My re-fi is in underwriting

[347Mike]

Was your experience worse than being strung along for 193 days only to have them deny your offer on a short sale that was 110% of the asking pricing and under contract but the listing agent let it go to foreclosure so they opened it back up to more offers - and all of that happened two days before the tax credit expired?

4 payments or 6 months depending on the servicer.



Good reason, you have to qualify to be able to refinance.

I would be Dan Bishoping someones ass in a heart beat if that happened.

OR I would have found a new house, who the hell waits for 6 months to close on a house?

[SVT Lurch]

Lots of people apply 4-6 months prior to actually closing. In my particular case I was living at home, growing my savings by leaps and bounds, and in no real hurry to buy as long as it was before the tax credit expired. I had a very small search area and price range; the house was a great deal and worth the wait to me.

[Doug Hatton]

I think we spoke about this last year. I pay an extra $100/mo to principal, so I think it washes with what I'm paying now and will knock about 7 more years off my note...

30 year rates are only 0.500% - 0.750% better than that now so you would need to be in the house for at least 6-7 years to breakeven. 15 year is still right around 4.250% - of course the payment will go up so there is no cash flow breakeven, but depending on how long you've been on the 30 year you might breakeven on the principal balance within a year or two.

[SVT Lurch]

Yes, I' show we ran the numbers at 3.75% on a 15 year note. If it didn't make sense for you then, 4.250% certainly won't.

[Real Estate Nate]

You sure you guys know what you are talking about ???

[SVT Lurch]

You sure you guys know what you are talking about ???

I don't know anything; I just show up and pretend to be important.

[Real Estate Nate]

I don't know anything; I just show up and pretend to be important.

That's how the big dogs do IT! So.... you flying to our closing on Thursday??

[SVT Lurch]

Haha! Yes, I'll be there...I blocked off pretty much the whole afternoon to make the "trip".

[Lone Sailor]

30 year rates are only 0.500% - 0.750% better than that now so you would need to be in the house for at least 6-7 years to breakeven. 15 year is still right around 4.250% - of course the payment will go up so there is no cash flow breakeven, but depending on how long you've been on the 30 year you might breakeven on the principal balance within a year or two.



Is it that obvious? Haha. It all worked out, I ended up in a better house (more gadgets, etc.) so I'm not really bitter it just baffles me how people can do business that way.

BITTER!!!!

[Lone Sailor]

That's how the big dogs do IT! So.... you flying to our closing on Thursday??

Haha! Yes, I'll be there...I blocked off pretty much the whole afternoon to make the "trip".

[Doug Hatton]

It made sense at that time with the exception of me having to front all of the tax/insurance money when I had been escrowing it with my current lender.

Yes, I' show we ran the numbers at 3.75% on a 15 year note. If it didn't make sense for you then, 4.250% certainly won't.

[SVT Lurch]

BITTER!!!!

Funny story...the 3rd earthquake in Japan did a number on interest rates. You're now at 6.500%. Kidding.

It made sense at that time with the exception of me having to front all of the tax/insurance money when I had been escrowing it with my current lender.

PM sent.

[Lone Sailor]

funny story...the 3rd earthquake in japan did a number on interest rates. You're now at 6.500%. kidding.

pm sent.

lol!