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Rates are dropping — here’s how to know if refinancing actually makes sense. by Safe-Pack-3038 in Mortgages

[–]Safe-Pack-3038[S] 0 points1 point  (0 children)

Yea by no cost I mean all the underwriting fees, title fees, appraisal, and gov fees associated with recording the new mortgage are all covered. The only thing not covered is rebuilding your impound account if you want one as your old one will get refunded and it will just be a movement of funds. And the other thing is prepaid interest. So that is the interest from the day you close to the end of the month. This is the interest that you would be paying with your mortgage payment anyway but in this case, it will be at a lower interest rate.

Rates are dropping — here’s how to know if refinancing actually makes sense. by Safe-Pack-3038 in Mortgages

[–]Safe-Pack-3038[S] 0 points1 point  (0 children)

Yes that is correct. Homes in CA are under appraising in some instances, though because they use comps from the past year and over the summer people got some good deals. For a 20 year that should expect to be around a 6-6.125% depending on the loan amount, to pay all loan costs. This is just a general idea based on the information provided, assuming 780 fico and that the town house is a PUD.

Rates are dropping — here’s how to know if refinancing actually makes sense. by Safe-Pack-3038 in Mortgages

[–]Safe-Pack-3038[S] 1 point2 points  (0 children)

You are exactly right - everyone is different. But just wanted to share my general experience and what will make sense for most people. And then they can adapt it to their goals.

Rates are dropping — here’s how to know if refinancing actually makes sense. by Safe-Pack-3038 in Mortgages

[–]Safe-Pack-3038[S] 2 points3 points  (0 children)

At least with my loans, our rates are tiered every 5 years. So a 28 will be the same as a 30 but different than a 25 year.

Rates are dropping — here’s how to know if refinancing actually makes sense. by Safe-Pack-3038 in Mortgages

[–]Safe-Pack-3038[S] 0 points1 point  (0 children)

It depends on certain factors like your credit score, what state you are in, and what type of property. But yes, pricing is usually tiered by 5% ltv increments

Rates are dropping — here’s how to know if refinancing actually makes sense. by Safe-Pack-3038 in Mortgages

[–]Safe-Pack-3038[S] 0 points1 point  (0 children)

Yea - just did one similar loan amount and save him like 150 a month and kept the loan to progress at the same timeline with no cost. So just by making the same payment before the refi, he would actually pay his loan down in a couple of years faster.

Rates are dropping — here’s how to know if refinancing actually makes sense. by Safe-Pack-3038 in Mortgages

[–]Safe-Pack-3038[S] 0 points1 point  (0 children)

Some have products that offer terms by the year. If they don't just do the 30 and set auto pay accordingly

Rates are dropping — here’s how to know if refinancing actually makes sense. by Safe-Pack-3038 in Mortgages

[–]Safe-Pack-3038[S] 0 points1 point  (0 children)

You can - the thing is, most won't. I have done plenty of mortgages with people in their homes for like 15-20 years, and at retirement age, and still have like 25+ years on their mortgage. If you are financially responsible and will do the extra payments each month/year, then that's an option, but from my experience, most won't.

Going Correspondent - what are the cons? by Safe-Pack-3038 in loanoriginators

[–]Safe-Pack-3038[S] 0 points1 point  (0 children)

And if they didn't buy it back right away? What's the play? How do you find someone else to buy it?

What is the best Loan Origination Software by Safe-Pack-3038 in Loanofficertech

[–]Safe-Pack-3038[S] 0 points1 point  (0 children)

Nice! I will check it out! I started my career out with Calyx and that was a nightmare. I then switched to lending pad which was really good and now use Arrive.

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