OT: FLU refinances (again).....15 year conforming 2.5%

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Submitted by flu on December 28, 2012 - 5:01pm

Lock and loaded as of today.

Double trouble...Two refinances concurrently...

1. Primary: 2.5%: 15 year conforming no points/no cost... with impound (cancelable after 3 months).

2. Investment Property: 30 year conforming/cash out refi 4.25%: with 1 pt cost.

Lol... My new monthly for a SFH in Carmel V is...Da da da da da... $2494/month. What a joke.....

For the investment prop, it's the best I could do, considering the loan is small, it's an investment loan, and it's a condo, and it's a cash out.....Also, I can still cash flow positive it around 7%... Borrowing out of a 401k is like 4%.... So.... also....what a joke....

This is better than the credit union I can usually go to. My other refinance person I usually go to, and better than absolute or amerisave.

Hopefully, all goes well with things.

Thanks AN for the refi dude.. He really has the best rates....Really have you to thank for the references...

Ho ho ho...

Happy new year everyone!

Submitted by AN on December 28, 2012 - 5:49pm.

Glad to be of help flu. I'm getting ready to lock and load for my primary as well. Maybe in a month or so. I'm currently at 3.625%. Just finished my investment at 3.75%, so I have to wait a few months before doing it again for the investment. Hopefully it'll be in the low 3% by then.

Submitted by flu on December 28, 2012 - 5:50pm.

You're so lucky you can do 3.75 on your investment. I hate you... Oh well...

Submitted by AN on December 28, 2012 - 5:58pm.

I'm hoping my primary mortgage will be equal to a 2/2 condo soon. Right now, its a couple hundred more.

Submitted by AN on December 28, 2012 - 5:59pm.

I'm hoping my primary mortgage will be equal to the rent of a 2/2 condo soon. Right now, its a couple hundred more.

Submitted by flu on December 28, 2012 - 6:00pm.

AN wrote:
I'm hoping my primary mortgage will be equal to a 2/2 condo soon. Right now, its a couple hundred more.

I was hoping that the mortgage of my primary would be equal to the rent on two 1/1....Getting closer.

Submitted by Huckleberry on December 28, 2012 - 6:59pm.

Is your primary a non-recourse or recourse loan?

How about you investment property loan?

Submitted by AN on December 28, 2012 - 7:22pm.

Huckleberry wrote:
Is your primary a non-recourse or recourse loan?

How about you investment property loan?


Iirc, refi are all recourse, right?

Submitted by flu on December 28, 2012 - 8:15pm.

Come on guys. You should know by now...We live in the nanny CA state... Even if you fvck up, it's still not your fault, and you still have rights!!!! It's someone else's fault...

Both are technically recourse. BUT...

1) Thanks to a law that goes into effect 2013 (Senate Bill 1069).... primary home refinances are now considered non-recourses, provided there wasn't a cash-out... And if there was, only the cashed-out portion above the original loan amount is considered recourse....

http://www.propertyid.com/platinum/Artic...

http://www.shortsaleexpeditor.com/in-the...

So... One can now be officially fiscally irresponsible after a primary refinance after Jan 1,2013, provided their's no second,third, forth loan on it.

But beside that...

2) In California...there's a One Action Rule. A creditor is only allowed to take one action on you... So provided you only have 1 loan on the property even if it is recourse, they can pick either foreclosure or something else, but not both.

http://www.teamsellssd.com/the-californi...

Morale Hazard...In CA? Nonexistent...Welcome to the party!

At any rate, no way I'm gonna default, because the bank stands to win if they FC on me...I'm not exactly financed near 100%...In fact, my LTV is ridiculously low on the primary and reasonable on the primary. Plus, although I'm not factoring it in, the investment has appreciated a bit since I bought it.

Submitted by SD Transplant on December 28, 2012 - 11:07pm.

FLU or AN,

Would you please share the name of your broker/refi guy? If you doon't want to share it on the board, you could PM me :) I'm going to refi in the next couple of weeks. Thanks in advance.

Submitted by flu on December 29, 2012 - 8:55am.

SD Transplant wrote:
FLU or AN,

Would you please share the name of your broker/refi guy? If you doon't want to share it on the board, you could PM me :) I'm going to refi in the next couple of weeks. Thanks in advance.

sent you a pm

Submitted by Ren on December 29, 2012 - 10:47am.

flu wrote:
SD Transplant wrote:
FLU or AN,

Would you please share the name of your broker/refi guy? If you doon't want to share it on the board, you could PM me :) I'm going to refi in the next couple of weeks. Thanks in advance.

sent you a pm

Ditto? :D

Submitted by barnaby33 on December 29, 2012 - 11:43am.

Tritto?

Josh

Submitted by scaredyclassic on December 29, 2012 - 6:36pm.

I'm trying to close a refi at 3.375. Problems. Final hurdle seems to be a last minute demand I put a sink in downstairs bathroom. Triggered potential marital discord. Ended up going to home depot late last night and buying a sink and vanity for $49.99 and faucet for $11.58. Now I have running water but having trouble lining up the p trap for draining.

Will they check if I just leave a bucket down there?

