Best places to apply for a refi?

[Intel]

Do they come out to your house and have an inspector come through? I thought I recall you doing a lot of work around the house. The only reason I haven't started to look into refi is because I have a few unfinished projects going on and I wanted to complete them first.

They don't have to come out for an inspection if the numbers work without one. If you are doing a cash out refinance it is more likely.

I am doing a refi right now and there is no inspection as what I bought the house for/mortgage is about 150k below the current market price.

 

[FESTER665]

They don't have to come out for an inspection if the numbers work without one. If you are doing a cash out refinance it is more likely.

I am doing a refi right now and there is no inspection as what I bought the house for/mortgage is about 150k below the current market price.

Yeah, I wouldnt be asking for cash out at all, just want to get in a lower rate for a shorter time....

Only thing I really would like is to find one with no closing costs.... I owe considerably less than the current areas as well.

Looks like I should get on board with refinancing.

Did you guys all do your own research on rates and all that, or do a Lending Tree kind of deal to let them all come to you?

 

[Chet Donnelly]

I'm thinking about refinancing and pulling out $100k to do some renovations on the house. Currently on a 15 year mortgage with ~10 years left, owe ~$195k, interest rate is 2.75%. Would refinance with new rates, take out $100k....turn 1 car into 3 car tandem garage, build mud room/laundry room, turn laundry room in basement into a wet bar, new windows, new flooring in basement, and my wife wants to get white kitchen cabinets.

My question is....do you get the same rate if you do a refi vs. a refi + pulling out home equity? New mortgage would be a ~$300k, 15 year, which would leave me with over 20% equity....but I'm not sure if I would still get the low 2% rate if I'm pulling out equity with the refi.

Wife wants to just move to a bigger house in the same neighborhood, but it makes me sick to my stomach to consider paying well over $1,000 a month in property taxes.

 

[DEEZUZ]

Do they come out to your house and have an inspector come through? I thought I recall you doing a lot of work around the house. The only reason I haven't started to look into refi is because I have a few unfinished projects going on and I wanted to complete them first.

No. They knew from the bat my shit would appraise out.

 

[FESTER665]

I'm thinking about refinancing and pulling out $100k to do some renovations on the house. Currently on a 15 year mortgage with ~10 years left, owe ~$195k, interest rate is 2.75%. Would refinance with new rates, take out $100k....turn 1 car into 3 car tandem garage, build mud room/laundry room, turn laundry room in basement into a wet bar, new windows, new flooring in basement, and my wife wants to get white kitchen cabinets.

My question is....do you get the same rate if you do a refi vs. a refi + pulling out home equity? New mortgage would be a ~$300k, 15 year, which would leave me with over 20% equity....but I'm not sure if I would still get the low 2% rate if I'm pulling out equity with the refi.

Wife wants to just move to a bigger house in the same neighborhood, but it makes me sick to my stomach to consider paying well over $1,000 a month in property taxes.

How much will your taxes get affected by your proposed changes? I'm not sure if those changes would affect your taxes or not....

I hear you though on the taxes around here for sure.

 

[Chet Donnelly]

How much will your taxes get affected by your proposed changes? I'm not sure if those changes would affect your taxes or not....

I hear you though on the taxes around here for sure.

I'm hoping not too much, since the only thing visible to the outside would be a larger garage. I also have no idea how Cook County does its appraisals as I have several friends in the neighborhood that turned their ~$350k ranch house into a ~$750k McMansion by adding a second level and blowing out the back of the house......and they are still paying the same taxes and its been over 5 years. Thats the path my wife wants to take....but I'm telling her one day it catches up and the taxes will be damn near $20k a year.

 

[IZZy]

$1k a month in property taxes damn that insane

 

[IZZy]

They don't have to come out for an inspection if the numbers work without one. If you are doing a cash out refinance it is more likely.

I am doing a refi right now and there is no inspection as what I bought the house for/mortgage is about 150k below the current market price.

When you say inspection you mean appraisal or is that a completely different issue?

 

[Intel]

When you say inspection you mean appraisal or is that a completely different issue?

sorry meant appraisal.

 

[FESTER665]

So when does your credit actually get dinged for hard pulls? I assume when you're going to do this you want to have as many places do this at one time as possible correct so you dont get dinged a bunch of times?

 

[IZZy]

sorry meant appraisal.

Okay I see, I did have to have an appraisal I assumed they do this to everyone cause they have to make sure they are lending on a property that’s actually worth what you claim it is?

 

[IZZy]

So when does your credit actually get dinged for hard pulls? I assume when you're going to do this you want to have as many places do this at one time as possible correct so you dont get dinged a bunch of times?

I applied at 4 different places at once to avoid getting dinged multiple times

 

[Chet Donnelly]

Okay I see, I did have to have an appraisal I assumed they do this to everyone cause they have to make sure they are lending on a property that’s actually worth what you claim it is?

I also had an appraisal when I refinanced ~5 years ago. Also thought it was standard practice.

 

[Shawn1112]

Do they come out to your house and have an inspector come through? I thought I recall you doing a lot of work around the house. The only reason I haven't started to look into refi is because I have a few unfinished projects going on and I wanted to complete them first.

Appraiser yes, inspector no. Appraiser was in and out in 10 min. Showed them every room in the house, told them about any recent major work done within last 5yrs. She took some pics of the exterior and left. I think a more in depth appraisal and I would have appraised for more. Iirc I came in at $250k and I see shit boxes similar to my house selling for that. Also, I didnt pull no cash out, so not sure if that matters

I'm thinking about refinancing and pulling out $100k to do some renovations on the house. Currently on a 15 year mortgage with ~10 years left, owe ~$195k, interest rate is 2.75%. Would refinance with new rates, take out $100k....turn 1 car into 3 car tandem garage, build mud room/laundry room, turn laundry room in basement into a wet bar, new windows, new flooring in basement, and my wife wants to get white kitchen cabinets.

