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House Buying Thread
Posted: Tue Aug 04, 2020 9:42 pm
by dodint
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.
House Buying Thread
Posted: Tue Aug 04, 2020 9:45 pm
by tifosi77
Dude, that's amazing. Give her a hug.
House Buying Thread
Posted: Wed Aug 05, 2020 8:51 am
by CBear3
Eff Yeah! Way to go Mrs. Dodint!
And congrats on the house.
House Buying Thread
Posted: Wed Aug 05, 2020 9:04 am
by willeyeam
Had to look up what NED meant - hell yeah!
House Buying Thread
Posted: Wed Aug 05, 2020 9:07 am
by count2infinity
Nittany Ned?
Kidding... congrats to Mrs. Dodint.
House Buying Thread
Posted: Wed Aug 05, 2020 9:33 am
by dodint
Thanks, I'll pass along the kind words.
House Buying Thread
Posted: Wed Aug 05, 2020 10:44 am
by NTP66
Thanks, I'll pass along the kind words.
Tell her congrats, she’s still stuck with you...
House Buying Thread
Posted: Wed Aug 05, 2020 11:35 am
by dodint
Life is an eternal struggle.
House Buying Thread
Posted: Wed Aug 05, 2020 2:16 pm
by mac5155
Great news dodint.
House Buying Thread
Posted: Sun Aug 16, 2020 9:21 am
by NTP66
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.
House Buying Thread
Posted: Sun Aug 16, 2020 10:19 am
by robbiestoupe
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
House Buying Thread
Posted: Thu Aug 27, 2020 5:00 pm
by NTP66
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.
House Buying Thread
Posted: Thu Aug 27, 2020 5:12 pm
by Shyster
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.
House Buying Thread
Posted: Thu Aug 27, 2020 5:58 pm
by NTP66
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.
House Buying Thread
Posted: Thu Aug 27, 2020 8:28 pm
by tifosi77
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.
House Buying Thread
Posted: Thu Aug 27, 2020 8:36 pm
by tifosi77
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".
House Buying Thread
Posted: Fri Aug 28, 2020 6:34 am
by NTP66
I went through Better.com, and despite having some really good rates, the closing costs were insane - $4k-$6k.
House Buying Thread
Posted: Fri Aug 28, 2020 8:12 pm
by NTP66
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.
House Buying Thread
Posted: Fri Aug 28, 2020 8:14 pm
by dodint
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.
House Buying Thread
Posted: Fri Aug 28, 2020 8:16 pm
by NTP66
Congrats, dodint. The entire process of selling a house blows, so it's always nice to get it over with.
House Buying Thread
Posted: Fri Aug 28, 2020 8:20 pm
by dodint
House Buying Thread
Posted: Fri Aug 28, 2020 10:11 pm
by AuthorTony
Congrats!
House Buying Thread
Posted: Fri Aug 28, 2020 10:17 pm
by Freddy Rumsen
Congrats!
House Buying Thread
Posted: Sat Aug 29, 2020 4:27 am
by Kane
Congrats!
House Buying Thread
Posted: Mon Aug 31, 2020 8:32 am
by NTP66
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.