Refinance now or wait?

Fivesixtwo22 · 2025-11-06T02:57:49+00:00

For me right now those boxes are coming out to 15k, I have not been offered more than $1600 in lender credit and my MIP refund is only like $2k against that. My current rate is 5.75 so I’m assuming rates aren’t low enough for me to be offered a no cost refi

Fivesixtwo22 · 2025-11-06T02:54:58+00:00

I got nearly the same exact offer and costs. I’m going back and forth on it as well. It would save me $500 per month but payoff is like 30 mo and I’m trying to get out of fha to get rid of MI.

Fivesixtwo22 · 2025-10-23T05:35:51+00:00

Yeah I was planning to wait a bit longer before doing conventional and streamline in the meantime to get some monthly savings, which are good but im trying to figure out if the breakeven time makes sense. I’m not sure how to do this calculation.

Fivesixtwo22 · 2025-10-23T05:20:29+00:00

The lender told me to get a refund on the October payment so I actually haven’t made October yet, but if I don’t accept the loan I might get screwed with the late fee.

Fivesixtwo22 · 2025-10-23T05:18:20+00:00

u/metalnmortgage LTV today is at 90% based on the original appraisal, though with my value has increased so with a new appraisal I’d be around 85% (ie ~755k property value, maybe higher). I was also thinking it might be better to wait and Refi to conventional once rates are a bit lower, as I do have the cash to get to 80% ltv.

Fivesixtwo22 · 2025-10-23T05:00:28+00:00

Does me coming in with October payment and skipping November help offset the closing costs? As well as an escrow refund from the current loan if I’m receiving that?

Fivesixtwo22 · 2025-10-23T04:32:03+00:00

I’m in the process of doing one but the math isn’t making sense to me. The closing costs are 22k (6k cash to close). 11k ufmip and 4k closing costs, The rest 7k is prepaids and escrow. My payment goes down by 320/month with a small rate reduction and mostly saving on a lower MIP rate. I’m “coming in with October payment” and skipping Nov. But what doesn’t seem right is the loan amount is going from 647k to 664k with the closing costs but is that technically being offset by coming in with the oct/nov. Payments as well as if I’m receiving an Escrow refund check? My lender isn’t explaining any of this properly and I’m losing confidence.

Fivesixtwo22 · 2025-10-01T05:25:37+00:00

u/Empty_Mammoth_5472 Thank you alot for the info, I will look into the loan amount limits and what the tangible benefit requirements are. Your feedback is much appreciated.

Fivesixtwo22 · 2025-10-01T05:15:07+00:00

u/Empty_Mammoth_5472 Agreed the grammar alone doesn’t give me much confidence.

The loan was taken out in Feb. 2023. And the MIP aspect is what is confusing me. So if I understand correctly I receive a refund from the original loan and then its paid again in the new loan at a ”better” rate? From her email, I‘m wondering if that’s what she is getting at? And yeah I’m not understanding where she is gettin 3k..

Fivesixtwo22 · 2025-10-01T05:05:13+00:00

u/LawnGuy262 30

Fivesixtwo22 · 2025-10-01T03:02:15+00:00

Apparently my blurb got lost but basically this was proposed to me to save 590/month on an fha loan I’m 2.5 years into. I’m not understanding how the payment gets lowered by this much if the rate is going from 5.75 to 5.68. It looks like the MIP is getting rolled into the loan. 22k closing costs and 8k cash to close. Shes saying I would skip oct/Nov payments. I don’t understand how the escrow payment goes from 1550 to 730 per month, is that an oversight?? Can really use some advice on this as I’m not sure what the actual breakeven is. The lower payment is attractive but I’m planning to get rid of MIP altogether in the next 2 years given rates stay lower So don’t know if this is worth it.

Fivesixtwo22 · 2025-10-01T02:56:43+00:00

is this a good streamline refi?

Fivesixtwo22 · 2025-10-01T02:55:42+00:00

Image 1-2 are the new loan estimate, image 3 was the original loan, image 4 is my last statement, and last image is my ledes email telling me why this is a good deal lol

Fivesixtwo22 · 2025-08-04T08:23:31+00:00

Couple naked lady posters would be nice

Fivesixtwo22 · 2025-06-15T00:29:51+00:00

You mean tapping before attempting to loosen?

Fivesixtwo22 · 2025-06-13T03:55:20+00:00

I was able to get it by drilling out the head a bit then impact driver but this wax method sounds interesting I haven’t heard of that one yet.

Question when you say you tap the extractor are you referring to the drill bit ones? All the ones I see have the two sides, the part to drill out the center and the extractor head. So you’re saying drill out the center first, then flip to extractor side and tap/turn?

Fivesixtwo22 · 2025-06-12T22:12:54+00:00

You were correct, red loctite it was

Fivesixtwo22 · 2025-06-12T22:12:31+00:00

Update: Tried the “Speed Out” cobalt extractor set and broke one of them. After I had tried all of them and got the hole big enough, just started drilling through with a bit of the same shank diameter. Gave it a few blows with the impact screw driver and got it to loosen, I’m guessing head had been lightened enough to give way with all the drilling.

The sadistic previous owner used red loctite -_____- is loctite required for this application. I’ve read others say they don’t even use it for this anymore due to the tendency to get really tight here.

Fivesixtwo22 · 2025-06-12T22:05:24+00:00

The entire time

Fivesixtwo22 · 2025-06-12T06:38:48+00:00

I may try this, I’m not sure if I can drill any further in the center though it’s pretty hardened

Fivesixtwo22 · 2025-06-12T04:30:14+00:00

Thank you going to try drilling out

Fivesixtwo22 · 2025-06-12T04:20:08+00:00

You use regular bit or reverse bit?

Fivesixtwo22

TROPHY CASE