Understanding is wife can chuck this sink at will.

Submitted by flu on December 30, 2012 - 2:11pm.

I'll send you guys a PM but if you search, AN posted it here awhile ago.

Just spoke to the appraiser for the MM investment property.. Lol...Was telling me of a nice appreciation...So looks like I'm gonna end up cashing out more.....

Not bad for 9 months of doing nothing...

RE prices gonna tank??Phhh! Good luck...

Submitted by ocrenter on December 31, 2012 - 8:02am.

squat300 wrote:
I'm trying to close a refi at 3.375. Problems. Final hurdle seems to be a last minute demand I put a sink in downstairs bathroom. Triggered potential marital discord. Ended up going to home depot late last night and buying a sink and vanity for $49.99 and faucet for $11.58. Now I have running water but having trouble lining up the p trap for draining.

Will they check if I just leave a bucket down there?

Understanding is wife can chuck this sink at will.

uh... am I missing something here? how do you have a bathroom without a sink??? how do you wash your hands after taking care of business?

Submitted by scaredyclassic on December 31, 2012 - 8:52am.

There's a sink right next to it in a laundry room. How many sinks do we need? This will make the 7th sink in the house.

7 sinks no guns.

Submitted by AN on December 31, 2012 - 10:31am.

squat300 wrote:
There's a sink right next to it in a laundry room. How many sinks do we need? This will make the 7th sink in the house.

7 sinks no guns.


Are you trying to say, after doing your business and your hands are full of germs, you'd have to open the door and go to the laundry room to wash it? Or do you mean you don't have or use the door in that bathroom?

Submitted by AN on December 31, 2012 - 10:35am.

flu wrote:
I'll send you guys a PM but if you search, AN posted it here awhile ago.

Just spoke to the appraiser for the MM investment property.. Lol...Was telling me of a nice appreciation...So looks like I'm gonna end up cashing out more.....

Not bad for 9 months of doing nothing...

RE prices gonna tank??Phhh! Good luck...


Good for you flu. I wish my appraiser was a little more aware like yours. Maybe next time.

Submitted by scaredyclassic on December 31, 2012 - 11:07am.

Somehow we have survived.

Submitted by flu on December 31, 2012 - 12:02pm.

AN wrote:
flu wrote:
I'll send you guys a PM but if you search, AN posted it here awhile ago.

Just spoke to the appraiser for the MM investment property.. Lol...Was telling me of a nice appreciation...So looks like I'm gonna end up cashing out more.....

Not bad for 9 months of doing nothing...

RE prices gonna tank??Phhh! Good luck...


Good for you flu. I wish my appraiser was a little more aware like yours. Maybe next time.

Not sure if it helps, but what I did was the following.I printed the two most recent 1/1 "comparable" sales that happened in Mira Mesa recently (within 1-2 months) from redfin and handed it to him politely saying "hey, I know your really busy, so I thought I help you out a bit"...

The lower one I gave him was $150,000. The second one was the recent "bubble-licious" 1/1 closing @ $170,000.

See, I'm such a nice guy. I like making work more simple for others...

Normally it doesn't matter (like my primary)... but this was a 75% LTV cash out.. ..... heh heh. Hey, don't hate the player, hate the game.

FLU: (hopefully) laughing all the way to the bank.

Submitted by AN on December 31, 2012 - 2:55pm.

I'll try that next time. I tried disputing the value with other comps and the appraiser rejected. So, maybe it might work if I'm more proactive.

Submitted by flu on January 25, 2013 - 9:34pm.

Bump...

Done... Bada bing bada boom... Funds were dispersed to my old loan.....

AN, thanks again for the refi-broker. Dude rocks....

My lender ended up being Provident... I didn't have too much issues with them, except I wanted to keep my old HELOC line opened in case I wanted to talk it. Subordinating the HELOC was slowed down because of my old lender.

New 15 year mortgage on primary. 2.5%, no cost....Well sort of... My old loan charged a bunch of B.S. closing fees. Jerks... Oh well.

01/25/2013 01/25/2013 FAX FEE 02/01/2013 376,288.28 29.66 0.00 0.00 0.00 0.00 20.00 20.00
01/25/2013 01/25/2013 MISC SUSPENSE P 02/01/2013 376,288.28 29.66 0.00 0.00 0.00 65.00 0.00 65.00
01/25/2013 01/25/2013 QUOTE FEE 02/01/2013 376,288.28 29.66 0.00 0.00 0.00 0.00 30.00 30.00
01/25/2013 01/25/2013 MISC ESCROW DEP 02/01/2013 376,288.28 29.66 0.00 0.00 29.66 0.00 0.00 29.66

Will save about $20k off the life of my loan. My monthly drops to $2500ish/month. Kinda of a joke...
. And life is just swell.

1 refi done, 1 to go.

Submitted by zzz on February 27, 2013 - 8:37am.

Anyone know who the mortgage broker is that AN/FLU used? Thanks

Submitted by CA renter on February 28, 2013 - 9:01am.

zzz wrote:
Anyone know who the mortgage broker is that AN/FLU used? Thanks

Try PM'ing both of them. They might respond to a private message.

Good luck!

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