tag:blogger.com,1999:blog-5837660608809488753.post4724217955590739838..comments2024-03-28T20:53:49.167-04:00Comments on The Adventures of Roberta X: "REFI!"Roberta Xhttp://www.blogger.com/profile/09956807794520627885noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-5837660608809488753.post-80202317459455323492018-05-13T21:57:55.828-04:002018-05-13T21:57:55.828-04:00I was in nearly the exact same situation. I wound...I was in nearly the exact same situation. I wound up with a slightly shorter term but a much lower payment. I kept putting off doing something because I didn't want the hassle of shopping around...but finally decided worst case was a much lower rate immediately, even if it wasn't the lowest possible, and I could do it again when I got around to searching for the lowest. I even got some pressure tactics--"make up your mind immediately or the underwriters will make us start everything over" "If I have to start over, I can just as easily start over somewhere else". Sevesteenhttps://www.blogger.com/profile/10167315201563562644noreply@blogger.comtag:blogger.com,1999:blog-5837660608809488753.post-5681776066544668692018-05-12T18:51:04.286-04:002018-05-12T18:51:04.286-04:00I did a re-finance with Quicken Mortgage, now adve...I did a re-finance with Quicken Mortgage, now advertised on TV as Rocket Mortgage. Got a great rate, did everything by email and it was totally painless.<br /><br />When it was time to sign the final papers, they had a very nice lady meet me at McDonald's on a Saturday morning. I had a cup of coffee and a biscuit. Twenty minutes later it was all over.<br /><br />DCPAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5837660608809488753.post-16660041745738201162018-05-12T13:46:10.980-04:002018-05-12T13:46:10.980-04:00best bet for mortgages is to make extra principle ...best bet for mortgages is to make extra principle payments. Early that can really accelerate your loans pay off.<br /><br />Last thing you want is to retire and have loan payments. I admit I am not as dedicated as I should be but we are in the last third of our mortgage 10 years in. If things continue as they have I should be mortgage free in 4 more years.<br /><br />Really looking forward to that.<br /><br /><br /><br />Paulhttps://www.blogger.com/profile/15708868713277676628noreply@blogger.comtag:blogger.com,1999:blog-5837660608809488753.post-41936772030292979412018-05-12T13:13:30.992-04:002018-05-12T13:13:30.992-04:00Beware! Have a real estate lawyer check the new mo...Beware! Have a real estate lawyer check the new mortgage to see if it is a non-re course loan. Some companies will steal you blind. The house alone should cover default- ie pay off the loan if you became disabled and could not work. A non-recourse loan they will forclose the house, "sell" it to themselves for a very low ball price (little as 25% of market/remaining loan value), and bill you for the difference. Thieves. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5837660608809488753.post-71456193927481375452018-05-11T18:45:26.035-04:002018-05-11T18:45:26.035-04:00Banks used to make money on the mortgage itself. N...Banks used to make money on the mortgage itself. Now they only make money on the fees from doing a new mortgage or a refi. <br /><br />That said, there is good call to refi. Just don't let them add too many years to the life of the loan. Best to add zero years.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5837660608809488753.post-32624915124228069912018-05-11T14:05:30.203-04:002018-05-11T14:05:30.203-04:00We had the same experience with a smaller bank bei...We had the same experience with a smaller bank being taken over by BofA. We just finished refinancing with BofA. Lower interest rate, lower term (15 yr vs 30) and wound up with a lower payment. For us it was a win-win.<br />Anonymoushttps://www.blogger.com/profile/03484127027064543953noreply@blogger.comtag:blogger.com,1999:blog-5837660608809488753.post-36183557856297817692018-05-11T10:52:44.044-04:002018-05-11T10:52:44.044-04:00Talk to a local credit union for another option. ...Talk to a local credit union for another option. <br /><br />Our first mortgage was with Countrywide. We had a VA mortgage so no impound account and they didn't like that. Having to mail in property tax statements twice a year to prove I paid them was OK. I drew the line when I was told the homeowner's insurance policy they approved to fund the mortgage was no longer sufficient and I would be enrolled with *their* provider and my monthly payment would be increased.<br /><br />I refinanced with my credit union and never looked back.<br /><br />I have USAA insurance (many policies) so I pay everything monthly, no huge annual payment for homeowners...Rick Thttps://www.blogger.com/profile/04748076795783834112noreply@blogger.comtag:blogger.com,1999:blog-5837660608809488753.post-47028793019808353822018-05-11T09:48:06.424-04:002018-05-11T09:48:06.424-04:00The bank guy is probably trying to make a monthly ...The bank guy is probably trying to make a monthly quota . You can gently remind him that he's not the only bank on the block if he gets too aggressive .<br /><br />Having a good relationship with 2 banks is a cheap insurance policy .<br /><br />GlennGlenn Kelleyhttps://www.blogger.com/profile/00775503147302432265noreply@blogger.com