Author Topic: Any mortgage experts on the forums?  (Read 14368 times)

Offline am32

  • Dansdeals Gold Elite
  • ***
  • Join Date: May 2011
  • Posts: 137
  • Total likes: 3
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: Michigan
Re: Any mortgage experts on the forums?
« Reply #60 on: March 12, 2020, 11:41:43 AM »
https://www.housingwire.com/articles/super-low-interest-rates-disappear-from-mortgage-comparison-sites/

I work for a mortgage company and can confirm that we are doing this.  If you are looking to refi (you should be) send me a PM and I can help.

Offline Naftuli19

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2018
  • Posts: 2160
  • Total likes: 247
  • DansDeals.com Hat Tips 2
  • Gender: Male
    • View Profile
  • Location: Not in Quarantine
  • Programs: I wish all...
Re: Any mortgage experts on the forums?
« Reply #61 on: March 12, 2020, 11:50:09 AM »
Aimloan.com is my personal favorite. They're super transparent.

https://www.housingwire.com/articles/super-low-interest-rates-disappear-from-mortgage-comparison-sites/
i have gotten way better rates than this site offers like 3.65 vs 3.125
Sometimes You Will Never Know the True Value of A Moment Until It's Become A Memory...

Offline davidd75

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2012
  • Posts: 2105
  • Total likes: 20
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: new jersey
Re: Any mortgage experts on the forums?
« Reply #62 on: March 12, 2020, 12:05:04 PM »
whats the conventional wisdom regarding when to refinance.  How much of an interest decrease is it worth it to refinance if just looking to lower payments considering the costs of lender fees, thirst party fees and points.  I have 3% fixed already on a 15 year loan.

Offline Naftuli19

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2018
  • Posts: 2160
  • Total likes: 247
  • DansDeals.com Hat Tips 2
  • Gender: Male
    • View Profile
  • Location: Not in Quarantine
  • Programs: I wish all...
Re: Any mortgage experts on the forums?
« Reply #63 on: March 12, 2020, 12:06:53 PM »
whats the conventional wisdom regarding when to refinance.  How much of an interest decrease is it worth it to refinance if just looking to lower payments considering the costs of lender fees, thirst party fees and points.  I have 3% fixed already on a 15 year loan.
i have 3.99 and to Refi with 3.125 i would save myself around $170 - $220 per month after all the fees, this is for a 30y
Sometimes You Will Never Know the True Value of A Moment Until It's Become A Memory...

Offline ltttc

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: May 2019
  • Posts: 508
  • Total likes: 95
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Any mortgage experts on the forums?
« Reply #64 on: March 12, 2020, 12:11:47 PM »
whats the conventional wisdom regarding when to refinance.  How much of an interest decrease is it worth it to refinance if just looking to lower payments considering the costs of lender fees, thirst party fees and points.  I have 3% fixed already on a 15 year loan.
Really an individual question and depends on several factors: How many yrs do you have left on your mortgage, Are you looking to lower your monthly payments (extra cash e/month) or to finish paying off your loan in the shortest amount of time. Ultimately it's a $$$ game in which you have to calculate which way will save you the most short and long term.

Offline am32

  • Dansdeals Gold Elite
  • ***
  • Join Date: May 2011
  • Posts: 137
  • Total likes: 3
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: Michigan
Re: Any mortgage experts on the forums?
« Reply #65 on: March 12, 2020, 12:12:40 PM »
Really an individual question and depends on several factors: How many yrs do you have left on your mortgage, Are you looking to lower your monthly payments (extra cash e/month) or to finish paying off your loan in the shortest amount of time. Ultimately it's a $$$ game in which you have to calculate which way will save you the most short and long term.
Agreed.  A good mortgage banker can help you with this and explain to you if you will save money in the long run.

