Why not refinance?

[AK]

You got out of PMI, didn’t you? That probably saved you a big chunk of change.

Otherwise the math isn’t quite as favorable. I looked into refinancing a few months ago when rates dipped below 4% … after taxes and so forth it would’ve taken 4-5 years to break even. Just another way in which the mortgage interest deduction promotes otherwise irrational behavior 🙂

[an]

[quote=AK]You got out of PMI, didn’t you? That probably saved you a big chunk of change.

Otherwise the math isn’t quite as favorable. I looked into refinancing a few months ago when rates dipped below 4% … after taxes and so forth it would’ve taken 4-5 years to break even. Just another way in which the mortgage interest deduction promotes otherwise irrational behavior :)[/quote]
It all depends on what the rates are for a no COST loan. A month or two back, you could get a no COST loan for ~4.25%. So, unless you are currently paying 4.25% or less on your mortgage, it makes perfect sense to refi, since you’ll see the saving from day 1.

[an]

[quote=AK]You got out of PMI, didn’t you? That probably saved you a big chunk of change.

Otherwise the math isn’t quite as favorable. I looked into refinancing a few months ago when rates dipped below 4% … after taxes and so forth it would’ve taken 4-5 years to break even. Just another way in which the mortgage interest deduction promotes otherwise irrational behavior :)[/quote]
It all depends on what the rates are for a no COST loan. A month or two back, you could get a no COST loan for ~4.25%. So, unless you are currently paying 4.25% or less on your mortgage, it makes perfect sense to refi, since you’ll see the saving from day 1.

[an]

[quote=AK]You got out of PMI, didn’t you? That probably saved you a big chunk of change.

Otherwise the math isn’t quite as favorable. I looked into refinancing a few months ago when rates dipped below 4% … after taxes and so forth it would’ve taken 4-5 years to break even. Just another way in which the mortgage interest deduction promotes otherwise irrational behavior :)[/quote]
It all depends on what the rates are for a no COST loan. A month or two back, you could get a no COST loan for ~4.25%. So, unless you are currently paying 4.25% or less on your mortgage, it makes perfect sense to refi, since you’ll see the saving from day 1.

[an]

[quote=AK]You got out of PMI, didn’t you? That probably saved you a big chunk of change.

Otherwise the math isn’t quite as favorable. I looked into refinancing a few months ago when rates dipped below 4% … after taxes and so forth it would’ve taken 4-5 years to break even. Just another way in which the mortgage interest deduction promotes otherwise irrational behavior :)[/quote]
It all depends on what the rates are for a no COST loan. A month or two back, you could get a no COST loan for ~4.25%. So, unless you are currently paying 4.25% or less on your mortgage, it makes perfect sense to refi, since you’ll see the saving from day 1.

[an]

[quote=AK]You got out of PMI, didn’t you? That probably saved you a big chunk of change.

Otherwise the math isn’t quite as favorable. I looked into refinancing a few months ago when rates dipped below 4% … after taxes and so forth it would’ve taken 4-5 years to break even. Just another way in which the mortgage interest deduction promotes otherwise irrational behavior :)[/quote]
It all depends on what the rates are for a no COST loan. A month or two back, you could get a no COST loan for ~4.25%. So, unless you are currently paying 4.25% or less on your mortgage, it makes perfect sense to refi, since you’ll see the saving from day 1.

[paramount]

[quote=bearishgurl][quote=paramount]I just refinanced at 4.875% 30 year fixed Wells Fargo with a LTV of 103%.

New Payment: Just over $1100 PI.[/quote]

Paramount, I am so happy for you. This will enable you to “hang on” for 2-4 more years until the underwater inventory is washed away and you can get out clean. Smart move, and I’m glad you found a lender that understands the dynamics of what you’re up against. Meanwhile, you have a payment less than rent :=)[/quote]

Thanks…this refinance is almost no cost. I already received my good faith estimate and I think the cost was $700 or so, but I need to verify.

Having just been diagnosed with BPPV, this refinance will enable me to move much closer to work which is no longer optional due to my diagnosis.

For anyone even remotely interested, BPPV is basically a condition where a sudden episode of SEVERE vertigo strikes usually without warning. It is incapacitating and sort of like playing Russian Roulette.

