[Relsenlilky]

So, I noticed mortgage rates have once again bottomed out to a historic low. Here is my situation in a nutshell:

Overpaid for my house in 2006, currently down about 20% market price of what I paid for it. If we sold today, we would basically walk away with nothing, maybe owe realtors a little bit having lost our entire 20% down payment.

Refinanced in 2009 at 4 7/8% on a 25 year loan. (We shortened it a little from the original 30 yr loan with minimal closing costs and about the same monthly payment)
Today, have 22 years on the loan left.

So, I am thinking about whether to refi again or not. The house is not something I want to stay in forever, so I am thinking of playing the game and leverage the place up and get a cheaper monthly payment on a 30 yr loan and put about $200 of monthly savings somewhere (PMs?). On the other hand I could probably do a 20 year loan for about the same monthly payment with minimal out of pocket costs. A 15 year loan is out of the question with too high of monthly payment to live with.

Another thought is just leave well enough alone. Would LOVE not to deal with banksters and lenders ever again. When kids start heading off in 10 years (moving out, total of 4) I want to downsize to a smaller dwelling on a larger city lot (2400 sq ft current on .17 Acres to 1200 sq ft on .33 Acre in the future) and hopefully trade PM's for it so I own the smaller place out right.

I am on the left coast....land of hippies and liberals....Portland, OR.

Thoughts on how to play this game?

TIA!

[Carfanate]

I honestly would hold tight because 200 bucks is not worth it to get hamstrung with a refi a property increase can quckly destry all the hoop jumping you went through

And if you did it last in 09 you where at the very tail end of the mortage meltdown trying refi now would be a nightmare scenario on steriods for ex you propbally still have a non recourse loan meaning that if the house goes boobies that's it

Nowadays everything is recourse meaning you agree to be on the hook for any losses.


My foolish advice unless somebody can show you how you are going to be saving 500 bucks or better I would stay put as the advantage is still with the bankers.

When it comes time to move the market will dictate what happens price it to make a profit if you have to break even so be it and if it becomes a albatross walk away.

JMHO

[myspauyijbv]

So, I noticed mortgage rates have once again bottomed out to a historic low. Here is my situation in a nutshell:

Overpaid for my house in 2006, currently down about 20% market price of what I paid for it. If we sold today, we would basically walk away with nothing, maybe owe realtors a little bit having lost our entire 20% down payment.

Refinanced in 2009 at 4 7/8% on a 25 year loan. (We shortened it a little from the original 30 yr loan with minimal closing costs and about the same monthly payment)
Today, have 22 years on the loan left.

So, I am thinking about whether to refi again or not. The house is not something I want to stay in forever, so I am thinking of playing the game and leverage the place up and get a cheaper monthly payment on a 30 yr loan and put about $200 of monthly savings somewhere (PMs?). On the other hand I could probably do a 20 year loan for about the same monthly payment with minimal out of pocket costs. A 15 year loan is out of the question with too high of monthly payment to live with.

Another thought is just leave well enough alone. Would LOVE not to deal with banksters and lenders ever again. When kids start heading off in 10 years (moving out, total of 4) I want to downsize to a smaller dwelling on a larger city lot (2400 sq ft current on .17 Acres to 1200 sq ft on .33 Acre in the future) and hopefully trade PM's for it so I own the smaller place out right.

I am on the left coast....land of hippies and liberals....Portland, OR.

Thoughts on how to play this game?

TIA!

i've had similar thoughts. i'm paying 4.875%. i talked to a loan person when it was about 4.2%, she said it wouldn't pay for the loan fees.

loan costs include but are not limited to -
* "points" - $100 to $2000
* appraisal (est. $550)
* title co fees (ballpark $800)

the appraisal can vary. sometimes they will look at the property. sometimes they will just look online at "comps-comps" (comparables). if they just sit at a computer for a few hours, $550 seems pricey.

title co. fees can also be massaged. basically by telling them, "reduce the fees $300 or no deal."

once i had occasion to lean on a real estate agent because he did a shit job of managing a transaction. he had some pull at the title co. since he brought them a lot of business. their fee went down in a jiffy.


many of the re-fi costs are bullshit charges for doing almost nothing. they get your hard-earned money with the loan. that should be good enough.

therefore, it helps to invoke some competition, so you can threaten one re-fi co with a "no deal". i suggest involving 2 re-fi companies & playing them against each other and being hard-nosed. of course, this involves dealing with more than one bankster.

the potential repercussion of this is 2 credit checks on your credit report, not too big of a deal, but something to be aware of.

[comprar-espana]

Look ... they sold your original note and mortgage and no longer have it. If in doubt ask to see it because if they cannot return the originals to you when you are through paying then someone else might require even more money from you. A copy even a certified recorded copy does not count. It must have your wet ink signature and, if asked to validate it into evidence, had better not have been modified by even a single mark.

If you plan on going through the process of refinancing and giving them another wet ink signature then at least ask for a receipt when you abandon these docs on the table. With a receipt you can present it (along with your final payment) and require that they give you your originals back.