House buying/owning advice

[TheHamburglar]

Best I can find in my limited time is 2.875 on a 15yr.  Maybe I did the lending tree thing wrong, but it said my best match was 3.625 for 15 years.

[K-S-U-Wildcats!]

Also, calling your current lender and seeing if they'll give you a mod to reduce your rate in lieu of a refi is a great idea. But often lenders either won't/can't do this (mine) or want some absurd doc fee to complete the mod.

My mortgage got sold to some company that I couldn’t get to answer the phone if you gave me a 24 hours to sit on hold.

Mine too. It doesn’t matter as long as you make your payments... until you want to do something like this. But that’s why you refi and move on. My new loan is going to immediately sold, too.

[K-S-U-Wildcats!]

I don’t think I’m eligible for that CU. Checked with a Tulsa one I am eligible for and they gave me 3.375 with an 800+ credit score.

 

you could get a much lower one at most of the national providers even if you can't find a local CU. just enter your info at Lendingtree and you'll get about 5 million offers lower than that almost immediately and then just go with whichever will eat all of the costs.

Just word of warning, the minute you submit your info to LT, you will receive at least two dozen phone calls. Some of them have pretty good deals. Some don’t. Some are pretty damned aggressive and want to argue with you when you tell them you have a better offer. A couple actually told me “that can’t be true” and “you must be missing something” because they all “have the lowest rates.”

It’s a great way to get offers, but it’s like mouth to fire hose.

[K-S-U-Wildcats!]

Best I can find in my limited time is 2.875 on a 15yr.  Maybe I did the lending tree thing wrong, but it said my best match was 3.625 for 15 years.

The stuff on the LT website is not accurate. You gotta actually talk to the lenders.

[steve dave]

I don’t think I’m eligible for that CU. Checked with a Tulsa one I am eligible for and they gave me 3.375 with an 800+ credit score.

 

you could get a much lower one at most of the national providers even if you can't find a local CU. just enter your info at Lendingtree and you'll get about 5 million offers lower than that almost immediately and then just go with whichever will eat all of the costs.

Just word of warning, the minute you submit your info to LT, you will receive at least two dozen phone calls. Some of them have pretty good deals. Some don’t. Some are pretty damned aggressive and want to argue with you when you tell them you have a better offer. A couple actually told me “that can’t be true” and “you must be missing something” because they all “have the lowest rates.”

It’s a great way to get offers, but it’s like mouth to fire hose.

Yes, good descriptor


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[TheHamburglar]

Best I can find in my limited time is 2.875 on a 15yr.  Maybe I did the lending tree thing wrong, but it said my best match was 3.625 for 15 years.

The stuff on the LT website is not accurate. You gotta actually talk to the lenders.

I found another CU I can join at 2.75. I think I’m going to jump that.

[ben ji]

I'm Jelly of all this refi talk.

When my gpa died 8 years ago I bought his house from my mom with her as the bank. We just googled the standard 15 yr mortgage rate at the time and plugged it in to an amortization table and shook on it........ 4.25%

I'm meeting her for happy hr tonight and am going to DEMAND to refinance, really turn the screws on her and get the best deal possible. (But not really because she is a sweetheart and the best mother ever) 

[Rage Against the McKee]

I'm Jelly of all this refi talk.

When my gpa died 8 years ago I bought his house from my mom with her as the bank. We just googled the standard 15 yr mortgage rate at the time and plugged it in to an amortization table and shook on it........ 4.25%

I'm meeting her for happy hr tonight and am going to DEMAND to refinance, really turn the screws on her and get the best deal possible. (But not really because she is a sweetheart and the best mother ever)

You could also refinance with a bank and just give her the remaining balance in cash. Seems like you both get a better deal that way.

[OB_Won]

How do you weight that the first several years of your mortgage are nearly all interest payments, but later it's much more principal? In other words, so I've already paid 5 years on a mortgage, but the principal hasn't dropped much. How do I quantify a break even for that since I'll have to refi at nearly the same principal and now the front half will all be interest again.

[steve dave]

How do you weight that the first several years of your mortgage are nearly all interest payments, but later it's much more principal? In other words, so I've already paid 5 years on a mortgage, but the principal hasn't dropped much. How do I quantify a break even for that since I'll have to refi at nearly the same principal and now the front half will all be interest again.

Are you going from a 30 to a 15 (or 7 or something weird)? If you’re just going to roll right into a new 30 at a lower rate you are just going to kick that can 5 more years down the road at a lower min mortgage payment. And I’ve got some bad news for you about how interest and loan terms work....


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[K-S-U-Wildcats!]

Right. It’s called amortization, and it’s not a scam - it’s math. It’s how interest works on a payment schedule. If you refi from 5yrs in on a 30yr loan to a new 30yr, you’re only putting yourself 5 years behind if you only make the new minimum payments. If you keep making your current, higher payment amount, thereby paying off extra principle each month, you’re no worse off and you’ll probably be better off because of the presumably lower interest rate.

But go with a 15yr if you can swing it. Much better rates. Just don’t overextend yourself.

[OB_Won]

Sorry for stupidly thinking out loud. I was thinking about equity in the home if/when I sell it in 5-10 years, but that makes little sense if I invest or bank the monthly savings. Thanks for pointing my dumb ass in the right direction.

[K-S-U-Wildcats!]

10yr Treasury notes hit a record low today. This is amazing.

[steve dave]

10yr Treasury notes hit a record low today. This is amazing.

we've been talking about this on the bitcoin dark web for years bro.

[DaBigTrain]

10yr Treasury notes hit a record low today. This is amazing.

we've been talking about this on the bitcoin dark web for years bro.

[steve dave]

2.625% now at my credit union. Going to go kick down the door and talk them into dropping mine a quarter at no cost to myself. I have very little leverage in this negotiation folks.


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[ChiComCat]

I'm trying to decide if it is more reasonable for me to wait for a school to be built close to my current house and improve property values in the area or buy a new house while money is cheap

[catastrophe]

So am I correct to assume my current lender will tell me to gtfo if I ask for a refi with no closing costs, but if I try taking it to a smaller shop they might nibble?

[steve dave]

I'm trying to decide if it is more reasonable for me to wait for a school to be built close to my current house and improve property values in the area or buy a new house while money is cheap

I’ve got some really terrible news for you about how schools are funded....


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[steve dave]

So am I correct to assume my current lender will tell me to gtfo if I ask for a refi with no closing costs, but if I try taking it to a smaller shop they might nibble?

They will probably do it. Especially if you shop it around.


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[XocolateThundarr]

Just arranged to have all of the windows and doors replaced at our place.  Holy eff....do they make windows and doors out of gold?

[slackcat]

Just arranged to have all of the windows and doors replaced at our place.  Holy eff....do they make windows and doors out of gold?

One would think.

[TheHamburglar]

I can’t remember if there another home improvement thread or if this is the place to post. I spent $150 on damaged kitchen cabinets and am installing them in the garage for garage storage/bench top space. Pretty cheap way to get bench tops with rolling drawers underneath for garage storage/organization. Now just need to find something good to top them with. Lowe’s said they won’t cut their cheap countertops down to length for me because they can’t put a quality cut in them. I told them they are going in my garage on the damaged cabinets I just bought & I don’t care, but they still wouldn’t do it.

[star seed 7]

Just buy a cheap ass circular saw and cut it yourself. Protip for cutting laminate - put a length of painters tape down the center of your cut on the laminate side, then flip that bitch over for the cutting so the teeth of the blade enter at the laminate instead of exiting. Will give a nice clean cut without chipping.

[XocolateThundarr]

I'd find someplace that will break a piece of steel for you and use that.