Anyone refinance in the last few months?
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- June 1, 2012 12:59 pm at 12:59 pm #92032
I have a pretty good rate on a twenty year, but thinking of going down to 10 or 15 since the rates keep going down. Anyone have a lender they recommend? I guess another question is has anyone used an internet only bank to do refinance as well as when I do research they pop up as having low rates.June 1, 2012 1:18 pm at 1:18 pm #498606
Huh – we were just talking about this at work. Thinking about taking my 30 to a 15 – I’m going to start with the current holder of my loan. They usually run some kind of refi special that is massively cheaper (in fees & closing costs) than going outside.June 1, 2012 1:56 pm at 1:56 pm #498607
We went from a 30 to a 15. I asked my current loan holder first, but they didn’t having anything that matched our needs. Next I looked online for deals, but ended up going with FirstOhio since they’re a local company.
I don’t really know enough about real estate finance to know if we got a good deal or not but our agent –Brian Nordstrom –really worked hard to get us the loan.June 1, 2012 2:02 pm at 2:02 pm #498608
I just refinanced with Huntington-main downtown location. costs were like $300. they were running a special in February, but I guess they offer them from time to time. It took 5 years off the loan and lowered my payments as well. i can get you the contact info if you want to inquire about it. it was super easy, and if I didn’t like what I saw by the end i could have walked away not owing anything. there was really nothing to lose.June 1, 2012 2:53 pm at 2:53 pm #498609
Was a home appraisal required?June 1, 2012 3:20 pm at 3:20 pm #498610
Was a home appraisal required?
It was for mine. I think if you refinance with your existing loan holder that can sometimes be waived.June 1, 2012 3:58 pm at 3:58 pm #498611
Interesting that so many are going from 30 down to 15 because of low interest rates. We didn’t refi in the last few months, but did refi last year, after taking a mortgage out on a second home that we also purchased last year. Prior to these low interest rates, my plan was to have no mortgage when we retired. However, I’m gambling on the belief that interest rates will go up in the future (and sometimes, they go up pretty fast). We want to score some low interest now, while we can. We decided on a 30 year on the home in Hermann. If, when we retire, we aren’t able to invest the remaining balance amount in something safe for a higher return, then we’ll pay it off. However, I think odds are pretty good that we’ll be able to get a decent return on something pretty safe by then, and further, it keeps us from having that much equity tied up in something that is just not liquid. Of course, this may not pan out, and you do get a little lower rate on a 15 year. And, if the idea of someday not having a mortgage helps you sleep at night, well, you gotta do what’s right for you :)
Following the purchase of the home in Hermann, we refinanced our home in Columbus. Also, contrary to what we normally do, we took an adjustable rate for just under 3% (to adjust in 5 years). We expect to sell this house around that time, so we’re gambling a bit — but there’s limits to how much the rate can adjust up, anyway, even if we should still own the house.
Currently, interest on both houses is still tax deductible, and we’re both working, so this makes the rate effectively lower because of tax savings.
Anyway, just food for thought. Our favorite bank in the area is Huntington. They provide excellent customer service. We use Dick Bartholic for all of our loans. He’s a great guy.
Warning about internet lenders: We did take our first home loan on the place in Hermann out from Lending Tree. I advise against them. Their underwriters tried to play games with the appraisal. Specifically, the house appraised for more than we paid, but then because we have 4.5 city lots, they wanted to throw out the value of the extra lots — no sense to that at all. It was a real nightmare. We finally got them to agree to the appraisal at the 11th hour (the sellers had gone ahead and closed, but we couldn’t because the loan still wasn’t approved!!!). Given our assets and high credit scores (hubby and I are both north of 800), being jerked around by a lender was pretty remarkable. I can’t imaging what folks with less than stellar credit may go through.
Finally, about appraisals. Financing will almost certainly require an appraisal. Last year, appraisals were running really lowball in Columbus. I don’t know if that has improved. Didn’t impact us because of the amount of equity we have. I’m hoping the appraisers are getting back from their fear that was driving values last year, but I don’t really know. Bonus: we used it to contest the auditors site for property tax evaluations — and I think home prices are improving, so if you get a lowball estimate, but have enough equity — well, you know what you can potentially use the appraisal for in the future :)June 1, 2012 4:19 pm at 4:19 pm #498612
Was a home appraisal required?
yes, but huntington covered it. my costs were only the 300 or 389, i forget.June 1, 2012 4:58 pm at 4:58 pm #498613
With regard to the lowball for the auditors site. I should say, we live in Victorian Village. Our house before the last assessment was already on the higher side. They really stuck it to some of us in Victorian Village last year, and our property value went up a ridiculous amount. While the appraisal used was likely lowball, it was nonetheless a licensed appraiser contacted by our bank. I wouldn’t have used it to contest the assessment if the city wouldn’t have gotten so carried away.June 1, 2012 6:36 pm at 6:36 pm #498614
Two votes for Huntington with a low cost possibility puts them top of the list. Thanks gang!June 1, 2012 7:06 pm at 7:06 pm #498615
I hate how people always think that the auditors value is what their home is worth.June 1, 2012 7:36 pm at 7:36 pm #498616
We refinanced also with Huntington, though it was about a year and a half ago at this point. Like others, we went from 30 year to 15. Got a better rate, and our monthly payments only went up slightly. We try to make extra payments each year to hopefully have the house paid off in around 12 years, so we’ll be house-payment-free at the ripe old age of 45. ;)
We did also require an appraisal, but it was fairly painless if I recall correctly, and I also want to say Huntington covered that cost, though my memory is fuzzy on it at this point.June 1, 2012 7:42 pm at 7:42 pm #498617
I hate how people always think that the auditors value is what their home is worth.
The auditors value is supposed to be close to the value your home is worth. It has nothing to do with what your home may sell for. However, it does potentially impact your property taxes. That’s why, for us, I didn’t contest when it was close enough — but took real exeption with the craziness last year. So, now the auditor’s site is NOT what our home is worth for sure — but it’s exactly what that appraiser that undervalued it said during our refi. Guess this really belongs in the thread about the auditor’s values — but yeah, I thought the discussion there was a little ill-considered or silly. One possible caveat: the auditor values are being used as part of the calculated value by sites like zillow. Those also aren’t accurate (especially non-suburb settings), but that doesn’t stop home buyers from using it as part of the discussion. Could I have hurt us there? Maybe…June 1, 2012 7:46 pm at 7:46 pm #498618
Heh…also hate Zillow and their ridiculous “zestimates.” Google “zestimate wrong” and there are thousands of hits.June 1, 2012 7:51 pm at 7:51 pm #498619
we’ll be house-payment-free at the ripe old age of 45. ;)
Congrats! I used to do that too. It’s a worthy goal, and will be incredibly freeing. I have a lot of friends who have done that (especially some “your money or your life” advocates — one of my friends is actually featured in the book). I just changed my mind, for me and hubby’s particular situation. I think my point was that everyone should look at the big picture with these low interest rates, and determine their own goals and level of risk based on their situation.
Let me know when you pay it off, and I’ll send you a bottle of bubbly :)
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