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.
3.75 is a great rate! Unless you could refi and get at least a 1 point savings it's probably not worth bothering with. Your basically getting free money with the tax savings already. You're better off throwing a extra principal payment at it every year.
I guess I am confused reading this. If you have a first time owner occupant rate of 3.75% for your mortgage, wouldn't one of the stipulations of the loan be that you reside in the condo as an owner occupant? Maybe its not that way in CA, but I know that is how it is for some of the first-time home buying programs here. If that was the case, you'd be in violation of that rule and have more important issues at hand than trying to get a better rate on the refinance.
Did you live in your condo for 12 months before moving to N.Cal? Did you notify the lender that you were going to be in breach of contract due to renting it after 3 months?
It appears that the lender already knows about my move as their standard mails now come to my new address and so far they don't seem to care 1 bit about it. My question is more inclined towards moving back to So Cal and live in my own place to get refinancing done through another new lender as the current one may not offer 3.1 or even if they do, i run into risk of opening my older records and another drama that i don't need.
Well, i thought people move back into their primary residence and then refinance after an year of living in there, where's the fraud in this? The lender rules often dictate that you live in your primary residence for an year and do whatever the heck with it after that...right? So i am not sure where is the fraud?
Your post sounded like you want to refi before you move back in. If that's the case, you're going to have to refi as an investment property. If you wait until you move back, there's no rule that says you have to be in it for a year before you can refi. But you might have to produce some documentation that shows you have moved back in and it's now your primary.
P.S. If I believed everything sent to me from someone soliciting me, I'd be the rich beneficiary of the crown prince of Nigeria.
It appears that the lender already knows about my move as their standard mails now come to my new address and so far they don't seem to care 1 bit about it. My question is more inclined towards moving back to So Cal and live in my own place to get refinancing done through another new lender as the current one may not offer 3.1 or even if they do, i run into risk of opening my older records and another drama that i don't need.
You don't have to worry about any drama. There's no 3.1% 30 year fixed mortgages with zero closing costs in reality land. They only exist in false advertising land, and friend's who exaggerate land, and friend's who don't understand what that refi REALLY cost land.
you don't have to worry about any drama. There's no 3.1% 30 year fixed mortgages with zero closing costs in reality land. They only exist in false advertising land, and friend's who exaggerate land, and friend's who don't understand what that refi really cost land.
You don't have to worry about any drama. There's no 3.1% 30 year fixed mortgages with zero closing costs in reality land. They only exist in false advertising land, and friend's who exaggerate land, and friend's who don't understand what that refi REALLY cost land.
I'd go one step further & say that 3.75 is a great rate for an *investment* property & the rate for an *investment* property isn't that big of a deal (unless it's insanely high) - mortgage interest on an *investment* property is an expense. Claim the income & deduct the interest, you'll likely win at tax time.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
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.
