Casper Posted August 18, 2011 Report Share Posted August 18, 2011 We bought the house new several years ago and got a 6.25% 30yr fixed loan. That was pretty good back then. My buddy Marc just got me in at 4.25% for 30yrs fixed for a streamline refi. $0 out of pocket, $0 added to the loan, no inspection or appraisal, etc. The only thing I have to pay is a $325 application fee, but that's refunded when I close. I figured I'd pass his info along for anyone interested. Marc StockUnion Savings Bankwww.usavingsbank.com614-339-1206 Quote Link to comment Share on other sites More sharing options...
flounder Posted August 18, 2011 Report Share Posted August 18, 2011 I assume that is the base? Whats the APR. Quote Link to comment Share on other sites More sharing options...
jagr Posted August 18, 2011 Report Share Posted August 18, 2011 im in process of doing A 20 year at 3.45%. Dont hate. Through a credit union thats always gave us silly low rates. Quote Link to comment Share on other sites More sharing options...
idodishez Posted August 18, 2011 Report Share Posted August 18, 2011 So who can finance those of us w crappy credit? Quote Link to comment Share on other sites More sharing options...
shittygsxr Posted August 18, 2011 Report Share Posted August 18, 2011 I am at 3 1/8 on a 5 year arm. If I am still there in 5 years im burnin the fucking place down Quote Link to comment Share on other sites More sharing options...
r1crusher Posted August 18, 2011 Report Share Posted August 18, 2011 A good friend of mine just refied and got 3.5 for 10. It's a good time to look into saving some serious cash in interest alone. Quote Link to comment Share on other sites More sharing options...
Big3 Posted August 18, 2011 Report Share Posted August 18, 2011 My first question would be: does Union Savings Bank have a history of selling off their home loan accounts?If so that 4.25 rate could jump if another mortgage company buys your loan. Quote Link to comment Share on other sites More sharing options...
crb Posted August 19, 2011 Report Share Posted August 19, 2011 How can your interest rate change assuming its a fixed rate loan just because your loan gets sold. Our previous home loan was sold I believe with no change. I had a car loan sold like 3 times the last finance company tried to change the way I paid which was biweekly and i refused because I had a contract and it was written into the contract. If they try to change the contract get a lawyer. Quote Link to comment Share on other sites More sharing options...
jagr Posted August 19, 2011 Report Share Posted August 19, 2011 How can your interest rate change assuming its a fixed rate loan just because your loan gets sold. Our previous home loan was sold I believe with no change. I had a car loan sold like 3 times the last finance company tried to change the way I paid which was biweekly and i refused because I had a contract and it was written into the contract. If they try to change the contract get a lawyer.correct. they cannot change your terms. Quote Link to comment Share on other sites More sharing options...
jporter12 Posted August 19, 2011 Report Share Posted August 19, 2011 So who can finance those of us w crappy credit?Or those of us with REALLY crappy credit? Quote Link to comment Share on other sites More sharing options...
snot Posted August 19, 2011 Report Share Posted August 19, 2011 I am upside down on my value vs loan amount. I will check them out since no one else will refi our for more than 80%. Quote Link to comment Share on other sites More sharing options...
redkow97 Posted August 19, 2011 Report Share Posted August 19, 2011 If they try to change the contract get a lawyer.Lawyers aren't cheap. Call it to their attention and threaten legal action, but paying an attorney even a few hundred dollars is probably more trouble than it's worth unless you're really getting screwed by the deal. Cost/benefit analysis is in order. Quote Link to comment Share on other sites More sharing options...
crb Posted August 19, 2011 Report Share Posted August 19, 2011 Lawyers aren't cheap. Call it to their attention and threaten legal action, but paying an attorney even a few hundred dollars is probably more trouble than it's worth unless you're really getting screwed by the deal. Cost/benefit analysis is in order.Agreed. If they change your interest rate and threatening legal action doesn't work, a lawyer may be necessary. Changing your rate can cost you big bucks especially over 20-30 years. Quote Link to comment Share on other sites More sharing options...
Beegreenstrings Posted August 19, 2011 Report Share Posted August 19, 2011 I will stick with what I have... I bought this place 6 years ago, 6.25%. Not points. Nothing. I am making extra payments into it. I just figured it was not worth the hassle. Pay it off and be done. Quote Link to comment Share on other sites More sharing options...
