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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-fi calcs
I've done some calcs on some internet sites for a refi..looks like I could save $500 a mo!
is this real?
Going from a 5.5% loan..hoping to get in the mid 4s for a refi.
Realistic?
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Posted 8/10/10 11:06 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
maymama
my little loves
Member since 8/08 18453 total posts
Name:
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Re: Re-fi calcs
Posted by Blu-ize
I've done some calcs on some internet sites for a refi..looks like I could save $500 a mo!
is this real?
Going from a 5.5% loan..hoping to get in the mid 4s for a refi.
Realistic?
depends on what you owe but
we are saving $520. Went from 6.75% - 4.875% (owe about 340k)
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| Posted 8/10/10 11:12 AM |
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Rycois
Blessed with 2blue/2pink
Member since 12/05 13341 total posts
Name:
J
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Re: Re-fi calcs
Are rates a lot better than they were last year? We refinanced last year but didn't pay a dime for it (Wells Fargo program) but sacrificed getting an awesome rate - rate was good, but nothing crazy.
Can I refinance again?
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| Posted 8/10/10 11:22 AM |
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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: Re-fi calcs
Posted by SweetCaroline
Are rates a lot better than they were last year? We refinanced last year but didn't pay a dime for it (Wells Fargo program) but sacrificed getting an awesome rate - rate was good, but nothing crazy.
Can I refinance again?
Yes they are better. Sitting at around 4.5% on average right now.
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| Posted 8/10/10 12:20 PM |
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Rycois
Blessed with 2blue/2pink
Member since 12/05 13341 total posts
Name:
J
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Re: Re-fi calcs
Posted by ave1024
Posted by SweetCaroline
Are rates a lot better than they were last year? We refinanced last year but didn't pay a dime for it (Wells Fargo program) but sacrificed getting an awesome rate - rate was good, but nothing crazy.
Can I refinance again?
Yes they are better. Sitting at around 4.5% on average right now.
Thanks!
Message edited 4/4/2011 12:01:18 PM.
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| Posted 8/10/10 12:24 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Re-fi calcs
I called to refi and they told me, going from a 6 to a 4.5 that at the end the savings wouldn't be worth it.
I'd call the bank and have them run the numbers.
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| Posted 8/10/10 12:25 PM |
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Rycois
Blessed with 2blue/2pink
Member since 12/05 13341 total posts
Name:
J
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Re: Re-fi calcs
When I just called, they said going from my current rate (5.875) to new rate 4.625 would save me in the $300 range/month.
Closing costs would be about $3500 so it wouldn't take long at all to break even.
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| Posted 8/10/10 12:28 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: Re-fi calcs
Posted by SweetCaroline
When I just called, they said going from my current rate (5.875) to new rate 4.625 would save me in the $300 range/month.
Closing costs would be about $3500 so it wouldn't take long at all to break even.
are you in ny?
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| Posted 8/10/10 12:30 PM |
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Rycois
Blessed with 2blue/2pink
Member since 12/05 13341 total posts
Name:
J
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Re: Re-fi calcs
Posted by Blu-ize
Posted by SweetCaroline
When I just called, they said going from my current rate (5.875) to new rate 4.625 would save me in the $300 range/month.
Closing costs would be about $3500 so it wouldn't take long at all to break even.
are you in ny?
Yes.
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| Posted 8/10/10 12:48 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: Re-fi calcs
Posted by SweetCaroline
Posted by Blu-ize
Posted by SweetCaroline
When I just called, they said going from my current rate (5.875) to new rate 4.625 would save me in the $300 range/month.
Closing costs would be about $3500 so it wouldn't take long at all to break even.
are you in ny?
Yes.
wow, those closing costs are a lot less than I thought they would be. I refi'd a few years ago and they were around 9k.
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| Posted 8/10/10 2:04 PM |
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lakadema
LIF Adult
Member since 5/08 1180 total posts
Name:
Danielle
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Re: Re-fi calcs
I just got a gfe from emigrant savings bank with total closing costs to be around 15k(this includes everything soup to nuts).
How are yours only 3k?
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| Posted 8/10/10 4:32 PM |
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MrsM-6-7-08
<3
Member since 8/06 4249 total posts
Name:
Nicole
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Re: Re-fi calcs
We are looking to refi, 6.375% is our current rate
we have 26 years left, and want to get down to a 15 year loan. We figure for a few hundred more a month, we can be paid off so much faster
Does anyone have a broker they trust and can recommend?
Can you get a better rate for a 15 year mortgage than a 30 year?
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| Posted 8/10/10 4:49 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: Re-fi calcs
Posted by lakadema
I just got a gfe from emigrant savings bank with total closing costs to be around 15k(this includes everything soup to nuts).
How are yours only 3k?
That's why I asked.
I thought refi's were about the same closing costs as the original buy.
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| Posted 8/10/10 4:55 PM |
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Rycois
Blessed with 2blue/2pink
Member since 12/05 13341 total posts
Name:
J
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Re: Re-fi calcs
I thought it was low too but he explained it's b/c I'm staying with the same lender.
I'll cut and paste why there is NYS mortgage tax - one sec 
HIS EXPLANATION
Because your current loan is with Wells Fargo, so we do what is called a CEMA (consolidation, extension, and modification agreement), which allows us to move the assignment from the current loan to the new loan. That assignment exempts what you owe on the current loan from being taxed on the new loan. You only get taxed on the difference between the new loan amount and what you owe currently.
Message edited 8/10/2010 5:20:32 PM.
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| Posted 8/10/10 5:19 PM |
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Rycois
Blessed with 2blue/2pink
Member since 12/05 13341 total posts
Name:
J
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Re: Re-fi calcs
Posted by Blu-ize
Posted by lakadema
I just got a gfe from emigrant savings bank with total closing costs to be around 15k(this includes everything soup to nuts).
