Time to refinance :-)

[paranoid]

[quote]So all 1st mortgages are essentially non-recourse in CA whether they are purchase money or cash out refi’s. [/quote]

sdrealtor: thanks for explanation. if my refinance loan has only one mortgage (i.e. no 2nd mortgage”), does your statement still apply?

[CA renter]

[quote=UCGal][quote=sdrealtor]thats called found money! dump it on the principal each month and reap the real rewards of what you just did.[/quote]

ITA. Especially since you probably extended the final payout day… (Assuming your old mortgage had some payments/years into it.)

When we refinanced last year our payment dropped by $700 for principal and interest… but the pay off date was extended another 6 years… (we were 6 years into a 15 year loan.) We’re taking that $700 and putting it as extra principal payments… we’ll be paid off more than a year earlier than if we hadn’t refi’d.

(And if the horrible happens – where both hubster and I lose our jobs, our obligated payment is much lower, so we can make that till we find work.)[/quote]

Well done, UCGal! 🙂

[CA renter]

[quote=UCGal][quote=sdrealtor]thats called found money! dump it on the principal each month and reap the real rewards of what you just did.[/quote]

ITA. Especially since you probably extended the final payout day… (Assuming your old mortgage had some payments/years into it.)

When we refinanced last year our payment dropped by $700 for principal and interest… but the pay off date was extended another 6 years… (we were 6 years into a 15 year loan.) We’re taking that $700 and putting it as extra principal payments… we’ll be paid off more than a year earlier than if we hadn’t refi’d.

(And if the horrible happens – where both hubster and I lose our jobs, our obligated payment is much lower, so we can make that till we find work.)[/quote]

Well done, UCGal! 🙂

[CA renter]

[quote=UCGal][quote=sdrealtor]thats called found money! dump it on the principal each month and reap the real rewards of what you just did.[/quote]

ITA. Especially since you probably extended the final payout day… (Assuming your old mortgage had some payments/years into it.)

When we refinanced last year our payment dropped by $700 for principal and interest… but the pay off date was extended another 6 years… (we were 6 years into a 15 year loan.) We’re taking that $700 and putting it as extra principal payments… we’ll be paid off more than a year earlier than if we hadn’t refi’d.

(And if the horrible happens – where both hubster and I lose our jobs, our obligated payment is much lower, so we can make that till we find work.)[/quote]

Well done, UCGal! 🙂

[CA renter]

[quote=UCGal][quote=sdrealtor]thats called found money! dump it on the principal each month and reap the real rewards of what you just did.[/quote]

ITA. Especially since you probably extended the final payout day… (Assuming your old mortgage had some payments/years into it.)

When we refinanced last year our payment dropped by $700 for principal and interest… but the pay off date was extended another 6 years… (we were 6 years into a 15 year loan.) We’re taking that $700 and putting it as extra principal payments… we’ll be paid off more than a year earlier than if we hadn’t refi’d.

(And if the horrible happens – where both hubster and I lose our jobs, our obligated payment is much lower, so we can make that till we find work.)[/quote]

Well done, UCGal! 🙂

[CA renter]

[quote=UCGal][quote=sdrealtor]thats called found money! dump it on the principal each month and reap the real rewards of what you just did.[/quote]

ITA. Especially since you probably extended the final payout day… (Assuming your old mortgage had some payments/years into it.)

When we refinanced last year our payment dropped by $700 for principal and interest… but the pay off date was extended another 6 years… (we were 6 years into a 15 year loan.) We’re taking that $700 and putting it as extra principal payments… we’ll be paid off more than a year earlier than if we hadn’t refi’d.

(And if the horrible happens – where both hubster and I lose our jobs, our obligated payment is much lower, so we can make that till we find work.)[/quote]

Well done, UCGal! 🙂

[(former)FormerSanDiegan]

[quote=jeeman]waterboy,

there are two jumbo limits now…one is over $417k (jumbo conventional) and over $697.5k (jumbo). Which of those did you do?[/quote]

Based on the numbers given above it is below 697.5K.

Here’s why.
Savings of $150 per month
orignally 5.0%
new loan 4.625%.
To save $150 on this change in rate, the principal would have to be ~ $650 K.

Plus getting 4.625%, 30-year fixed above the Jumbo conforming limit just does not seem feasible currently.

[(former)FormerSanDiegan]

[quote=jeeman]waterboy,

there are two jumbo limits now…one is over $417k (jumbo conventional) and over $697.5k (jumbo). Which of those did you do?[/quote]

Based on the numbers given above it is below 697.5K.

Here’s why.
Savings of $150 per month
orignally 5.0%
new loan 4.625%.
To save $150 on this change in rate, the principal would have to be ~ $650 K.

Plus getting 4.625%, 30-year fixed above the Jumbo conforming limit just does not seem feasible currently.

[(former)FormerSanDiegan]

[quote=jeeman]waterboy,

there are two jumbo limits now…one is over $417k (jumbo conventional) and over $697.5k (jumbo). Which of those did you do?[/quote]

Based on the numbers given above it is below 697.5K.

Here’s why.
Savings of $150 per month
orignally 5.0%
new loan 4.625%.
To save $150 on this change in rate, the principal would have to be ~ $650 K.

Plus getting 4.625%, 30-year fixed above the Jumbo conforming limit just does not seem feasible currently.

[(former)FormerSanDiegan]

[quote=jeeman]waterboy,

there are two jumbo limits now…one is over $417k (jumbo conventional) and over $697.5k (jumbo). Which of those did you do?[/quote]

Based on the numbers given above it is below 697.5K.

Here’s why.
Savings of $150 per month
orignally 5.0%
new loan 4.625%.
To save $150 on this change in rate, the principal would have to be ~ $650 K.

Plus getting 4.625%, 30-year fixed above the Jumbo conforming limit just does not seem feasible currently.

[(former)FormerSanDiegan]

[quote=jeeman]waterboy,

there are two jumbo limits now…one is over $417k (jumbo conventional) and over $697.5k (jumbo). Which of those did you do?[/quote]

Based on the numbers given above it is below 697.5K.

Here’s why.
Savings of $150 per month
orignally 5.0%
new loan 4.625%.
To save $150 on this change in rate, the principal would have to be ~ $650 K.

Plus getting 4.625%, 30-year fixed above the Jumbo conforming limit just does not seem feasible currently.

[EVSDCA]

[quote=sdrealtor]jeeman
HLS did a refi for clients of mine with a 697500 loan within one month of closing. He lowered their rate about 3/8ths of % before they made a single payment at $0 cost to them. i thought that ws pretty amazing.[/quote]

It was precisely what HLS did for us. Thanks so much,

[EVSDCA]

[quote=sdrealtor]jeeman
HLS did a refi for clients of mine with a 697500 loan within one month of closing. He lowered their rate about 3/8ths of % before they made a single payment at $0 cost to them. i thought that ws pretty amazing.[/quote]

It was precisely what HLS did for us. Thanks so much,

[EVSDCA]

[quote=sdrealtor]jeeman
HLS did a refi for clients of mine with a 697500 loan within one month of closing. He lowered their rate about 3/8ths of % before they made a single payment at $0 cost to them. i thought that ws pretty amazing.[/quote]

It was precisely what HLS did for us. Thanks so much,

[EVSDCA]

[quote=sdrealtor]jeeman
HLS did a refi for clients of mine with a 697500 loan within one month of closing. He lowered their rate about 3/8ths of % before they made a single payment at $0 cost to them. i thought that ws pretty amazing.[/quote]

It was precisely what HLS did for us. Thanks so much,

[Author]

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