Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Attempting to refi my existing mortgage (Olympic Mortgage):
100K loan
5.75 30 year, no points, something like 700 in fees and not including 3rd party costs
House conservatively would appraise at 140K, high end 170K
Partial cash out (about 10K), only because they wouldn't do anything below 100K at prime rates (?)
Any advice you would recommend on whether to take it? I've considered selling and waiting on the sidelines for a couple of years, but am pursuing this option of refi-ing my 4.25 ARM that has a maximum of 10.25 over the lifetime and a 7.25 15 year 2nd mortgage, about 40K and 50K respectively. House is in NC. There's probably something like a 2-3 year break even point, but I might be sitting on this house for 5 more years while the market recoups. At least, the market bear in me suspects this even with all the optimism from folks in the area.
Thanks very much. Just incase the moderators aren't happy about positive/negative reviews pertaining to company specifics, perhaps you could DM me if you have experiences with Olympic?
Attempting to refi my existing mortgage (Olympic Mortgage):
100K loan
5.75 30 year, no points, something like 700 in fees and not including 3rd party costs
House conservatively would appraise at 140K, high end 170K
Partial cash out (about 10K), only because they wouldn't do anything below 100K at prime rates (?)
Any advice you would recommend on whether to take it? I've considered selling and waiting on the sidelines for a couple of years, but am pursuing this option of refi-ing my 4.25 ARM that has a maximum of 10.25 over the lifetime and a 7.25 15 year 2nd mortgage, about 40K and 50K respectively. House is in NC. There's probably something like a 2-3 year break even point, but I might be sitting on this house for 5 more years while the market recoups. At least, the market bear in me suspects this even with all the optimism from folks in the area.
Thanks very much. Just incase the moderators aren't happy about positive/negative reviews pertaining to company specifics, perhaps you could DM me if you have experiences with Olympic?
Callahan
What is your monthly payment now. What is it after the smoke clears?
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
