Any members in the Mortgage field? (1 Viewer)

I read somewhere that with newer FHA loans, the MI is for the life of the loan. It can never be removed no matter the LTV %. Luckily our loan was before that new rule and our MI was cancelled early because of the extra principle payments.
 
Tommy said:
I read somewhere that with newer FHA loans, the MI is for the life of the loan. It can never be removed no matter the LTV %. Luckily our loan was before that new rule and our MI was cancelled early because of the extra principle payments.
Click to expand...

Actually, if the loan was originated at 90% LTV or less, the FHA MIP will still drop after 11 years. (Still a raw deal....)
 
Mr. Cheese said:
Just go with a reverse mortgage ;).
Click to expand...

qGhiEIe.gif
 
jazzV3 said:
28 years in the business

You will save money if any costs you pay are recaptured quickly by your interest cost savings.
There are also (real - not smoke and mirrors) ways to do a no-cost refinance.

You also don't have to extend your loan term and can refinance to a shorter term or simply the remaining term of your current loan.
Any benefit will depend on the difference in rate from what you are paying not to what would be available for a new rate.
In addition, there might be an opportunity to save additional money on mortgage insurance depending on your loan to value.

Based on what you just posted, your loan is an FHA loan. That method of calculating interest when a prepayment was made is no longer applicable as the letter indicated by showing that date range.
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Anyone know where to find a good amortization calculator that breaks it down monthly. Chase doesnt have one.

I like to play around with it and see the monthly and yearly progress.

That lets you put in addtional payments monthly and or a one time principle payment etc.
 
I’m by no means an expert, but have a point to consider. A mortgage is pretty cheap debt. You will likely be further ahead to take any extra principle payments you are making and investing them elsewhere. Shouldn’t be hard to get a return well above the 3-4% you’re paying on the mortgage.
 
All this blabbing, and no one advises the obvious?

Home equity loan -> invent creative new angle for Paulson pseudo-cruise-line chips -> sell at small batch custom Paulson hot market rate -> pay off mortgage within one year.

(How about a 747 full of poker tables that takes off from private runway and is in international airspace within minutes, circles for ten hours as games run until fuel gets low, heads back to land and refuels, repeat indefinitely....)
:nailbite:
 
pltrgyst said:
All this blabbing, and no one advises the obvious?

Home equity loan -> invent creative new angle for Paulson pseudo-cruise-line chips -> sell at small batch custom Paulson hot market rate -> pay off mortgage within one year.

(How about a 747 full of poker tables that takes off from private runway and is in international airspace within minutes, circles for ten hours as games run until fuel gets low, heads back to land and refuels, repeat indefinitely....)
:nailbite:
Click to expand...

Is there a prospectus for this new venture available? Where do investors sign up? Link?
Must be careful to keep absorption rate over 20%! :tup:
 
beaver said:
I’m by no means an expert, but have a point to consider. A mortgage is pretty cheap debt. You will likely be further ahead to take any extra principle payments you are making and investing them elsewhere. Shouldn’t be hard to get a return well above the 3-4% you’re paying on the mortgage.
Click to expand...
Careful! Markets go down when the economy is in the toilet and your job may be at risk AND house prices drop - so if bad things happen, you may get compound screwed while chasing compound gains. I think it's always wise to spread your risk exposure - of course, the level of risk you take is highly dependent on your personal circumstances.
 
Just thought I'd bump this since mortgage rates have dropped:

Product
Rate​
Change​
Last week​
30-year fixed
3.67%​
-0.14​
3.81%​
15-year fixed
3.10%​
-0.01​
3.11%​
30-year fixed jumbo
4.03%​
+0.01​
4.02%​
30-year fixed refinance
3.67%​
-0.14​
3.81%​

If the 15-year drops to the 2s, I'm refinancing.
 
It’s been a while since anything has been posted here. Seems like the rona has messed some shit up and rates have been dropping. I started looking at potentially refinancing my current 30 yr @4.25 and got an offer at 2.875 with no points no funny business...snap call. Anyone else shopping around?
 
