#2397223 - 05/19/11 01:49 PM
Anybody refinanced lately?
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Baxter83
Good ol' Boys
12 Point
Registered: 09/03/08
Posts: 7243
Loc: Winchester, TN
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I had our house on the market for a while, but decided that I'll be better off staying so I decided to just refinance to take advantage of these low rates before they jump back up. Have any of you refinanced recently? Have you had any problems or know of anyone who have had problems trying to do it? Any suggestions? This is my first time to refinance a home and don't want to screw myself or get screwed because I've worked hard to make all of my payments on time and build my credit to where it is today.
Thanks 
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#2397236 - 05/19/11 02:04 PM
Re: Anybody refinanced lately?
[Re: Baxter83]
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Hogbear
10 Point
Registered: 07/21/05
Posts: 4032
Loc: Cuba (near Memphis)
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We refinanced for a lower rate back in Oct. It was a pain because they wanted all kinds of proof of income and assets even though we have never missed a payment. Had to send tax returns for past 5 years, bank info, 401k, etc. and this was for a company I've been doing business with for over 25 years (USAA). Seems like when we did the initial mortgage, they just ran a credit check and that was it.
Once we got all that rounded up and copied and sent in, it wasn't too much trouble, they just sent a notary to our house with the loan docs to sign.
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#2397242 - 05/19/11 02:12 PM
Re: Anybody refinanced lately?
[Re: Hogbear]
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Carlos Viagra
16 Point
Registered: 11/20/04
Posts: 12934
Loc: Cumberland Plateau
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What kinda interest rate are you paying right now? You'd do well to have someone you trust look into it first. The fees add up quickly on that type deal.
My mortgage is at 5.5% and I could get a lower rate but according to family who know the biz I'm better off not refinancing for now.
_________________________
Do not be slothful- for yesterday and tomorrow are thieves of today.
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#2397245 - 05/19/11 02:18 PM
Re: Anybody refinanced lately?
[Re: Hogbear]
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Stovepipe
18 Point
Registered: 09/21/07
Posts: 21673
Loc: N1549518,E738760
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not a refi but I'm doubling my heloc right now.
Not really any problems, mainly because my house is paid for and my credit score is above 800.
only thing I noticed was they were being especially tedious with wanting extra schedules (P/L) from our taxes.
I asked them (B.O.A.)would it go faster if I didn't have a social security number and were Mexican. I also told them USAA was drooling all over us for our bidness.
_________________________
Westside Dream Team
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#2397255 - 05/19/11 02:34 PM
Re: Anybody refinanced lately?
[Re: Stovepipe]
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Baxter83
Good ol' Boys
12 Point
Registered: 09/03/08
Posts: 7243
Loc: Winchester, TN
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Right now I've got a 6% fixed. I'll be going to a 4.75% fixed. I know my credit score was close to 800 last time I checked it, but I'm only 27 and haven't bought a lot on credit and try no to owe on anything for long when I do finance so I don't know if it's up or down from where it was. The lady from the bank emailed me earlier and said that my credit was good enough that I could probably role all the closing cost into the new loan if I wanted and it wasn't going to affect the rate, but she didn't give me the numbers as to what it was. I just don't know if I want to up my balance by doing that. I'm not sure if the amount I'll be saving on interest will justify keeping that extra $ in the bank and rolling it in the loan or if I should dish it out now and have about 3k less to finance?
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#2397263 - 05/19/11 03:03 PM
Re: Anybody refinanced lately?
[Re: Stovepipe]
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Baxter83
Good ol' Boys
12 Point
Registered: 09/03/08
Posts: 7243
Loc: Winchester, TN
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Yes, she broke it down for me pretty well as to what percentage of closing goes here and there, but being unfamiliar with all the different fees and charges I got confused pretty early on... 
She did tell me about a 1% fee that is charged and goes either directly to her or the bank. I forget. If it goes to her then she makes a ton of freakin money....
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#2397278 - 05/19/11 03:39 PM
Re: Anybody refinanced lately?
[Re: Baxter83]
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preds1
10 Point
Registered: 10/16/09
Posts: 4512
Loc: Sumner County
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Wife tells me we refinanced last week, locked in at 4.7 something. Great credit/payment history certainly helps. Very easy process though from what I gather, especially when all I had to do is sign here, here and here.
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#2397304 - 05/19/11 04:17 PM
Re: Anybody refinanced lately?
[Re: preds1]
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Carlos Viagra
16 Point
Registered: 11/20/04
Posts: 12934
Loc: Cumberland Plateau
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Sounds like it may not be worth it to me...
_________________________
Do not be slothful- for yesterday and tomorrow are thieves of today.
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#2397310 - 05/19/11 04:24 PM
Re: Anybody refinanced lately?
[Re: Carlos Viagra]
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Baxter83
Good ol' Boys
12 Point
Registered: 09/03/08
Posts: 7243
Loc: Winchester, TN
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Locked in @ 4.625%. As it's figured on this worksheet I will only be out of pocket a little less than 2k and my payments are going to run about $100/month less than I'm paying now. Most of that out of pocket is going to set up the new escrow so I'll probably get back a lot of that after closing out my current escrow. This will also be saving me thousands in interest over the entire term (I hope I don't have to go the whole term though).
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