Refinancing house
Looking to refinance our house but I’m not really sure where to start or who to contact. I’ve only done this once years ago and Son of a bitch I made a mistake by filling out an application online with like lending tree or one of those. Phone blew up instantly with guys calling me from all over the country. Truly awful.
And if one of you suggest Jared Sawyer I would rather get testicular cancer
Comments
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I would go with a standard bank or a mortgage broker friend that won’t premium charge you. The fees shouldn’t be much higher than the online services, plus they walk you through everything you need. A friend of mine used Rocket, and it was a little cheaper, but a pain in the ass.
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So it depends on what you are trying to do and how long u want to stay in your house
As an example; the average person stays in their house for seven years and as a result gains very little in pay down of debt because 30 year amortization loans are front loaded so that virtually all of your loan payment is classified as interest for the first 10 years…. To see how that works run the amortization schedule for a loan using one of the online loan calculator
Avoid those sites that ask you all of the questions including your address, email etc… they are fronts for the same phone tree execsize you want to avoid
Calculator.net will let you see what you are hoping for… just oook on the net for 30 year loans, get a feeling for what rates are an plug in the rate to the calculator and then click the amortization button for the full picture
Rates are in the 3.5 to 3.7 range now for 30 year fixed loans
If you know that you are going to move in the next 5-10 years you are better off gettin an interest only loan which is fixed for 10 years at todays low rates… the math is simply; you just multiply the loan amount by your interest rate and divide by 12 to calculate your monthly payment
Or you can also get a shorter amortization loan which still will be front loaded so that it will take a while to begin payin down principal but will get to that point sooner
If you know any big time real estate agents they usually know where to get the best loans and can make the introduction
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TheRoarOfTheCrowd said:
So it depends on what you are trying to do and how long u want to stay in your house
As an example; the average person stays in their house for seven years and as a result gains very little in pay down of debt because 30 year amortization loans are front loaded so that virtually all of your loan payment is classified as interest for the first 10 years…. To see how that works run the amortization schedule for a loan using one of the online loan calculator
Avoid those sites that ask you all of the questions including your address, email etc… they are fronts for the same phone tree execsize you want to avoid
Calculator.net will let you see what you are hoping for… just oook on the net for 30 year loans, get a feeling for what rates are an plug in the rate to the calculator and then click the amortization button for the full picture
Rates are in the 3.5 to 3.7 range now for 30 year fixed loans
If you know that you are going to move in the next 5-10 years you are better off gettin an interest only loan which is fixed for 10 years at todays low rates… the math is simply; you just multiply the loan amount by your interest rate and divide by 12 to calculate your monthly payment
Or you can also get a shorter amortization loan which still will be front loaded so that it will take a while to begin payin down principal but will get to that point sooner
If you know any big time real estate agents they usually know where to get the best loans and can make the introduction
Introduction: Send @El_K a PM
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Thanks fellas. This isn’t my bag….and the Lending Tree thing really soured me.
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I guess this should be asked
Are you refinancing to remove Mortgage insurance? Cash-out? Shortening the term? -
I am in the business. PM me if you have any questions.