I'm seriously thinking of doing the same. I have a 30yr at 4% however I'm paying it off as if it was a 15yr. I was initially planning on a re-fi to a 15yr however (since I work in the oil & gas business) I'm now thinking that I'm better holding on to my 30yr if I lose my job as the payment will be less so I can survive longer with the cash I have on hand. So much uncertainty! If the o&g market was robust, I'd re-fi in a heartbeat.
 
uclaure said:
It’s been a while since anything has been posted here. Seems like the rona has messed some shit up and rates have been dropping. I started looking at potentially refinancing my current 30 yr @4.25 and got an offer at 2.875 with no points no funny business...snap call. Anyone else shopping around?
Click to expand...
I just refinanced from a 3.875 to a 2.875 we had 25 yrs left and started another 30 years, we now save 460$ a month on our new mortgage, it will take 2 yrs of the savings to pay off the closing costs, it was worth it for us since we were only 5 years into this new house. I’ll end up paying extra to make up those loss years
 
About two months ago, we refinanced from 3.75% to 2.875% 30 year. We were 5 years in, but I was able to pay off the Wrangler that I just bought with the increase in value on the house and the loss of the equity that we had already paid off. Big savings, for us.
 
I closed on my new home back in late February of this year. I was really happy to get a 15 year 2.875% rate. I could have bought it down even more but I ran ROIs and did not get a good enough return to justify throwing more money towards the home. It would have been interesting to see what rate I would get now although there is not sense in me even contemplating a refi. Hopefully get this thing paid off within 10 years. I
 
Sub 3% 30 year fixed rates are historic. Very happy for those borrowing money. Young families in an affordable mortgage is a very good thing.

Rates this low do not indicate a healthy economy, so it also concerns me a bit. Debt/leverage is a double edged sword.
 
Jeff said:
Sub 3% 30 year fixed rates are historic. Very happy for those borrowing money. Young families in an affordable mortgage is a very good thing.

Rates this low do not indicate a healthy economy, so it also concerns me a bit. Debt/leverage is a double edged sword.
Click to expand...
Today American Savings Bank Hawai’i has a 2.675 30yr fixed but 2pts
 
Obviously no one knows the future, but any chance anyone thinks these rates will stay low, or get lower moving into next year? Our house buying plans are currently put on hold due to the pandemic, but I'm thinking that will be changing in the near future.
 
Payback said:
Obviously no one knows the future, but any chance anyone thinks these rates will stay low, or get lower moving into next year? Our house buying plans are currently put on hold due to the pandemic, but I'm thinking that will be changing in the near future.
Click to expand...
I was told these are the lowest ever and didn’t think it would go lower when I snagged 2.875 but it’s getting lower and I think it will get lower for sure and a lot of foreclosures to come, no one thought this pandemic would go this long
 
If you can drop your % by about 1, a refi seems worth looking into. That is my position on my 2 year old loan. My home value is up, I will borrow about 20k more to pay off other things, and my payment is going down.
 
I Randomly came across this thread in my search for all kinds of chips. I’ve been a mortgage loan originator for 15 years and am happy to answer Any questions or help anyone figure out some numbers or if they are getting a good/bad deal from someone they are working with.

For example the reducing by 1% thing is a myth. It all depends on loan size, term remaining, term you want, if you need cash, if you want to paying other things off, etc... Too many other factors.

(now I’m going back to getting lost in chipping)

John
 
I was excited to do a 15 year refi at 2.875 a few months ago and didn't think it could go any lower. Now 30 year loans are at that rate!

The interest rate on my HSA is sure terrible though!
 
I’m 5 years into my mortgage. Last week I paid off 2/3 of my principal. I didn’t realize it wouldn’t reduce my monthly payment, just shorten the length of the loan. That sucked. I should have done some research
 
joeyshin said:
I’m 5 years into my mortgage. Last week I paid off 2/3 of my principal. I didn’t realize it wouldn’t reduce my monthly payment, just shorten the length of the loan. That sucked. I should have done some research
Click to expand...

Yep..... depending on who the lender was, you could have asked them to recast your loan at time of paydown. Even if they charged you a Recast Fee, there wouldn't have been any other costs associated with a refinance.
 

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