Best places to apply for a refi?

[FESTER665]

Appraiser didn’t come in to my place. It was a drive by and look at the neighborhood comps.

I can try to go with the Covid excuse and say I dont want anyone in my house?

 

[Blood on Blood]

I can try to go with the Covid excuse and say I dont want anyone in my house?

If one is asking to take out a large amount of equity, then I can see them coming inside.

However, if there is simply a refi and you owe less than the comps, do not understand why they would come in and look around.

 

[bikrboy128]

I can try to go with the Covid excuse and say I dont want anyone in my house?

Are you currently paying PMI? How long have you been paying on the loan? You might not even need an appraisal

 

[FESTER665]

Are you currently paying PMI? How long have you been paying on the loan? You might not even need an appraisal

I originally got a 30 year loan and have been paying it for 12 years now....

I owe about 80k less than comps in the area, dont want any money taken out, just want a lower rate and a 15 year mortgage.

 

[bikrboy128]

I would ask for an appraisal waiver, they may give it to you depending on their policy.

 

[DEEZUZ]

I did a 20 year with 2.6

Any idea what a 15 year would've done for interest?

 

[RedBeard]

I probably should read through this thread for some knowledge on this. Just got off the phone with our current lender and all the numbers were fucking gibberish to me so I’ll have to review the documents they sent over.

Currently at 4.125 I think and they’ll be able to get us down to 3.25, anything lower they said there would be a penalty that would heavily offset any savings. Monthly payment would be ~$120 less. We are almost 2 years in on a 30 year mortgage.

 

[The Beast]

I probably should read through this thread for some knowledge on this. Just got off the phone with our current lender and all the numbers were fucking gibberish to me so I’ll have to review the documents they sent over.

Currently at 4.125 I think and they’ll be able to get us down to 3.25, anything lower they said there would be a penalty that would heavily offset any savings. Monthly payment would be ~$120 less. We are almost 2 years in on a 30 year mortgage.

U should ask for a 15 or 20 year and the rate is less. I always recommend less years so your house can be paid for faster and less juice

 

[Nccstud]

U should ask for a 15 or 20 year and the rate is less. I always recommend less years so your house can be paid for faster and less juice

I agree. I went with a 20 instead of a 15 so that I can pay what I would pay for a 15 each month, but have the ability to pay less(the actual payment) if need be. Gives a little wiggle if needed

 

[The Beast]

It would be nice to have your house paid off before u retire lol

 

[Intel]

I probably should read through this thread for some knowledge on this. Just got off the phone with our current lender and all the numbers were fucking gibberish to me so I’ll have to review the documents they sent over.

Currently at 4.125 I think and they’ll be able to get us down to 3.25, anything lower they said there would be a penalty that would heavily offset any savings. Monthly payment would be ~$120 less. We are almost 2 years in on a 30 year mortgage.

Anything lower and you are paying "points" which equal 1 percent of your loan value to lower the rate by a certain amount.

I just finished refinancing with these guys and worked with James who got me through the whole process super quick. https://www.properrate.com/loan-officer/drew

Should You Pay for Mortgage Discount Points? - NerdWallet

Mortgage points are fees you pay the lender to reduce your interest rate. Typically, when you pay one discount point, the lender cuts the interest rate 0.25%.

www.nerdwallet.com