How are yours only 3k?
That's why I asked.
I thought refi's were about the same closing costs as the original buy.
Did you call to get a quote? I don't know "my guy" from adam but since we all seem to like his quote, let me know if you want his name/info - I'm with Wells
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| Posted 8/10/10 5:21 PM |
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Re: Re-fi calcs
We went down a whole point and are saving $375 a month. Our closing costs were very low as we are in a co-op (in bkyln)
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| Posted 8/10/10 5:21 PM |
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Re: Re-fi calcs
Posted by SweetCaroline
I thought it was low too but he explained it's b/c I'm staying with the same lender.
I'll cut and paste why there is NYS mortgage tax - one sec
HIS EXPLANATION
Because your current loan is with Wells Fargo, so we do what is called a CEMA (consolidation, extension, and modification agreement), which allows us to move the assignment from the current loan to the new loan. That assignment exempts what you owe on the current loan from being taxed on the new loan. You only get taxed on the difference between the new loan amount and what you owe currently.
This construct is used frequently in large commercial real estate deals to save on mortgage tax. If they are willing to do that for your for a residential loan that is AWESOME!
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| Posted 8/10/10 5:22 PM |
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Rycois
Blessed with 2blue/2pink
Member since 12/05 13341 total posts
Name:
J
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Re: Re-fi calcs
Maybe he screwed up - it was just an initial call and quote so who knows if it's accurate. Could it have to do with my having refinanced with them recently?
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| Posted 8/10/10 5:27 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: Re-fi calcs
Posted by maybeababy2010
Posted by SweetCaroline
I thought it was low too but he explained it's b/c I'm staying with the same lender.
I'll cut and paste why there is NYS mortgage tax - one sec
HIS EXPLANATION
Because your current loan is with Wells Fargo, so we do what is called a CEMA (consolidation, extension, and modification agreement), which allows us to move the assignment from the current loan to the new loan. That assignment exempts what you owe on the current loan from being taxed on the new loan. You only get taxed on the difference between the new loan amount and what you owe currently.
This construct is used frequently in large commercial real estate deals to save on mortgage tax. If they are willing to do that for your for a residential loan that is AWESOME!
I refi'd with Chase a while back and saved on the mortgage tax but it was still over $10K. Something else is cooking here.
I would love the name of your wells guy.
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| Posted 8/10/10 6:08 PM |
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Rycois
Blessed with 2blue/2pink
Member since 12/05 13341 total posts
Name:
J
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Re: Re-fi calcs
My guess is that he misquoted me then :(. Darn, I was excited. Should have an accurate quote in a couple of days - I will keep you posted
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| Posted 8/10/10 6:47 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Re-fi calcs
Posted by SweetCaroline
I thought it was low too but he explained it's b/c I'm staying with the same lender.
I'll cut and paste why there is NYS mortgage tax - one sec
HIS EXPLANATION
Because your current loan is with Wells Fargo, so we do what is called a CEMA (consolidation, extension, and modification agreement), which allows us to move the assignment from the current loan to the new loan. That assignment exempts what you owe on the current loan from being taxed on the new loan. You only get taxed on the difference between the new loan amount and what you owe currently.
they could be doing just a rate mod and not getting updated title insurance - title insurance is usually $3K or so.
And you should never be paying mortgage recording tax (unless you are getting $$ out) if you refi with the same bank - they already recorded your mortgage.
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| Posted 8/10/10 6:50 PM |
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maymama
my little loves
Member since 8/08 18453 total posts
Name:
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Re: Re-fi calcs
our closing costs are 5k  refi through wells fargo, same as we have our mortgage with now
we arent paying anything out of pocket - we are adding it to the mortgage and STILL saving $520 per month
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| Posted 8/10/10 10:16 PM |
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cutie
LIF Adult
Member since 2/06 1893 total posts
Name:
Janine
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Re: Re-fi calcs
Posted by SweetCaroline
My guess is that he misquoted me then :(. Darn, I was excited. Should have an accurate quote in a couple of days - I will keep you posted
We tried to re-fi with wells at the end of last year and were given the same info.
Unfortunately, our appraisal came in REALLY low - over $100K less than we paid. So, even though we put down a lot more than 20% AND we paid off over $30K of principal, we didn't have enough equity in the house for the re-finance. 
We lost $650 on the appraisal. Just don't want you to get your hopes up too much  I was so excited that we would be able to take out $$ and pay less per month but it didn't work out.
Now we are looking into refinancing with Teachers FCU - their rates are better than most and they will do up to a 95% loan. Even if we have to pay PMI, it should drop our rate enough to make it worth it.
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| Posted 8/10/10 11:09 PM |
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-Lisa-
---------------
Member since 5/05 6530 total posts
Name:
Lisa
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Re: Re-fi calcs
When refi-ed last year, we stayed with our current bank and our costs were less than $4K. While the "settlement/closing" costs on the HUD were almost $8K, almost half of that was insurance & taxes that I'd be paying anyway. So my actual cost of the REFI was ~$4K on a $340K loan.
(we refi-ed from a 30 to a 15yr. To answer a PP, yes rates are better on a 15yr. You also build equity a lot faster and pay less interest, but your payment will likely go UP)
Message edited 8/11/2010 7:50:07 AM.
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| Posted 8/11/10 7:49 AM |
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TreAnt427
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Member since 8/06 8652 total posts
Name:
Tracy
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Re: Re-fi calcs
I'm in the process. Waiting to lock in at 4.5 from 6.625. Going to save over $400 a month
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| Posted 8/11/10 7:52 AM |
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