My question is....do you get the same rate if you do a refi vs. a refi + pulling out home equity? New mortgage would be a ~$300k, 15 year, which would leave me with over 20% equity....but I'm not sure if I would still get the low 2% rate if I'm pulling out equity with the refi.

Wife wants to just move to a bigger house in the same neighborhood, but it makes me sick to my stomach to consider paying well over $1,000 a month in property taxes.

$100k enough to do all that work?

 

[FESTER665]

Appraiser yes, inspector no. Appraiser was in and out in 10 min. Showed them every room in the house, told them about any recent major work done within last 5yrs. She took some pics of the exterior and left. I think a more in depth appraisal and I would have appraised for more. Iirc I came in at $250k and I see shit boxes similar to my house selling for that. Also, I didnt pull no cash out, so not sure if that matters

$100k enough to do all that work?

I am just worried that theyre going to see projects Im not finished with and have it appraise for a ton less possibly.... For instance, I still need to finish drywall in my garage, and I need to drywall the utility room after I had to re-pipe the entire house.

 

[Chet Donnelly]

$100k enough to do all that work?

Yeah....not even sure to be honest. I would think it can't be that much more....and if it was that much more, I'd start to question if I was even getting a return on my investment as I don't think those renovations would add much more than a $100k to my home's value.

Only guestimate I have to run off of, is we were quoted ~$300k by a few contractors a couple years ago to turn 1 car into 3 car garage, add a second level with 5 bedrooms, 2 baths, and a laundry room upstairs, and remodel the first level (remove bedrooms and make kitchen bigger).

 

[Yaj Yak]

I am just worried that theyre going to see projects Im not finished with and have it appraise for a ton less possibly.... For instance, I still need to finish drywall in my garage, and I need to drywall the utility room after I had to re-pipe the entire house.

id get something up in at least the utility room id think

i was in the middle of getting new counters when i refi'd last house and the guy was weird about it... all "this is what the house is worth when im here, if there's no counters then it's worth less" i was like bro then come back tuesday k thanks

 

[Yaj Yak]

I'm thinking about refinancing and pulling out $100k to do some renovations on the house. Currently on a 15 year mortgage with ~10 years left, owe ~$195k, interest rate is 2.75%. Would refinance with new rates, take out $100k....turn 1 car into 3 car tandem garage, build mud room/laundry room, turn laundry room in basement into a wet bar, new windows, new flooring in basement, and my wife wants to get white kitchen cabinets.

My question is....do you get the same rate if you do a refi vs. a refi + pulling out home equity? New mortgage would be a ~$300k, 15 year, which would leave me with over 20% equity....but I'm not sure if I would still get the low 2% rate if I'm pulling out equity with the refi.

Wife wants to just move to a bigger house in the same neighborhood, but it makes me sick to my stomach to consider paying well over $1,000 a month in property taxes.

are you doing any work yourself?

if not, like Shawn1112 aluded to, that 100k would go QUICK. REAL quick. like yeah reading your list no way. unless you have 7 windows and want DEPOT specials, and have 8 cabinets and also want some MDF home depot slammer specials.

 

[Chet Donnelly]

id get something up in at least the utility room id think

i was in the middle of getting new counters when i refi'd last house and the guy was weird about it... all "this is what the house is worth when im here, if there's no counters then it's worth less" i was like bro then come back tuesday k thanks

lol what a douchebag!

 

[Yaj Yak]

Yeah....not even sure to be honest. I would think it can't be that much more....and if it was that much more, I'd start to question if I was even getting a return on my investment as I don't think those renovations would add much more than a $100k to my home's value.

Only guestimate I have to run off of, is we were quoted ~$300k by a few contractors a couple years ago to turn 1 car into 3 car garage, add a second level with 5 bedrooms, 2 baths, and a laundry room upstairs, and remodel the first level (remove bedrooms and make kitchen bigger).

shit's changed... THANKS TRUMP

 

[Shawn1112]

are you doing any work yourself?

if not, like Shawn1112 aluded to, that 100k would go QUICK. REAL quick. like yeah reading your list no way. unless you have 7 windows and want DEPOT specials, and have 8 cabinets and also want some MDF home depot slammer specials.

That was exactly my thought.

 

[Blood on Blood]

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

 

[Chet Donnelly]

are you doing any work yourself?

if not, like Shawn1112 aluded to, that 100k would go QUICK. REAL quick. like yeah reading your list no way. unless you have 7 windows and want DEPOT specials, and have 8 cabinets and also want some MDF home depot slammer specials.

Don't plan on doing work myself.....guess I'll have to get quotes. I have no idea what shit costs for projects like this....

 

[Yaj Yak]

A lot, especially cuz these fuckers are BUSY AF right now.

 

[bikrboy128]

I am just worried that theyre going to see projects Im not finished with and have it appraise for a ton less possibly.... For instance, I still need to finish drywall in my garage, and I need to drywall the utility room after I had to re-pipe the entire house.

I don't know if I'd be too worried about drywalling in the garage or utility room. My appraiser didn't even go in the garage and only peaked into the utility room. They're more looking at condition and updates to the living area and outside of the house.
I wrote down everything done to the house in the past 10 years and gave that list to the appraiser