About to Refinance My Mortgage

[SleezyBigSlim]

Usually the bank wants to take a smaller interest rate in exchange for more years of your time which is their incentive to renegotiate your mortgage. You do save money but it just takes longer to realize that savings since usually people that refinance have been the home a while, refinance to get a cheaper monthly note, then offload that mortgage onto someone else for a new bigger house (or cheaper smaller if you’re retiring empty nester etc).

The fycking evil ass banks tho use a useless incentive called mortgage insurance. If I refinance I no longer have to pay that mortgage insurance which cost bout $150/month but oh well, I'll just throw a couple stacks in escrow to lower my mortgage

 

[Spence]

The fycking evil ass banks tho use a useless incentive called mortgage insurance. If I refinance I no longer have to pay that mortgage insurance which cost bout $150/month but oh well, I'll just throw a couple stacks in escrow to lower my mortgage

$150! God damn how bad was your credit?
Our pmi was $20 and was taken off after 8 years (we were sub prime since we got our house at only 24 years of age).

 

[1thouwow]

We just got ours down to 2.75. You won’t regret it.

I got a 2.25

 

[the artist known az]

How much was the closing costs

 

[MidniteJay]

We just got ours down to 2.75. You won’t regret it.

Wasn't there a recent thread about you being homeless? Or am I buggin?

 

[50CentStan]

I got a 2.25

How much u pay in points?

 

[Mordith]

I’m paying a 5.3% with a 700 credit score. You think I’ll be able to refinance?

 

[Heafcliffe]

Refinanced lowering rate by 1.5%. Saving $300+ per month. At the end of year, we pay that $3600 towards the principle.

 

[1thouwow]

How much u pay in points?

$1418

 

[50CentStan]

$1418

That's not bad at all.

 

[1thouwow]

That's not bad at all.

I been learning about financials and ways to save and make money a lot lately

 

[MoveForward]

How much was the closing costs

This is something that people don’t account for and the reason why most finance professionals will tell you to only refi if you’re going to go down atleast 1 point to realize the savings from refinancing.

 

[Skooby]

How much u pay in points?

What's a point?

 

[beenz]

$150! God damn how bad was your credit?
Our pmi was $20 and was taken off after 8 years (we were sub prime since we got our house at only 24 years of age).

PMI is such a waste of money. cuz ur basically paying the bank's insurance premium on a insurance for them if u default. u gotta get to the magical 20% equity level in your house so you can get the PMI tossed in the

 

[LeVraiPapi]

What's a point?

you buy points to lower the interest rate. It’s like you paying upfront for a lower rate