EDU Mortgage EDU

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,467
Loserville. Population: 1
An idiot that CNBC pays to do personal finance write this:

I just refinanced my mortgage, despite coronavirus. Here’s what I learned

1. It took her 2 MONTHS
2. She got bent over on the rate and fees (3.5% and paying 2 points LMAO)
3. She never talked to the
quicken person twice
4. Low appraisal, the loan officer didn’t adjust anything with the loan, now she’s paying PMI. And she says it’s “my fault for miscalculating the LTV” (loan officer fucked that up)

The 30+ page thread I was giving advice to people in got deleted. So anyone who has questions can post here if you don’t want to get taken advantage of like this idiot.

HTH
 

B17A

Now with more ///M
Jun 22, 2001
31,754
Athens, GA
What should someone with 800+ credit on 70% LTV be paying on a 15 year refi?

Also, what are reasonable fees on the refi?
 
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silver60

OT Supporter
May 4, 2010
9,792
Dallas Tx
What should someone with 800+ credit on 70% LTV be paying on a 15 year refi?

Also, what are reasonable fees on the refi?

call your local broker, rates differ around the country, and asking some rando on the internet will certainly result in inaccurate information.
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,467
Loserville. Population: 1
What should someone with 800+ credit on 70% LTV be paying on a 15 year refi?

Also, what are reasonable fees on the refi?

depending on loan amount around 2.5-2.625% with no points.
“Origination fees” are what matter. Title fees and escrows aren’t bank fees. I usually see between $1000-1500 in origination fees. You can also take a little higher rate in exchange for the bank giving you a credit to cover those fees.
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,467
Loserville. Population: 1
call your local broker, rates differ around the country, and asking some rando on the internet will certainly result in inaccurate information.
I originate in 48 states and can do live pricing on just about any scenario.

But go ahead and ask the CNBC lady if you think she’s better equipped to answer questions.
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,467
Loserville. Population: 1
@saabguy fucking killed it for us. Got our rate lowered and got rid of PMI. His banks portal was super easy to work with too. Uploading and reviewing docs was super easy.
Hell yeah, I wish I could have you teach a class to people about how to go through the process. You should see some of the bullshit people try to pull :uh: :h5:
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,467
Loserville. Population: 1
quicken loans wanted to fuck me over as well. i did the math, figuring in their closing cost, and it wouldn't have saved me anything
They are sales people, not advisors. Whatever it takes to get that app. “You will save $48 per month!!!” Never mind they just added $12k to your loan...
 

B17A

Now with more ///M
Jun 22, 2001
31,754
Athens, GA
depending on loan amount around 2.5-2.625% with no points.
“Origination fees” are what matter. Title fees and escrows aren’t bank fees. I usually see between $1000-1500 in origination fees. You can also take a little higher rate in exchange for the bank giving you a credit to cover those fees.
On a refi, you still have all the other fees as well, inspection, appraisal, title ins, etc?
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,467
Loserville. Population: 1
I just bought a place last July, is it too early to refi for a lower rate? (My rate is already pretty good so any difference would be minimal anyway)
There’s no prepayment penalties, it just depends what you have now vs. what you can get (rates and amounts).
Sometimes it’s advantageous to do it soon after buying because you’re not already 8 years deep I to a 30-yr and re-setting the clock for another 30.
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,467
Loserville. Population: 1
On a refi, you still have all the other fees as well, inspection, appraisal, title ins, etc?
You may be able to get an appraisal waiver. If not it’s around $450-500.

Legal/title/recording fees still have to be paid. If you have your existing title insurance policy, you can get a discounted title insurance re-issue rate to save a few bucks

don’t let $1500 in title fees deter you from saving 200-300+ per month.
 
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