YSR_Racer_99 Posted August 19, 2011 Report Share Posted August 19, 2011 My first question would be: does Union Savings Bank have a history of selling off their home loan accounts?If so that 4.25 rate could jump if another mortgage company buys your loan.Not true,unless you are doing an ARM, and at these rates, why would anyone risk that? Most lenders/ brokers do sell the paper. Your rate follows you, regardless. The buyer is buying your terms. FHA rates (which may be an option for lesser credit folks) were down to 3.85 on 30 yr fixed as of Tues. Great time to refi, incredible time to buy, especially if you are higher up in the food chain. Incredible deals on higher end homes. Quote Link to comment Share on other sites More sharing options...
YSR_Racer_99 Posted August 19, 2011 Report Share Posted August 19, 2011 I will stick with what I have... I bought this place 6 years ago, 6.25%. Not points. Nothing. I am making extra payments into it. I just figured it was not worth the hassle. Pay it off and be done.Free money. Depending on how much you're paying, could be several hundred dollars each month. Roll that in to the higher payment, along with the lower APR, and pay it off sooner and cheaper. Then reward yourself with a new bike. Rule of thumb for refinancing is if you can recoup your closing costs in 2.5 years or less then its acceptable. And depending on your current loan, it may not cost all that much (i.e. the streamline mentioned early-on in this thread). Quote Link to comment Share on other sites More sharing options...
jblosser Posted August 19, 2011 Report Share Posted August 19, 2011 (edited) * edit - @ BeeGreen:At 6.25%, P+I = $615.72 for every $100,000Assuming you refinanced that same $100,000 @ 4% for 20 years, the P+I = $605.98It'd be worth looking into.I moved in June, got 3.75%/30 years from my credit union. Could have paid cash, but can make at least double the interest rate, after tax, by investing. It's basically free money. Edited August 19, 2011 by jblosser Quote Link to comment Share on other sites More sharing options...
YSR_Racer_99 Posted August 19, 2011 Report Share Posted August 19, 2011 or those of us with really crappy credit? fha. Quote Link to comment Share on other sites More sharing options...
jblosser Posted August 19, 2011 Report Share Posted August 19, 2011 Or those of us with REALLY crappy credit? fha.Italian S&L Quote Link to comment Share on other sites More sharing options...
madcat6183 Posted August 19, 2011 Report Share Posted August 19, 2011 I do this all day long. Some of what is stated above is correct, lots is not. If anyone has ?s concerns let me know via pm.What Casper is talking about is a SuperStreamline loan, it is not availble to ALL people or even backed by all lenders. If available and you don't take it you are a moron and should hit yourself in the head with a tackhammer like Tommy Boy, trust me. That's about all I can post for now. Quote Link to comment Share on other sites More sharing options...
Casper Posted August 19, 2011 Author Report Share Posted August 19, 2011 I do this all day long. Some of what is stated above is correct, lots is not. If anyone has ?s concerns let me know via pm.What Casper is talking about is a SuperStreamline loan, it is not availble to ALL people or even backed by all lenders. If available and you don't take it you are a moron and should hit yourself in the head with a tackhammer like Tommy Boy, trust me. That's about all I can post for now. Quote Link to comment Share on other sites More sharing options...
madcat6183 Posted August 19, 2011 Report Share Posted August 19, 2011 That was me offering advice. If anyone can get a super streamlined loan like you did, you are stupid for not doing it. Only reason I cant get a streamlined NOT super streamlined, is because I have LPMI, if you have that you don't qualify. You can have PMI but not Lpmi.Casper congrats bro, that is a great step on saving some SERIOUS cash, OR just paying the house off that much more quickly. Quote Link to comment Share on other sites More sharing options...
idodishez Posted August 20, 2011 Report Share Posted August 20, 2011 I do this all day long. Some of what is stated above is correct, lots is not. If anyone has ?s concerns let me know via pm.What Casper is talking about is a SuperStreamline loan, it is not availble to ALL people or even backed by all lenders. If available and you don't take it you are a moron and should hit yourself in the head with a tackhammer like Tommy Boy, trust me. That's about all I can post for now.Got a # I can text? Or email? Got some questions Quote Link to comment Share on other sites More sharing options...
madcat6183 Posted August 21, 2011 Report Share Posted August 21, 2011 Check your pm's.The only reason I didn't post much Fri. is I was posting from work and they definitely monitor the shit out of that stuff. But sure thing. Anyone who has questions etc. get with me.And by the way, I am NOT in sales so I am NOT making anything on this. I work on the actual processing side of this, meaning realistically I know way the hell more than the sales people do. They are order takers, not ops. and guideline people. Quote Link to comment Share on other sites More sharing options...
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