Refinancing with negative points…..

[SD Transplant]

Flu must have refinanced by now because rates are droping to newer lows 🙂

http://housingwire.com/news/mortgage-rates-hit-all-time-lows-again

[Coronita]

[quote=SD Transplant]Flu must have refinanced by now because rates are droping to newer lows 🙂

http://housingwire.com/news/mortgage-rates-hit-all-time-lows-again%5B/quote%5D

Yes yes yes… I closed and funded on monday 2.875 (got a lower cost actually).

And rates for me dropped to 2.75 the next day..

yeah yeah yeah…rub it in…

There’s always next month…

[bearishgurl]

[quote=flu]…There’s always next month…[/quote]

flu, look at your papers again. You probably have at least a 3-month moratorium from refinancing :=0

[sdsubie]

flu,

Did you end up going with absolutemortgage? If so, how was your experience with them compared to previous refi’s?

[Coronita]

[quote=bearishgurl][quote=flu]…There’s always next month…[/quote]

flu, look at your papers again. You probably have at least a 3-month moratorium from refinancing :=0[/quote]

I was speaking metaphorically. It won’t make sense to refi unless rates drop again for another .50%..And if I do refi, the lender has to pay back the commissions I think…
Not my problem…

Funny, cause I was only with my previous loan for a few months, and back then it was 3.375 and I thought I was already getting a great deal…

My monthly is ridiculously low, at $2660ish/month and my total loan is lower too. I guess I should have done the negative points, but I was already too far in the process and didn’t want to cancel. again, maybe next time.
Also, got a 3% heloc setup at the same time in case I need a short term financing for something that comes up too good to pass, and don’t want to liquidate elsewhere at the time..

Ended up getting a heloc setup versus doing a cash out refi…Because there’s no guarantee I’ll need to take the cash out ,and don’t want to get stuck paying interest on money that’s just sitting there not being put to good use. So my credit line is just going to sit there, no annual/renewal fee until I need to use it (which might be never).

[Coronita]

[quote=sdsubie]flu,

Did you end up going with absolutemortgage? If so, how was your experience with them compared to previous refi’s?[/quote]
]

No i didn’t use them. It was too late on my loan.. maybe next time. I wish I saw this email before. My lender didn’t offer the negative points option.

Comparing same exact loan terms, my lender (an esoteric credit union in L.A.) was cheaper than absolutemortgage after their rebates by about $200-300… Absolute however, offered a 3% negative point loan that after cost that really left you with cash in the pocket. The difference was that with absolute, the appraisal cost isn’t included in the total calculation. My lender’s cost included the appraisal, and the appraisal fee for my lender was $300. So that’s why absolute’s 2.875 product at the time came out to be slightly more than my lenders.

My actual cost wasn’t $3k, because part of it was prorated interest payments for not closing on a complete month. (my goof)…

[sdsubie]

I see, that makes sense. We’re currently in a 4.375 (30yr fixed) from when we bought last year and current interest rates getting me thinking about refi-ing. Thanks for the info!

[equalizer]

Just got a quote today on $400K 20 year at 3.5% no cost. We did refi last year at 3.875 and had gotten $2400 net credit, which was around -1.25pts if you include all closing costs.

[Coronita]

[quote=equalizer]Just got a quote today on $400K 20 year at 3.5% no cost. We did refi last year at 3.875 and had gotten $2400 net credit, which was around -1.25pts if you include all closing costs.[/quote]

That’s kind of high…I’m seeing a 30 year at 3.50% with an $800 cost.. You can probably do a 3.55 with no cost. but I haven’t looked.

[briansd1]

A crisis in Europe might drive rates even lower here.

[equalizer]

[quote=flu][quote=equalizer]Just got a quote today on $400K 20 year at 3.5% no cost. We did refi last year at 3.875 and had gotten $2400 net credit, which was around -1.25pts if you include all closing costs.[/quote]

That’s kind of high…I’m seeing a 30 year at 3.50% with an $800 cost.. You can probably do a 3.55 with no cost. but I haven’t looked.[/quote]
Is your rate with 40% equity? Prices have dropped everywhere on low volume in past year.

[Coronita]

[quote=equalizer][quote=flu][quote=equalizer]Just got a quote today on $400K 20 year at 3.5% no cost. We did refi last year at 3.875 and had gotten $2400 net credit, which was around -1.25pts if you include all closing costs.[/quote]

That’s kind of high…I’m seeing a 30 year at 3.50% with an $800 cost.. You can probably do a 3.55 with no cost. but I haven’t looked.[/quote]
Is your rate with 40% equity? Prices have dropped everywhere on low volume in past year.[/quote]

closer to 60%

[Author]

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