Fifth Avenue Forum

My wife was cleared NED this week as well. Putting to bed some seriois anxiety items right now.

The other shoe is going to be a doozy, I think.

Dude, that's amazing. Give her a hug.

Eff Yeah! Way to go Mrs. Dodint!

And congrats on the house.

Had to look up what NED meant - hell yeah!

Nittany Ned?

Kidding... congrats to Mrs. Dodint.

Thanks, I'll pass along the kind words.

Thanks, I'll pass along the kind words.

Tell her congrats, she’s still stuck with you...

Life is an eternal struggle.

Great news dodint.

Want To Refinance Your Home Loan With Record Low Rates? Get Ready For A Hefty Fee

Millions of Americans are refinancing their mortgages to save money as superlow interest rates create a rare financial bright spot amid the pandemic.

But homeowners are about to get hit with a big new fee. Starting next month, all home mortgages that are refinanced will have to pay half of 1% of the loan. In other words, $1,500 for a $300,000 mortgage.

The fee will be charged by Fannie Mae and Freddie Mac, which guarantee about half of all mortgages in the country. The government-sponsored enterprises, Fannie and Freddie, were created separately decades ago to keep the market stable. Their loan guarantees make banks more willing to loan money.

Oof.

I was actually pondering refinancing due to the low rates. Says I’d save almost $40k over the 20 years of the loan. Even with the extra $1500 or whatever it may be, still worth looking into

The fee is now waived, and rates dropped again. I’m seeing 2.54% APR for a 15 year fixed refinance. I think I have no choice but to make a phone call to see if it’s worthwhile.

I'm paying 4.75%, but I also plan to pay off my mortgage within the next two years at the latest, so I don't think refinancing would be worth it.

For you? Absolutely not. I’ve got 11 years left on my mortgage thanks to the extra principal payments, but I think it’s worth investigating.

We're going through the final stages of a re-fi right now. We closed escrow on the purchase in just over 20 days last year, but the re-fi is stretching into its 5th week because everyone in the world is refinancing right now and there's limited bandwidth in processing.

Also, we just found a real estate YouTube channel run by a local Realtor called Enes Yilmazer (who happens to have been a world champion windsurfer in a previous life). Basically, he gives guided tours of, well, mansions that are on the market. I have now learned of the glory of "automated pocketing Fleetwood doors".

I went through Better.com, and despite having some really good rates, the closing costs were insane - $4k-$6k.

I went through Better.com, and despite having some really good rates, the closing costs were insane - $4k-$6k.

I revisited this and sat down to do some math. Even subtracting the closing costs for the loans I was looking at, we would save a substantial amount of money over the life of the loan ($11k). I've read that Better will match lower rates, and Sebonic has a lower rate for me. I'm going to give them a call next week to get the details, because not only would my monthly payment be lower than it currently is on a longer loan, but I'd be able to pay off the house 14 months sooner than I currently will (with additional principal each month).

I will say that Better has, by far, the best website I've ever used for refinancing a mortgage. They did a soft pull of my credit to get things going, and I can update the interest rate and see my loan estimate in real time, down to the penny. It's incredibly useful.

Closed on the house we sold today. Good riddance. It was somewhat contentious for what should have been an easy cash sale. I was so angry about it that I didn't bring it up here.

Feels really good to get it behind us.

Congrats, dodint. The entire process of selling a house blows, so it's always nice to get it over with.

Congrats!

Congrats!

Congrats!

I thought mortgage rates weren't supposed to change on the weekend? I got a call Sunday from Better.com, but missed it. By the time I called back (and he was unavailable), the rate jumped up.