House Buying Thread

NTP66
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House Buying Thread

Postby NTP66 » Wed Sep 09, 2020 6:51 pm

Check out that mortgage calculator I linked a few posts above. Open it in 2 tabs and enter the info for your current mortgage in one, and the new rate in the other. Should make quick work of the decision, especially if you ballpark $5k as the worst-case in terms of closing costs (assuming you don’t roll them into the mortgage, which is never suggest doing).

robbiestoupe
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House Buying Thread

Postby robbiestoupe » Wed Sep 09, 2020 7:16 pm

I’ll give it a shot, thanks

robbiestoupe
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Postby robbiestoupe » Thu Sep 10, 2020 9:12 am

Looks like I'd save $50k over the life of the loan, which includes paying it off 8 months earlier. Sounds like a no-brainer.

NTP66
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House Buying Thread

Postby NTP66 » Thu Sep 10, 2020 9:21 am

:thumb:

mac5155
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House Buying Thread

Postby mac5155 » Thu Sep 10, 2020 9:25 am

Fwiw Somerset trust bank quoted me 2.75% on a 20 year fixed. No idea what the closing costs are but they are a local bank

MrKennethTKangaroo
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House Buying Thread

Postby MrKennethTKangaroo » Thu Sep 10, 2020 9:39 am

One of the inconveniences of a community bank is that they usually require you to move your deposit relationship to it. If refinancing with a community bank saves you tens of thousands of dollars, then yes it is worth the inconveniences of setting up new accounts and changing all of your automatic payments and whatnot. But all things being equal, I know i'd rather not go through all that jibber jabber

robbiestoupe
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House Buying Thread

Postby robbiestoupe » Thu Sep 10, 2020 9:49 am

Good point mac. I was going to see if my existing bank could match the online quotes. They may not, but they did send me a letter asking me to refinance with lower rates. Won't hurt to try.

robbiestoupe
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House Buying Thread

Postby robbiestoupe » Thu Sep 10, 2020 9:51 am

dammit, looks like I may have been a day too late. 15 year is back up to 2.5%

NTP66
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House Buying Thread

Postby NTP66 » Thu Sep 10, 2020 10:15 am

dammit, looks like I may have been a day too late. 15 year is back up to 2.5%
You should see multiple quotes for 15-year rates. I'm still seeing 2.375% / 2.456% for a 15-year and $1,245 in points.

mac5155
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House Buying Thread

Postby mac5155 » Thu Sep 10, 2020 11:04 am

So it's looking like if I refi now, PMI is inevitable.

Is it worth waiting and paying for an appraisal then locking in a rate?

NTP66
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Postby NTP66 » Thu Sep 10, 2020 11:06 am

You usually lock in the rate at the same time that you pay for the appraisal. That's how it has always worked for me.

mac5155
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Postby mac5155 » Thu Sep 10, 2020 11:14 am

Right, but if the appraisal comes back low I don't want to proceed..

mac5155
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Postby mac5155 » Thu Sep 10, 2020 11:15 am

I don't have pmi now, I certainly don't want it in the future

robbiestoupe
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House Buying Thread

Postby robbiestoupe » Thu Sep 10, 2020 12:07 pm

I have pmi now, but was going to be up in 2 months. Shouldn't have it at all with the refi.

Realized buying points only saves me 1-2k in the end, so I'll probably stick with the 2.5% rate for 15 years. Will still pay it off in a little more than 10 and save beaucoup bux vs. what I have now.

MrKennethTKangaroo
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House Buying Thread

Postby MrKennethTKangaroo » Thu Sep 10, 2020 12:11 pm

Right, but if the appraisal comes back low I don't want to proceed..
What home value are you basing your PMI projection? I'm assuming it would be the value when you had it built. Home prices have gone up quite a bit since the pandemic (even in the nether regions of westmoreland county) so it has probably gone up in value since then

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House Buying Thread

Postby dodint » Thu Sep 10, 2020 12:34 pm

Yeah, I'm very surprised that mac would have to use PMI here.

mac5155
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Postby mac5155 » Thu Sep 10, 2020 3:08 pm

Right, but if the appraisal comes back low I don't want to proceed..
What home value are you basing your PMI projection? I'm assuming it would be the value when you had it built. Home prices have gone up quite a bit since the pandemic (even in the nether regions of westmoreland county) so it has probably gone up in value since then
My construction loan mortgage appraisal. I'd need a $17k value increase to be at 20% LTV. I only needed 11% down on my construction loan.

MrKennethTKangaroo
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House Buying Thread

Postby MrKennethTKangaroo » Thu Sep 10, 2020 3:20 pm

Right, but if the appraisal comes back low I don't want to proceed..
What home value are you basing your PMI projection? I'm assuming it would be the value when you had it built. Home prices have gone up quite a bit since the pandemic (even in the nether regions of westmoreland county) so it has probably gone up in value since then
My construction loan mortgage appraisal. I'd need a $17k value increase to be at 20% LTV. I only needed 11% down on my construction loan.
i did some i-net sleuthing in this thread and it looks like that was about 3 years ago. i think its reasonably possible to believe the home value increased by 17k since then.

mac5155
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House Buying Thread

Postby mac5155 » Thu Sep 10, 2020 4:22 pm

Right, but if the appraisal comes back low I don't want to proceed..
What home value are you basing your PMI projection? I'm assuming it would be the value when you had it built. Home prices have gone up quite a bit since the pandemic (even in the nether regions of westmoreland county) so it has probably gone up in value since then
My construction loan mortgage appraisal. I'd need a $17k value increase to be at 20% LTV. I only needed 11% down on my construction loan.
i did some i-net sleuthing in this thread and it looks like that was about 3 years ago. i think its reasonably possible to believe the home value increased by 17k since then.
Yea, we closed August 17 and the construction loan turned into a mortgage April 18.

So I should go for the refi then.. Hmm..

robbiestoupe
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House Buying Thread

Postby robbiestoupe » Fri Sep 11, 2020 11:37 am

Locked in at 2.5% today. They already determined that I won't need an appraisal so that'll save me $550 in the end. Also saved a couple hundred locking in today vs. yesterday.

It'll also be nice not having to put money into escrow. Always thought that was a racket.

NTP66
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House Buying Thread

Postby NTP66 » Fri Sep 11, 2020 11:42 am

Locked in at 2.5% today. They already determined that I won't need an appraisal so that'll save me $550 in the end. Also saved a couple hundred locking in today vs. yesterday.

It'll also be nice not having to put money into escrow. Always thought that was a racket.
Image

robbiestoupe
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House Buying Thread

Postby robbiestoupe » Fri Sep 11, 2020 11:55 am

:lol: Was hoping they'd ask if I was referred. Definitely checked "heard from friend" box when prompted

mac5155
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House Buying Thread

Postby mac5155 » Fri Sep 11, 2020 5:12 pm

How do you skip the appraisal? Or you just have that low of a loan? Lol

NTP66
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House Buying Thread

Postby NTP66 » Fri Sep 11, 2020 5:35 pm

How do you skip the appraisal? Or you just have that low of a loan? Lol
I didn't need an appraisal, either. I assume they're checking the value of the house compared to the loan amount and not even bothering, which is great. That's $550 I now don't have to pay.

robbiestoupe
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House Buying Thread

Postby robbiestoupe » Fri Sep 11, 2020 7:02 pm

Yeah prob used something like Zillow but it doesn’t suck at guessing the price of your house

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