Refinanced 4 months ago at 4.2%, now same broker said I could refiance again?

[NotCranky]

[quote=AN][quote=Jacarandoso][quote=AN][quote=pri_dk]If someone was willing to loan me money for 30 years at a rate less than 4%, I wouldn’t pay them back any faster than I had to.[/quote]
I totally agree.[/quote]

40 year mortgages are is pretty close to 4%.[/quote]
According to aimloan, $0 cost 40 years is ~5%, 30 years is ~$4.25%, and 15 years is ~3.5%. The decrease in monthly payment between a 30 and 40 years is not that big though, so it become not worth it to get the higher cost 40 years loan. For a max out conforming loan of $417k, you’re looking at a decrease of only ~$50/month vs ~$800/month between a 15 and 30 years.[/quote]

I get 3.75 for 30 years and 4.35 for 40 with the same closing costs on aimloan. 417 loan on 600k purchase w/impounds and above 740 credit.

[Kingside]

I have filed judicial foreclosure complaints, but those were commercial properties and frequently involve appointment of a receiver to collect rents and manage the property pending the foreclosure. You almost never see judicial foreclosure actions by conventional lenders on owner occupied residential properties in California.

The judicial foreclosure process will take over a year if contested, and after the sale takes place pursuant to judicial order, The lender then has to petition the Court to try to get a deficiency judgment. As a trade off, the borrower then has a “right of redemption” for a year which means that the lender or purchaser at the sale can’t evict the borrower and can’t get clear title to the property during the period in which the borrower has the right to redeem the property back. Conventional lenders can’t really handle this so you just don’t see them pursuing judicial foreclosure

[an]

[quote=Jacarandoso]I get 3.75 for 30 years and 4.35 for 40 with the same closing costs on aimloan. 417 loan on 600k purchase w/impounds and above 740 credit.[/quote]
If my calculation serves me right, the monthly difference in payment is ~$100/month. I still think that’s not substantial enough to go another 10 years. Between 15 to 30 years, going an extra 15 years is a difference of ~$800/month. That’s worth it. Now, if the payment difference is ~$500/month, then I’d totally jump on the 40 years deal.

[sdrealtor]

Thx Kingside for that information. Its particularly useful in that it comes from a Real Estate Attorney. I’m not sure if the other poster was actively practicing real estate law hence his position could have been more rooted in theory than practice.

[NotCranky]

[quote=AN][quote=Jacarandoso]I get 3.75 for 30 years and 4.35 for 40 with the same closing costs on aimloan. 417 loan on 600k purchase w/impounds and above 740 credit.[/quote]
If my calculation serves me right, the monthly difference in payment is ~$100/month. I still think that’s not substantial enough to go another 10 years. Between 15 to 30 years, going an extra 15 years is a difference of ~$800/month. That’s worth it. Now, if the payment difference is ~$500/month, then I’d totally jump on the 40 years deal.[/qu

AN, I was not playing financial advisor with my friendly wisecrack that rates are near 4% for 40 years. I was replying to the notion of taking as long as one can to pay the money back at around 4%.

Your post was different regarding aimloan rates for 30 and 40 years,at least for what I saw, so I cleared that up.

[an]

[quote=Jacarandoso]AN, I was not playing financial advisor with my friendly wisecrack that rates are near 4% for 40 years. I was replying to the notion of taking as long as one can to pay the money back at around 4%.

Your post was different regarding aimloan rates for 30 and 40 years,at least for what I saw, so I cleared that up.[/quote]
You’re right, with the right lender, you can get near 4% for 40 years. Aimloan doesn’t have the best rates but it’s the easiest to get rate from for an average person.

Btw, what are your rates for 80% ltv vs 69.5%?

[NotCranky]

[quote=AN][quote=Jacarandoso]AN, I was not playing financial advisor with my friendly wisecrack that rates are near 4% for 40 years. I was replying to the notion of taking as long as one can to pay the money back at around 4%.

Your post was different regarding aimloan rates for 30 and 40 years,at least for what I saw, so I cleared that up.[/quote]
You’re right, with the right lender, you can get near 4% for 40 years. Aimloan doesn’t have the best rates but it’s the easiest to get rate from for an average person.

Btw, what are your rates for 80% ltv vs 69.5%?[/quote]

Thanks, AN

At 500k purchase and 400k loan I get 3.875 for 30y and 4.5 for 40y at nearly same costs, using aim loan again.

[an]

[quote=Jacarandoso][quote=AN][quote=Jacarandoso]AN, I was not playing financial advisor with my friendly wisecrack that rates are near 4% for 40 years. I was replying to the notion of taking as long as one can to pay the money back at around 4%.

Your post was different regarding aimloan rates for 30 and 40 years,at least for what I saw, so I cleared that up.[/quote]
You’re right, with the right lender, you can get near 4% for 40 years. Aimloan doesn’t have the best rates but it’s the easiest to get rate from for an average person.

Btw, what are your rates for 80% ltv vs 69.5%?[/quote]

Thanks, AN

At 500k purchase and 400k loan I get 3.875 for 30y and 4.5 for 40y at nearly same costs, using aim loan again.[/quote]
I see. If you’re using aimloan like me, then our disconnect is the cost. The rate I mentioned was $0 cost to a little credit.

[NotCranky]

[quote=AN][quote=Jacarandoso][quote=AN][quote=Jacarandoso]AN, I was not playing financial advisor with my friendly wisecrack that rates are near 4% for 40 years. I was replying to the notion of taking as long as one can to pay the money back at around 4%.

Your post was different regarding aimloan rates for 30 and 40 years,at least for what I saw, so I cleared that up.[/quote]
You’re right, with the right lender, you can get near 4% for 40 years. Aimloan doesn’t have the best rates but it’s the easiest to get rate from for an average person.

Btw, what are your rates for 80% ltv vs 69.5%?[/quote]

Thanks, AN

At 500k purchase and 400k loan I get 3.875 for 30y and 4.5 for 40y at nearly same costs, using aim loan again.[/quote]
I see. If you’re using aimloan like me, then our disconnect is the cost. The rate I mentioned was $0 cost to a little credit.[/quote]

No disconnect here. The rates I quoted cost the same, not nothing. The point was made to you that I am not, and was not making a case or argument. I am done with this topic.

[Author]

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