[paramount]

[quote=bearishgurl][quote=paramount]I just refinanced at 4.875% 30 year fixed Wells Fargo with a LTV of 103%.

New Payment: Just over $1100 PI.[/quote]

Paramount, I am so happy for you. This will enable you to “hang on” for 2-4 more years until the underwater inventory is washed away and you can get out clean. Smart move, and I’m glad you found a lender that understands the dynamics of what you’re up against. Meanwhile, you have a payment less than rent :=)[/quote]

Thanks…this refinance is almost no cost. I already received my good faith estimate and I think the cost was $700 or so, but I need to verify.

Having just been diagnosed with BPPV, this refinance will enable me to move much closer to work which is no longer optional due to my diagnosis.

For anyone even remotely interested, BPPV is basically a condition where a sudden episode of SEVERE vertigo strikes usually without warning. It is incapacitating and sort of like playing Russian Roulette.

[paramount]

[quote=bearishgurl][quote=paramount]I just refinanced at 4.875% 30 year fixed Wells Fargo with a LTV of 103%.

New Payment: Just over $1100 PI.[/quote]

Paramount, I am so happy for you. This will enable you to “hang on” for 2-4 more years until the underwater inventory is washed away and you can get out clean. Smart move, and I’m glad you found a lender that understands the dynamics of what you’re up against. Meanwhile, you have a payment less than rent :=)[/quote]

Thanks…this refinance is almost no cost. I already received my good faith estimate and I think the cost was $700 or so, but I need to verify.

Having just been diagnosed with BPPV, this refinance will enable me to move much closer to work which is no longer optional due to my diagnosis.

For anyone even remotely interested, BPPV is basically a condition where a sudden episode of SEVERE vertigo strikes usually without warning. It is incapacitating and sort of like playing Russian Roulette.

[paramount]

[quote=bearishgurl][quote=paramount]I just refinanced at 4.875% 30 year fixed Wells Fargo with a LTV of 103%.

New Payment: Just over $1100 PI.[/quote]

Paramount, I am so happy for you. This will enable you to “hang on” for 2-4 more years until the underwater inventory is washed away and you can get out clean. Smart move, and I’m glad you found a lender that understands the dynamics of what you’re up against. Meanwhile, you have a payment less than rent :=)[/quote]

Thanks…this refinance is almost no cost. I already received my good faith estimate and I think the cost was $700 or so, but I need to verify.

Having just been diagnosed with BPPV, this refinance will enable me to move much closer to work which is no longer optional due to my diagnosis.

For anyone even remotely interested, BPPV is basically a condition where a sudden episode of SEVERE vertigo strikes usually without warning. It is incapacitating and sort of like playing Russian Roulette.

[paramount]

[quote=bearishgurl][quote=paramount]I just refinanced at 4.875% 30 year fixed Wells Fargo with a LTV of 103%.

New Payment: Just over $1100 PI.[/quote]

Paramount, I am so happy for you. This will enable you to “hang on” for 2-4 more years until the underwater inventory is washed away and you can get out clean. Smart move, and I’m glad you found a lender that understands the dynamics of what you’re up against. Meanwhile, you have a payment less than rent :=)[/quote]

Thanks…this refinance is almost no cost. I already received my good faith estimate and I think the cost was $700 or so, but I need to verify.

Having just been diagnosed with BPPV, this refinance will enable me to move much closer to work which is no longer optional due to my diagnosis.

For anyone even remotely interested, BPPV is basically a condition where a sudden episode of SEVERE vertigo strikes usually without warning. It is incapacitating and sort of like playing Russian Roulette.

[sdrealtor]

Sorry to hear about that paramount. I have heard about that as I have an audiologist in my family. Hopefully your case will pass in a relatively short time as it often can.

[sdrealtor]

Sorry to hear about that paramount. I have heard about that as I have an audiologist in my family. Hopefully your case will pass in a relatively short time as it often can.

[sdrealtor]

Sorry to hear about that paramount. I have heard about that as I have an audiologist in my family. Hopefully your case will pass in a relatively short time as it often can.

[sdrealtor]

Sorry to hear about that paramount. I have heard about that as I have an audiologist in my family. Hopefully your case will pass in a relatively short time as it often can.

[Author]

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