Refinance if you can.... now....

Discussion in 'General Discussion' started by Alucard77, May 18, 2012.

  1. Alucard77

    Alucard77 Kaon Gladiator Champion

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    So with the wife being laid off, I have been looking to cut costs. So today, I was looking at an article about interest rates and how low they are. So I called my Wells Fargo rep. I have been with the company for 7+ years, I have excellent credit, I have also refinanced once before.

    I qualified for the Wells Fargo 3 step program. Basically I was able to refinance at 3.875 with absolutely 0 fees. Nothing charged to refi. I just saved $220 a month with a freaking phone call, and it cost me absolutely nothing.

    In the span of my mortgage, I just save $79,2000 or $2,640 a year! So I recommend you guys call your banks and see what types of refi deals they have going. This one was a no brainer.
     
  2. TFW10

    TFW10 Well-Known Member

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    I don't know, sounds too good to be true, but good luck. (I guess, I'm too much of a skeptic.)
     
  3. ckhtiger

    ckhtiger old skool fool

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    nope, refinancing is the real deal, especially if you can get no closing costs. we're at 4 3/8, and would've recently gone lower, but our house doesn't appraise quite what we owe, even though we just bought it two years ago. refinancing down to even 4% was going to save us $30k over the lifetime of the loan!
     
  4. Alucard77

    Alucard77 Kaon Gladiator Champion

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    That's what made my refi such a no brainer. They weren't appraising the house. If they would have, I would have been screwed, cause technically my house droped so much, I am borrowing 89% of the total home value.

    I really never thought I would have an interest rate in the 3s, that is freaking madness!
     
  5. Star Sabre James

    Star Sabre James <b>The JUICE</b> TFW2005 Supporter

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    My business loans are being refinanced, and, if I remember correctly, it's about 2% less than the current rate.
     
  6. Silk Spectre

    Silk Spectre The Evil Queen

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    They didn't appraise your house?
     
  7. Alucard77

    Alucard77 Kaon Gladiator Champion

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    Yeah, at least with Wells Fargo, when you qualify for this 3 step program, it's literally an over the phone refi.

    So nope, did not appraise the house.

    I was actually wondering if I could get a better rate if I did a normal refi, and that's when my broker told me that a normal refi would make me pay PMI, but with this they don't appraise the house. Which is fantastic.

    But you need to specifically qualify for this program.
     
  8. 3.8TransAM

    3.8TransAM 1989 Turbo Trans AM

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    I dont qualify for shiznit sadly.

    I get dinged 2 points cause the actual house section is a modular.

    So its almost 5g's in closing costs and the 2 points I get dinged.

    Take 13.5 yrs to pay back the difference for me, so its not even worth it.

    Wish this place was all stick built.

    Oh well, I will take it out on the renter when the lease is up in Nov lol
     
  9. Smashs

    Smashs Internet: Pure Truth Moderator TFW2005 Supporter

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    I actually contacted my bank about this earlier today. We're still at 6.5%, which is ridiculous.
     

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