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My house is worth ~500-520k. We'd refinance to drop lower monthly payment from 5% APR down to 3% APR.
DIY, like the roof. lol
Your house is worth what the appraiser says it is, an appraisal which you will pay for as part of closing costs (unless you get lucky and they waive it like mine). The rate you get will be based more on YOUR credit score than anything to do with the house, except loan to value (look it up). If the house is worth what you say and your FICO is over 740, you should easily get 3% if you move fast. Plan on at least $10k in closing costs even if they say zero. Nothing is zero in NYS, you oughta know that! Mortgage recording tax, appraisal, bank fees, credit check fees, flood certificates, origination fee, broker fee, upfront escrow funding, etc. And before you start moaning, none of it is optional. It's the underwriter's world, we're just living in it, unless you have suitcases of cash.
It's a colossal PITA but tens of thousands (or more) in savings over the life of the loan.
Last edited by monstermagnet; 03-03-2021 at 01:26 PM..
My house is worth ~500-520k. We'd refinance to drop lower monthly payment from 5% APR down to 3% APR.
Cost is pretty much the same as getting a new mortgage. In addition, some lenders are so busy right now, they put refi's at the bottom of their to-do list.
When/if you decide to refi, try to avoid taking out additional $$ (tax reasons).
It’s all a ripoff anyway.
Mortgages. Interest.
Everyone getting raped.
Even a deal isn’t really a “deal”.
It’s still financial rapery.
Just the word “mortgage” makes me ill.
It’s all a ripoff anyway.
Mortgages. Interest.
Everyone getting raped.
Even a deal isn’t really a “deal”.
It’s still financial rapery.
Just the word “mortgage” makes me ill.
Do you prefer renting? Cuz thats the real waste of $$
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