Off Topic: Refinancing

[CrashDavisSports]

I am a very happy camper today, so I have not been real combative on here. haha

My wife and I are refinancing our home tonight, from 6.5% interest to 3.0% interest. My payments actually go down about $10/mo. and I go from 22 years remaining to 15 years. I know this has shit to do with football, and if the thread needs to be deleted, so be it.

I would recommend to anyone able to refinance into a lower interest rate on your home, from a higher rate to the current ones. So worth the effort. My loan amount is actually increasing, but saving 7 years and 40k in payments is so worth it.

 

[kramer1]

My parents did the exact same thing about 6 months ago.

 

[DanBengalfan]

we went down to 4.5%, but they still gave us a 30 year note, we begged for something shorter and they said no. VA Loans are weird.

 

[CrashDavisSports]

we went down to 4.5%, but they still gave us a 30 year note, we begged for something shorter and they said no. VA Loans are weird.

They wouldn't let you go less?

Shesh.

I could have taken a 30 year loan, and the interest rate would have been 4.25%, 20 years would have been 3.85%, or the 15 year was 3.0%. Since our payment still went down, and we saved 7 years on the loan, it was a zero brainer to go with the 15 year loan.

Seems weird they would not let you refinance for less years. I have no early payoff penalty either. I went with 5/3rd. I had an awesome loan officer that really worked hard for us out of Cincinnati.

 

[CrashDavisSports]

My parents did the exact same thing about 6 months ago.

That is awesome. If people have the chance, they really should do it. So helpful in eliminating stress and money owned over the long haul of the loan.

 

[DanBengalfan]

They wouldn't let you go less?

Shesh.

I could have taken a 30 year loan, and the interest rate would have been 4.25%, 20 years would have been 3.85%, or the 15 year was 3.0%. Since our payment still went down, and we saved 7 years on the loan, it was a zero brainer to go with the 15 year loan.

Seems weird they would not let you refinance for less years. I have no early payoff penalty either. I went with 5/3rd. I had an awesome loan officer that really worked hard for us out of Cincinnati.

Quicken Loans...
They have a VA loan, but they would only refi to 25 years minimum for me, I'm going to shop around. my current 30 year is with them. The VA loan is sweet though, as you don't have the extra insurance required by the FHA loan.

 

[CrashDavisSports]

Quicken Loans...
They have a VA loan, but they would only refi to 25 years minimum for me, I'm going to shop around. my current 30 year is with them. The VA loan is sweet though, as you don't have the extra insurance required by the FHA loan.

My loan does not require that extra insurance to protect against foreclosure.

The federal government covers up to 80% of a loan, so if you are getting financing for more than 80% of your home value, they usually require that PMI insurance. However, I had my FHA loan I initially did 8 years ago, and I borrowed 100% home value with no money down, and didn't have PMI then either. They have my house valued at 80k approximately. My loan value was for 55k, so regardless, I was under their 80%, which is probably why I do not have to worry about it. It never came into my equation.

 

[DanBengalfan]

cool. so, basically, if home prices ever go up again then I can go FHA and not worry about the VA entanglements. cool beaners.

 

[kramer1]

That is awesome. If people have the chance, they really should do it. So helpful in eliminating stress and money owned over the long haul of the loan.

I loved it. That's my inheritance. Pay that bitch off.

 

[CrashDavisSports]

I loved it. That's my inheritance. Pay that bitch off.

Hahaha.