refinancing again with negative points..

[HLS]

[quote=Former SD resident]or amerisave? currently offering 4% with $3430 credit[/quote]

Understand that the $3430 credit may be needed to cover your closing costs. Make sure that you understand the hard costs and what will be left over.

You are on the right track. I told you that the quote you received yesterday was ripoff-ridiculous. 😉

Also realize that pricing does change daily (up or down) but you still should be able to get 4.00% or less at zero cost and still possibly get additional credit.

[ljinvestor]

IMO I wouldn’t use amerisave. Just check out their reviews.

[Former SD resident]

[quote=HLS][quote=Former SD resident]or amerisave? currently offering 4% with $3430 credit[/quote]

Understand that the $3430 credit may be needed to cover your closing costs. Make sure that you understand the hard costs and what will be left over.

You are on the right track. I told you that the quote you received yesterday was ripoff-ridiculous. 😉

Also realize that pricing does change daily (up or down) but you still should be able to get 4.00% or less at zero cost and still possibly get additional credit.[/quote]

Thanks again HLS! When we get back to Cali, which I know we will EVENTUALLY, I will definitely call you when we are ready to buy. 🙂

[Anonymous]

You are absolutely correct. Amerisave.com just shows their poor service to me.
One thumb down for Amerisave.com for doing rental property cash-out refinancing.

I started in early October, and was asked to pay $600.00 for an appraisal two days after I submitted the application. On Nov.22, I got an email saying that my document is incomplete. It turns out that Amerisave.com does not even look at the file in-between, as in the next week, I was asked files that I submitted two months ago.

Then yesterday I got an email saying that because I did a ~35K repair in 2011, the loss ratio is too high. I said that was a one-time deal and could be exempted (as I got an exemption when I cash-out refinanced with Yan XU at Destiny Financial on another rental property refinancing). But Amerisave.com did not want to do it and ask me to complete 2012 tax return and then go on. This loss ratio was figured out by Yan XU in two weeks, and it took Amerisave.com more than two months to figure out, even though I ask very early how they compute the rental income.

I hope this email saves time for rental property owners on this email list.

[gzz]

If you want to gamble on falling 30 year interest rates, there are easier and better ways than serial refis, like options contracts on 30 year treasuries or even easier an ultralong long bond ETF. You could even do this in an IRA and get the profits tax free.

Being stuck with a 4% mortagage when you could have locked in 3.25% is a huge loss to bear, especially if you like your place and want to stay. On a 500k loan that is an extra 3750 a year each and every year. So that is the risk you are taking on.

All that said, congrats to the poster who has cleared 25k doing this! I did the much milder version of buying and refi-ing with a .125% higher no closing cost rate.

[Author]

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