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teaboy
ParticipantFlu, my sentiments exactly… karma-schmarma.
[quote=flu]
However, you probably won’t be able to qualify for another FHA loan if you tried to refi within 2 months. Even more of a reason to consider backing out if the difference between the two loans is significant.[/quote]This is not an FHA loan. I have ~30% equity in the home. So, does that mean I can refi again after 2 months or not?
confused!
tbParticipantwow nice detail, flu.
So, I just signed the closing docs yesterday, and now have 3 working days to cancel.
Current, I am considering to continue with this refi with the thought that I may do another “no-cost’ refi again in a couple months if rates are same or lower.
Is another refi after just 2 months possible?
What are the implications with doing that?tb
Participantwow nice detail, flu.
So, I just signed the closing docs yesterday, and now have 3 working days to cancel.
Current, I am considering to continue with this refi with the thought that I may do another “no-cost’ refi again in a couple months if rates are same or lower.
Is another refi after just 2 months possible?
What are the implications with doing that?tb
Participantwow nice detail, flu.
So, I just signed the closing docs yesterday, and now have 3 working days to cancel.
Current, I am considering to continue with this refi with the thought that I may do another “no-cost’ refi again in a couple months if rates are same or lower.
Is another refi after just 2 months possible?
What are the implications with doing that?tb
Participantwow nice detail, flu.
So, I just signed the closing docs yesterday, and now have 3 working days to cancel.
Current, I am considering to continue with this refi with the thought that I may do another “no-cost’ refi again in a couple months if rates are same or lower.
Is another refi after just 2 months possible?
What are the implications with doing that?tb
Participantwow nice detail, flu.
So, I just signed the closing docs yesterday, and now have 3 working days to cancel.
Current, I am considering to continue with this refi with the thought that I may do another “no-cost’ refi again in a couple months if rates are same or lower.
Is another refi after just 2 months possible?
What are the implications with doing that?tb
Participantflu,
Thanks.
You wrote “when i went through this”. Do you mean that you backed out of a refi?Mea culpa, I didn’t ask enough questions. Although in my defence that was partly because I wouldn’t have fully trusted (that I fully understood) the answers I got.
You wrote “If you already signed the doc, you have 72 hours to cancel.” Which doc?
I signed the following docs at the same time 1 month ago and no others since:
-Uniform Resident Loan Application
-Acknowledgement of receipt of GFE (Good Faith Estimate)
-Federal Truth-in-Lending Disclosure Statement
-Provider of Service Addendum
-Acknowledgement of intent to proceed
-Servicing Disclosure Statement
-Borrowers Certification & Authorizationtb
Participantflu,
Thanks.
You wrote “when i went through this”. Do you mean that you backed out of a refi?Mea culpa, I didn’t ask enough questions. Although in my defence that was partly because I wouldn’t have fully trusted (that I fully understood) the answers I got.
You wrote “If you already signed the doc, you have 72 hours to cancel.” Which doc?
I signed the following docs at the same time 1 month ago and no others since:
-Uniform Resident Loan Application
-Acknowledgement of receipt of GFE (Good Faith Estimate)
-Federal Truth-in-Lending Disclosure Statement
-Provider of Service Addendum
-Acknowledgement of intent to proceed
-Servicing Disclosure Statement
-Borrowers Certification & Authorizationtb
Participantflu,
Thanks.
You wrote “when i went through this”. Do you mean that you backed out of a refi?Mea culpa, I didn’t ask enough questions. Although in my defence that was partly because I wouldn’t have fully trusted (that I fully understood) the answers I got.
You wrote “If you already signed the doc, you have 72 hours to cancel.” Which doc?
I signed the following docs at the same time 1 month ago and no others since:
-Uniform Resident Loan Application
-Acknowledgement of receipt of GFE (Good Faith Estimate)
-Federal Truth-in-Lending Disclosure Statement
-Provider of Service Addendum
-Acknowledgement of intent to proceed
-Servicing Disclosure Statement
-Borrowers Certification & Authorizationtb
Participantflu,
Thanks.
You wrote “when i went through this”. Do you mean that you backed out of a refi?Mea culpa, I didn’t ask enough questions. Although in my defence that was partly because I wouldn’t have fully trusted (that I fully understood) the answers I got.
You wrote “If you already signed the doc, you have 72 hours to cancel.” Which doc?
I signed the following docs at the same time 1 month ago and no others since:
-Uniform Resident Loan Application
-Acknowledgement of receipt of GFE (Good Faith Estimate)
-Federal Truth-in-Lending Disclosure Statement
-Provider of Service Addendum
-Acknowledgement of intent to proceed
-Servicing Disclosure Statement
-Borrowers Certification & Authorizationtb
Participantflu,
Thanks.
You wrote “when i went through this”. Do you mean that you backed out of a refi?Mea culpa, I didn’t ask enough questions. Although in my defence that was partly because I wouldn’t have fully trusted (that I fully understood) the answers I got.
You wrote “If you already signed the doc, you have 72 hours to cancel.” Which doc?
I signed the following docs at the same time 1 month ago and no others since:
-Uniform Resident Loan Application
-Acknowledgement of receipt of GFE (Good Faith Estimate)
-Federal Truth-in-Lending Disclosure Statement
-Provider of Service Addendum
-Acknowledgement of intent to proceed
-Servicing Disclosure Statement
-Borrowers Certification & Authorizationtb
Participant[quote=as]A loan officer offered me 15-year fixed for 3.75%. The total interest I will be paying is about 218k. If I do 4.25% for 30 year fixed, my total interest will be 494k. Between 15y and 30y, total interest saving will be about 276k.
Do you guys think it will go down to 3.5% for 15-year loan? Any suggestion? THX.[/quote]Perhaps a more pertinent way to do an apples-to-apples comparison of a 15yr fix with a 30yr fix is to calculate the total interest difference between paying off the 15yr fix and paying off the 30yr fix by overpaying at the same mothly PITI as the 15yr fix. That difference represents the cost of having the flexibility with the 30yr fix to make smaller monthly payments, say if you lose your job for a period.
tb
Participant[quote=as]A loan officer offered me 15-year fixed for 3.75%. The total interest I will be paying is about 218k. If I do 4.25% for 30 year fixed, my total interest will be 494k. Between 15y and 30y, total interest saving will be about 276k.
Do you guys think it will go down to 3.5% for 15-year loan? Any suggestion? THX.[/quote]Perhaps a more pertinent way to do an apples-to-apples comparison of a 15yr fix with a 30yr fix is to calculate the total interest difference between paying off the 15yr fix and paying off the 30yr fix by overpaying at the same mothly PITI as the 15yr fix. That difference represents the cost of having the flexibility with the 30yr fix to make smaller monthly payments, say if you lose your job for a period.
tb
Participant[quote=as]A loan officer offered me 15-year fixed for 3.75%. The total interest I will be paying is about 218k. If I do 4.25% for 30 year fixed, my total interest will be 494k. Between 15y and 30y, total interest saving will be about 276k.
Do you guys think it will go down to 3.5% for 15-year loan? Any suggestion? THX.[/quote]Perhaps a more pertinent way to do an apples-to-apples comparison of a 15yr fix with a 30yr fix is to calculate the total interest difference between paying off the 15yr fix and paying off the 30yr fix by overpaying at the same mothly PITI as the 15yr fix. That difference represents the cost of having the flexibility with the 30yr fix to make smaller monthly payments, say if you lose your job for a period.
tb
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