but I only have so much time in a day.
 
Sent paperwork to my local bank today. I cant remember what I did with the rates she gave me, but I believe they were the same as I posted. Figured closing costs just over $2200

checked some credit unions and the rates they show are significantly higher than anything posted elsewhere.

another bank in town is at;
15 year 2.25 interest 2.32 apr
20 year 2.75. 2.806 apr
30 year 2.87. 2.91 apr

I'm trying to figure out the math to pay less overall and have it payed in under 15. If its obvious, I apologize. These are all figures without closing costs or anything else
New pay. . Savings. Interest saved
15y. 381.59. 169. 76,778
20y. 315.81. 235. 69669
30y. 241. 310. 58461

edit, basically what I'm trying to figure out is how much over the minimum would I have to pay on the 20 or 30 to pay it off before the 15, to have either payed off in under 15 and save an equal amount of interest? I think anyway...
 
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The fifteen pencils out the best. Keep making your current payment and you’ll own it in less than 10.
 
That was honestly in my head, but an online amortization chart should show that I’m not too far off
 
Punching numbers in, only adding enough extra payment on top of the new payment to match my current payment, gives me these results.

15y. Total interest 7189, payoff date 3/31
20y. Total interest 9116, payoff date 6/31
30y total interest 9652, payoff date 6/39
 
So just over 10 years... I’ll take that, from the hip
 
ConwayMuddy said:
New pay. . Savings. Interest saved
15y. 381.59. 169. 76,778
20y. 315.81. 235. 69669
30y. 241. 310. 58461

edit, basically what I'm trying to figure out is how much over the minimum would I have to pay on the 20 or 30 to pay it off before the 15, to have either payed off in under 15 and save an equal amount of interest? I think anyway...
Click to expand...

ConwayMuddy said:
only adding enough extra payment on top of the new payment to match my current payment, gives me these results.

15y. Total interest 7189, payoff date 3/31
20y. Total interest 9116, payoff date 6/31
30y total interest 9652, payoff date 6/39
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No one will probably like my choice.
The 20 year with a $315/month payment means you pay an extra $2000 in interest over the life of the loan. 60 months and $2,000 means it costs you $33.33/month to have the loan. To have the loan paid off 3 months later based on making your currently monthly payment (%550?, and not the calculated payment for that loan. I'd pick this one because the interest is a write off. The $70 difference in monthly payment might also be important in the next 15 years.
I'm pretty sure everyone will tell you to take the 15 and have it paid off as soon as possible because the APR is better and because the house is yours much sooner. It's only 3 months before the 20 year, and the 20 year gives you the option to have a bad period in life where $70/month could make life very difficult.
 
RunningProblem said:
No one will probably like my choice.
.
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Honestly I have considered it. It would give me some flexibility if something comes up. Paying more to pay less and having additional time could come in handy. Trying to find a balance of paying it faster and being able to save more. I'm waiting to hear from that bank, guessing monday.

current local bank came in at 2.3 interest still 2.55apr. I told her I was waiting on the competition. She did math and it was just under $3.00 a month. My mind that adds up, her mind no big deal. She wasn't very clear on explaining closing costs, either just over 2k or closer to 3500 total.
 
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