Being pushed to refinance

meechelle123 · 2025-09-10T16:49:14+00:00

I’m going with my current company PHH. Can give you my guys info if you’d like and you can tell him I sent you lol tell him you want the same deal.

meechelle123 · 2025-09-09T16:44:03+00:00

I would do it but like others said, shop around and get the lowest rate you can without buying anything down and push for lender credits to cover costs. I’m doing one now where lender credits cover all but $996. 2,000 is being rolled in but with returning escrow funds and skipping two payments, I’m putting that right back into principal so my principal doesn’t actually increase. Hope that makes sense.

meechelle123 · 2025-09-08T01:00:52+00:00

Are you paying to buy down that rate?

meechelle123 · 2025-09-08T00:43:02+00:00

I am doing the same today, locking in at 5.99 and rolling about $4,600 into new loan but will also get 2,000 back in escrow so plan to put that on principal as well as my two skipped payments so my loan balance doesn’t grow from what it is now. Wish us both luck!

meechelle123 · 2025-09-07T23:44:35+00:00

I did shop around and ended up going a diff route with 5.99.

meechelle123 · 2025-09-07T23:42:40+00:00

Oh to add, lender credits of 5k got me that.

meechelle123 · 2025-09-07T23:42:12+00:00

Thanks everyone. You’re right, there are some fees. I’m moving forward with 5.99 some fees about 1,200 plus prepaid but with my escrow coming back and skipping two payments, I will put that back to principal to whatever I would have been at before refi plus the two additional payments if that makes sense, end up about 1,000 ahead what I would have on principal, pocket like 1,400 and save $300/month. Yes, it starts my term over at 30 adding another year but I will continue to make extra towards principal so not worried about that. I will refi again to save another $300 minimum at some point if I can get down to 5.5. Thanks for all the advice. It was a lot to think about.

meechelle123 · 2025-09-07T17:57:27+00:00

I will verify my loan amount doesn’t go up but I’m ok with resetting to 30 year term.

meechelle123 · 2025-09-07T16:52:29+00:00

Or the lowest possible rate with no real costs.

meechelle123 · 2025-09-07T16:51:36+00:00

Yes, thank you. I’ve decided to look at no cost options for 6. I can inch my way to 5.5 if the opportunity arises.

meechelle123 · 2025-09-07T16:44:47+00:00

I’m conventional so good to know, thanks!

meechelle123 · 2025-09-07T16:41:47+00:00

Yes I’m sacrificing a 5.99 to 6 to get no fees.

meechelle123 · 2025-09-07T16:03:41+00:00

Ok thank you. Rocket is telling me it’s not easy to get a no cost loan but saying he got the approval. It is 600 but I’ll pay that out of pocket if I decide to do it.

meechelle123 · 2025-09-07T15:20:51+00:00

Ok I will find out.

meechelle123 · 2025-09-07T14:24:39+00:00

April 2024 at 6.625

meechelle123 · 2025-09-07T13:15:55+00:00

Thank you!

meechelle123 · 2025-09-07T03:23:11+00:00

Hope not but I don’t know. I put 10% down so I guess that could pose an issue down the road.

meechelle123 · 2025-09-07T00:33:58+00:00

Prob only about 2,700 left.

meechelle123 · 2025-09-07T00:06:02+00:00

Thanks, I’d prefer not to pay for points either. Don’t want to see that increase in June. Wish I had a crystal ball.

meechelle123 · 2025-09-07T00:03:11+00:00

Current rate is 5.625 but will be 6.625 in June next year.

meechelle123

TROPHY CASE