Offline ckmk47

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2012
  • Posts: 6459
  • Total likes: 257
  • DansDeals.com Hat Tips 3
  • Gender: Female
    • View Profile
  • Location: brooklyn
Re: Any mortgage experts on the forums?
« Reply #66 on: March 12, 2020, 01:15:57 PM »
i have 3.99 and to Refi with 3.125 i would save myself around $170 - $220 per month after all the fees, this is for a 30y
So "around $170 - $220 per month " x 12 (months/year) x 30 (years).+ = your savings.
except: How many years left on your current mortgage?  If you have 5 years left, then converting to 30 years of payments is costing more in the  long run.


So look at Total left to be paid on your current mortgage VS Total that will need to be paid if you refinance (include fees). Then you can evaluate.

Offline Naftuli19

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2018
  • Posts: 2160
  • Total likes: 247
  • DansDeals.com Hat Tips 2
  • Gender: Male
    • View Profile
  • Location: Not in Quarantine
  • Programs: I wish all...
Re: Any mortgage experts on the forums?
« Reply #67 on: March 12, 2020, 01:20:10 PM »
So "around $170 - $220 per month " x 12 (months/year) x 30 (years).+ = your savings.
except: How many years left on your current mortgage?  If you have 5 years left, then converting to 30 years of payments is costing more in the  long run.


So look at Total left to be paid on your current mortgage VS Total that will need to be paid if you refinance (include fees). Then you can evaluate.
i have 29 1/2 years left i would save about $72,000 over the next 30y
Sometimes You Will Never Know the True Value of A Moment Until It's Become A Memory...

Offline ckmk47

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2012
  • Posts: 6459
  • Total likes: 257
  • DansDeals.com Hat Tips 3
  • Gender: Female
    • View Profile
  • Location: brooklyn
Re: Any mortgage experts on the forums?
« Reply #68 on: March 12, 2020, 01:33:04 PM »
i have 29 1/2 years left i would save about $72,000 over the next 30y
Then go for it!

Offline Naftuli19

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2018
  • Posts: 2160
  • Total likes: 247
  • DansDeals.com Hat Tips 2
  • Gender: Male
    • View Profile
  • Location: Not in Quarantine
  • Programs: I wish all...
Re: Any mortgage experts on the forums?
« Reply #69 on: March 12, 2020, 01:35:20 PM »
Then go for it!
trying to get lower
Sometimes You Will Never Know the True Value of A Moment Until It's Become A Memory...

Offline ltttc

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: May 2019
  • Posts: 508
  • Total likes: 95
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Any mortgage experts on the forums?
« Reply #70 on: March 12, 2020, 07:00:31 PM »
trying to get lower
Keep us posted if you do

Offline CountValentine

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Mar 2013
  • Posts: 8628
  • Total likes: 1900
  • DansDeals.com Hat Tips -1
  • Gender: Female
    • View Profile
  • Location: Poland - Exiled
  • Programs: DAOTYA, DDF Level 3, 5K Lounge
Re: Any mortgage experts on the forums?
« Reply #71 on: March 12, 2020, 07:07:23 PM »
Rates went up .75 from a local CU. That is just nuts.  >:(
You're so far up Trump's a** you can see Giuliani's feet.  HT Baruch

Offline yitzgar

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2016
  • Posts: 1620
  • Total likes: 297
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Any mortgage experts on the forums?
« Reply #72 on: March 12, 2020, 07:17:50 PM »
Why are they going up?

Offline CountValentine

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Mar 2013
  • Posts: 8628
  • Total likes: 1900
  • DansDeals.com Hat Tips -1
  • Gender: Female
    • View Profile
  • Location: Poland - Exiled
  • Programs: DAOTYA, DDF Level 3, 5K Lounge
Re: Any mortgage experts on the forums?
« Reply #73 on: March 12, 2020, 07:20:06 PM »
Why are they going up?
I have no idea.
You're so far up Trump's a** you can see Giuliani's feet.  HT Baruch

Offline ltttc

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: May 2019
  • Posts: 508
  • Total likes: 95
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Any mortgage experts on the forums?
« Reply #74 on: March 12, 2020, 07:54:50 PM »
Why are they going up?
It's because banks are overwhelmed with refinance requests and are having a hard time keeping up with the demand.