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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Got my mortgage commitment
For the refi-that was fast..
4.125% 30 year fixed. Saving $425 per month baby!
Go me!
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Posted 12/30/11 6:07 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: Got my mortgage commitment
Posted by Blu-ize
For the refi-that was fast..
4.125% 30 year fixed. Saving $425 per month baby!
Go me!
WOW that's great...what is your current rate?
Are your closing cost high?
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| Posted 12/30/11 6:29 PM |
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schmora15
LIF Adult
Member since 9/08 2476 total posts
Name:
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Re: Got my mortgage commitment
Awesome!!
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| Posted 12/30/11 8:19 PM |
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MrsS1976
LIF Adolescent
Member since 5/11 534 total posts
Name:
M
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Re: Got my mortgage commitment
Very nice!!! Is that a quote for your home here in NY or your property in AZ?
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| Posted 12/30/11 8:20 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Got my mortgage commitment
Good job. It took NEFCU almost three months just to get the paperwork ready for underwriting. Slow slow slow! All for just a simple refinance.
They had to extend my 3.0% rate lock past the 60 days because they were incompetent. My mortgage processor was absolutely useless.
Had to raise holy hell with them over the phone on Wednesday and threaten to pull all the money I had in my savings accounts out.
Low and behold, paperwork went to underwriting and I was clear to close the next day. 
Gonna close after I get back from my Florida trip.
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| Posted 12/31/11 12:57 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Got my mortgage commitment
Congrats!
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| Posted 12/31/11 7:48 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Got my mortgage commitment
Closing costs were just under 5K so far escrows look ok so there should be no surprises.
It was a Harp refi so minimal underwriting.
My former rate was 5.5%.
I could have gone 15 year for 3.25 but my goal was creating cash flow not knocking down the mortgage. Break even in about a year. I thought that was a good deal.
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| Posted 12/31/11 12:03 PM |
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CunningOne
***
Member since 5/05 26975 total posts
Name:
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Re: Got my mortgage commitment
We're at 5.5% now too and would love to go down to 4-something.... however, we only have 8 or 9 years left on our mortgage and everyone advises to just stay where we are... But I still wonder.. Definitely don't want to extend the life of a mortgage to get a lower rate.
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| Posted 12/31/11 12:59 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Got my mortgage commitment
Posted by chmlengr
We're at 5.5% now too and would love to go down to 4-something.... however, we only have 8 or 9 years left on our mortgage and everyone advises to just stay where we are... But I still wonder.. Definitely don't want to extend the life of a mortgage to get a lower rate.
If you are that close I wouldn't either however you could take a 7 or 10 year arm without a pre-payment penalty and see how the numbers look.
You would pay the same amount per month which could get your loan paid off quicker. It all depends on your goals.
I'm just talking off the cuff here. I have no idea how it would work in your situation but maybe it's something to look into.
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| Posted 12/31/11 2:50 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Got my mortgage commitment
Posted by MrsS1976
Very nice!!! Is that a quote for your home here in NY or your property in AZ?
NY house. It pains me that I cannot refi the AZ property. I'm so underwater and not gov't backed so I can't refi with Harp.
I'm one of a few million homeowners in the same spot. This is one of the things still bogging down the housing issue.
I have a choice to keep it rented..keep refurbishing, taking a loss each year...or foreclosure... Nice choices...I'm a unsuspecting landlord.
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| Posted 12/31/11 2:59 PM |
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Re: Got my mortgage commitment
Congrats!! Thats a fantastic rate!
I just refinanced my underwater condo (investment property) in Queens for 4.75 (30 yr fixed) under HARP 2.0. My new mortgage payment will be around $280 less so its worth it, but will still be underwater by about $40K.
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| Posted 12/31/11 3:02 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Got my mortgage commitment
Posted by EclecticEsq10810
Congrats!! Thats a fantastic rate!
I just refinanced my underwater condo (investment property) in Queens for 4.75 (30 yr fixed) under HARP 2.0. My new mortgage payment will be around $280 less so its worth it, but will still be underwater by about $40K.
That's great. I'm at a negative 130% underwater. The worst of the worst. If my loan was eligible for Harp I may be able to refi if I put money into the loan...sure..let me throw more money into a bad investment.
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| Posted 12/31/11 3:27 PM |
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