R3V home owners, now is the time to refinance......

[z31maniac]

Depending on when you got your loan, refinancing could be a huge +++ for you right now.

I bought our house about 2.5 years ago, got a decent 5.675% rate at the time on a 30yr mortgage.

If you were smart and didn't buy way more house than you could afford, refinancing to a 15yr note is the way to go. That's what I'm getting ready to do.

Locked in yesterday at 2.875% on a 15yr mortgage. Thanks to changes in the PMI structure, our payment is only going up about $50/month. Add in the extra we are currently paying, and we should have the house paid off in less than 10 years from now.

[InuFaye]

I need to buy a house.
Renting is fo suckas.

[slammin.e28]

I need to buy a house.
Renting is fo suckas.

This. This. This.

Don't wanna live in ghetto draft though....

[blunttech]

nice I did a 7 year fixed at 3% a few months ago.
Im not smart enough to figure out how much Ill save but its a lot. The only bad thing is anything Im saving on my house Im losing on my building. SBA will not modify the loan and its at 7%

[InuFaye]

This. This. This.

Don't wanna live in ghetto draft though....

Living on the other side of the mountain is about 2x as expensive.

Fuck I don't care where it is at this point as long as its got a garage and a place for my shit.

[slammin.e28]

Living on the other side of the mountain is about 2x as expensive.

Fuck I don't care where it is at this point as long as its got a garage and a place for my shit.

My old boss' neighbor's house is going back to the bank, may try to pick it up on the cheappp. Apparently they haven't made a payment since April 2011....

[InuFaye]

My old boss' neighbor's house is going back to the bank, may try to pick it up on the cheappp. Apparently they haven't made a payment since April 2011....

Sometimes foreclosures are good deals, sometimes its fucked because its a shithole and requires alot of work. Also you typically need 20% on a foreclosure.

[slammin.e28]

Sometimes foreclosures are good deals, sometimes its fucked because its a shithole and requires alot of work. Also you typically need 20% on a foreclosure.

That's what the GF is for. I do the cars, she does the house.

[z31maniac]

nice I did a 7 year fixed at 3% a few months ago.
Im not smart enough to figure out how much Ill save but its a lot. The only bad thing is anything Im saving on my house Im losing on my building. SBA will not modify the loan and its at 7%

My bank guy did a 5 year comparison between staying in our current loan vs the refi.

The difference is about $17k more equity. Pretty crazy, but we are only in a $100k house to start with.

[M-technik-3]

We have been considering it. The GF's bankruptcy is the bad so doubt they will allow it. Though she always paid on the house, it was three court battles over custody that killed her.

That would lower our payment down about 240 bucks. That would help and just roll that back into payment. If money was tight skip the extra payment.

[mrmckie]

quick ques, not sure if anyone knows but, if i get pre-approved now right and lock in this low rate, how long is it good for. I'm not looking to really buy until August which is why i ask.

[z31maniac]

quick ques, not sure if anyone knows but, if i get pre-approved now right and lock in this low rate, how long is it good for. I'm not looking to really buy until August which is why i ask.

A bank/mortgage brokers lock-in for different times, usually 30-60 days.

My rate is locked in for 60 days.

[M-technik-3]

USAA quoted me 45-60 days.

[mrmckie]

damn...hopefully the rates stay low for the next few months. I guess i'll be using my taxes and bonus to pay of bills instead of saving them. I have a emergency mortage payment account going just in case i become unemployed for any reason.

[Joe G]

If i owned a home i would certainly be re-financing. I just feel bad for all the people who got sucked up in the subprime craze or signed on to ARMS with stupid low teaser rates and now have no credit or equity.