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Main house refinance offer

June 12th, 2014 at 10:56 am

HI all,

Refinance offer

8.99/30 year amortization and 3 year term
3 points total
and normal closing cost of estimated less than $3000
2 year prepayment. I can not pay it off prior to 2 years.

This Rate is more than I was hoping. Hoping for 8.25, but points are less. I will pay off the costs of this loan with the savings in 12 months.. and after that save approx $700+ a month.

My plan
1. send a note to the current lender .. see if they can match or exceed the deal. If I go w the current lender my cost will likely be less. The Broker is getting 1 of those 3 points above. Also current lender should have less closing costs (**thsi is done, waiting to hear from them**.. be a dream if current lender coudl do it**)
2. research some other lenders.

HR call at 3pm for another job.

Rachael

4 Responses to “Main house refinance offer”

  1. Another Reader Says:

    This is like going to the payday lender. Every few years you have to pay points and closing costs to start over again. It makes no sense to me. The rules are changing daily and terms are improving. Why not wait at least 6 months and look again?

  2. Rachael777 Says:

    I understand. I have to get out of this loan though in 16 months. I am calling other lenders now. getting opinions on if there are better rates etc/fees out there.. If there are not likely to be then makes sense to take this and run with it. I am frustrated w the constant refinancing. the original plan did not call for it.. it called for the going from the hard money right to a permanent loan. I was wrong though about the length of time it woudl take me to get a permanent loan though. I am also interested to see what the current lender says. maybe they will come back w 8.5% and no points. I do not see the waiting periods going down any further than 3 years.

  3. anonymous Says:

    I agree with Another Reader. Your situation is so complicated, that it makes my head hurt just trying to figure out all the rules and costs. Poor you! I would just wait. I don't see the point to keep getting new loans and paying the costs all over again and again.

    I do not want to offend you when I say this, but this is what happens when you foreclose on your house though, and go bankrupt. There has to be some sort of consequence or everyone would do it, and then buy their house back cheaper than what it is worth.

    The damage is done, so your just going to have to stick it out and get through it. You can do it!

  4. Rachael777 Says:

    anonymous. thanks for the comments and support. Agree my situation and choices were not ideal and are making things hard. I did the best I could w the knowledge and circumstances I had at the time but it has made things harder than they could be. but then again. had this not happened.. would I be where I am now. I was losing the homes anyway (underwater) so keeping them a little while helped me regain some cash.. but yes did not know the loan regulations would change to such an extreme.. Really appreciate the 'you can do it' Smile

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