Mortgage refi question

[vol_in_ar]

Originally Posted by jhen713

I have recently been looking into refinancing my home. I currently have 11 yrs 11 mo left on a 15 year loan at 4.5%. With the rates on a current 15 yr loan(between 3-3.5%, my payments would drop about $200 a month. Also, I would pay about $3,000 less over the life of the new 15 yr loan compared to what is left on my current loan. I don't really "need" the extra $$ each month but it would give us a little more breathing room. Just curious at what anyone else thinks.

You should call Citimorgtage
I was just quoted a 2.75 rate for 15 years

[WA_Vol]

Originally Posted by jhen713

I tried to do a 10 yr last year. Only the credit union wanted to talk and they didn't seem to thrilled about it. Rates were only .25% lower than a 15yr at the time. Payment would have went up about 100 a month. We already pay extra monthly. Just not sure paying it off asap is a big priority with the market like it is.

I went to my bankd and did a 10 yr loan, it wasn't a mortgage it was a different type of loan. u need to have a big junk paid down already on the home.

[jhen713]

Thanks for the feedback and suggestions. I am having a loan quoted at 10yr and 15 yrs. Hopefully I should hear back later today. Worst case, I do nothing and continue on as I have.

[jhen713]

First quotes weren't what I expected. 10yr 3.375 and 15yr at 3.75. We have been back and fourth several times adn I have checked with the credit union. My last quote on a 10 yr is 3% with no points or 3.25% with no pts and a 1200 credit on the closing cost. Wating for the printed estimates. I also requested another 15yr at the lowest rate possible. If it comes back at 3.375 or lower I may consider it as well.

[vol_in_ar]

good luck

[WallyBalls]

I feel bad for anybody with less than stellar credit going through this.

I started the process about a month ago with my CU (going from a 30yr to a 15 with a better rate).

My credit scores are 799, 803, and 805, I have stable employment, been in the house 4 years, etc, etc. The current mortgage is 30k to the good of the appraisal. Pretty much anything an underwriter could want to see...and they have raked me over the coals every step of the way. The underwriter has asked for everything short of a blood sample. Its maddening.

If it wasn't for the potential savings I would have told them to piss off a long time ago.

[vol_in_ar]

Originally Posted by WallyBalls

I feel bad for anybody with less than stellar credit going through this.

I started the process about a month ago with my CU (going from a 30yr to a 15 with a better rate).

My credit scores are 799, 803, and 805, I have stable employment, been in the house 4 years, etc, etc. The current mortgage is 30k to the good of the appraisal. Pretty much anything an underwriter could want to see...and they have raked me over the coals every step of the way. The underwriter has asked for everything short of a blood sample. Its maddening.

If it wasn't for the potential savings I would have told them to piss off a long time ago.

yea, it's sad, if they would have followed good lending practices 10-12 years ago, the housing market wouldn't have collapsed....
you can think Bill Clinton and Barnie Frank

[GAVol]

Originally Posted by WallyBalls

I feel bad for anybody with less than stellar credit going through this.

I started the process about a month ago with my CU (going from a 30yr to a 15 with a better rate).

My credit scores are 799, 803, and 805, I have stable employment, been in the house 4 years, etc, etc. The current mortgage is 30k to the good of the appraisal. Pretty much anything an underwriter could want to see...and they have raked me over the coals every step of the way. The underwriter has asked for everything short of a blood sample. Its maddening.

If it wasn't for the potential savings I would have told them to piss off a long time ago.

It's crazy. I bought my current home in 2004 and the mortgage was through Suntrust. I refinanced in 2010 . . . with Suntrust . . . and between the income verifications and the multiple tax records I had to produce, it was like trying to talk my way out of a 3rd world prison. Then they tried to force me to buy flood insurance even though it hadnt been previously required. The whole time I'm trying to figure out if it has dawned on them that even if there was something that caused me to be turned down, I'd still be their customer anyway since they held my current mortgage????

[OtterFH]

Closed on mine today. Locked it in at 3.75%.

[WallyBalls]

Originally Posted by GAVol

It's crazy. I bought my current home in 2004 and the mortgage was through Suntrust. I refinanced in 2010 . . . with Suntrust . . . and between the income verifications and the multiple tax records I had to produce, it was like trying to talk my way out of a 3rd world prison. Then they tried to force me to buy flood insurance even though it hadnt been previously required. The whole time I'm trying to figure out if it has dawned on them that even if there was something that caused me to be turned down, I'd still be their customer anyway since they held my current mortgage????

If I get one more email that starts with "The underwriter wants to know..." I will go insane.


Its been everything from "How high are the deck rails? They look like they might be an inch or two short" to "Can you fax another State Farm statement (4th time!)" to the most recent and most ridiculous "The underwriter wants to know if the utility room wall has been painted?"

She seriously wanted to know why the laundry room wall had not been painted. The appraisal noted it hadn't been painted and dinged me for 100 bucks.

She seriously wanted to know why it wasn't painted yet and was willing to hold up the mortgage over it.

Yesterday I got a call wanting an entire bank statement. I sent the first and last pages (which showed the accounts and ending balances) but apparently she wants to see the damn transactions.

I have decided to push back on that one.

[Rasputin_Vol]

I closed my refi about 2 months ago... had to deal with most of the stuff you guys are complaining about... I just went along. It's the price you have to pay because of banks and home buyers making mistakes in the past.

[WallyBalls]

Originally Posted by vol_in_il

yea, it's sad, if they would have followed good lending practices 10-12 years ago, the housing market wouldn't have collapsed....
you can think Bill Clinton and Barnie Frank

Trust me, I loath those two and the practices of the last decade or so. And I can understand the process when dealing with someone with little, poor, or even middle of the road credit. Or I could understand it if I were making 35k a year and trying for a 225k house.

But I have spent 10 years working my can off to make sure I have great credit, no debt, strong savings, etc, etc. I don't appreciate being treated like a guy with a 500/month Escalade payment and 15k in credit card debt.

I'm refinancing a 90k mortgage on a 120k house with an income that could handle almost double that.

[Rasputin_Vol]

Originally Posted by Spartacavolus

$200 month savings over 10 yrs is 24K. And the fees shouldn't be that much anyway, but it would still only take him 1.5 years to cover his fees.


Something doesn't add up, or I need my coffee.

Someone (the OP) still needs to explain how these numbers could work out...

[jhen713]

Originally Posted by Rasputin_Vol

Someone (the OP) still needs to explain how these numbers could work out...

My current loan. 11yr 10 mo at 895 principal/interest= 127,090 over the life of the loan

New loan 15yr at 689 principal/interest=124,020 over the life of the loan.

Is thais what you're asking for?

[jhen713]

Originally Posted by WallyBalls

I feel bad for anybody with less than stellar credit going through this.

I started the process about a month ago with my CU (going from a 30yr to a 15 with a better rate).

My credit scores are 799, 803, and 805, I have stable employment, been in the house 4 years, etc, etc. The current mortgage is 30k to the good of the appraisal. Pretty much anything an underwriter could want to see...and they have raked me over the coals every step of the way. The underwriter has asked for everything short of a blood sample. Its maddening.

If it wasn't for the potential savings I would have told them to piss off a long time ago.

All three of my scores are over 800. My wifes are either 800+ or 790+. We ahve had to provied ALOT more documentation.