How low can we go? 30 yr fixed at 3.75% with no fees...

NEW -> Contingent Buyer Assistance Program
irvinehomeowner said:
Or... you can close on your refi before you open your new loan.
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I wish I could but I don't think it can happen (escrow is gonna open tomorrow).. plus I don't want to risk it.. I think it might be fraud.. don't want to get a letter from my lender one day to tell me to pay off the entirety of the loan cause they determined that it was fraud.
 
irvinehomeowner said:
Or... you can close on your refi before you open your new loan.
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Refi's take longer to close than purchase loans.  I personally wouldn't risk it and I'm fairly risk tolerant. 
 
Not recommending it... just saying it's an option.

One other thing... you may want to check what a refi on an secondary home is... it might be better than your current one.

The refi rate we did on our rental is actually better than on our primary home (which we are currently trying to refi too).
 
irvinehomeowner said:
Not recommending it... just saying it's an option.

One other thing... you may want to check what a refi on an secondary home is... it might be better than your current one.

The refi rate we did on our rental is actually better than on our primary home (which we are currently trying to refi too).
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Adjustment for a rental/investment property is 2pt or around 1/2% higher.
 
irvinehomeowner said:
Not recommending it... just saying it's an option.

One other thing... you may want to check what a refi on an secondary home is... it might be better than your current one.

The refi rate we did on our rental is actually better than on our primary home (which we are currently trying to refi too).
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It doesn't qualify as a secondary cause it's less than 50miles apart from each other...

rates on a rental property like USC said is usually a lot more.. in this case it was 1.25 higher than the rate I was trying to refi for...
I knew I was going to sell my current place within 2 years so I was going for a 5/1 arm at 2.75 with -3047 towards closing.. which would net me around -1321.

I might start refinancing my other investment properties soon if rates continue to drop.. they are all duplexes so the rates are even higher...
 
Crispy3 said:
irvinehomeowner said:
Not recommending it... just saying it's an option.

One other thing... you may want to check what a refi on an secondary home is... it might be better than your current one.

The refi rate we did on our rental is actually better than on our primary home (which we are currently trying to refi too).
Click to expand...

It doesn't qualify as a secondary cause it's less than 50miles apart from each other...

rates on a rental property like USC said is usually a lot more.. in this case it was 1.25 higher than the rate I was trying to refi for...
I knew I was going to sell my current place within 2 years so I was going for a 5/1 arm at 2.75 with -3047 towards closing.. which would net me around -1321.

I might start refinancing my other investment properties soon if rates continue to drop.. they are all duplexes so the rates are even higher...
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Yup, 2nd home rates are very similar to primary residence rates.  They hit you with another 1pt for a duplex and then another 1.5pts if it's 3-4 units.
 
There isn't a mileage issue with 2nd homes. You can't receive any rent on the property and when the appraiser shows up, don't have your slacker cousin open the door as he cleans up after the party last night. Although family often live in "second homes" full time without paying rent, second homes have to be for your exclusive use and enjoyment.

My .02c
 
Soylent Green Is People said:
There isn't a mileage issue with 2nd homes. You can't receive any rent on the property and when the appraiser shows up, don't have your slacker cousin open the door as he cleans up after the party last night. Although family often live in "second homes" full time without paying rent, second homes have to be for your exclusive use and enjoyment.

My .02c
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Interesting...I didn't know that.  I had always assumed that there was a 50-mile radius rule.
 
USCTrojanCPA said:
Soylent Green Is People said:
There isn't a mileage issue with 2nd homes. You can't receive any rent on the property and when the appraiser shows up, don't have your slacker cousin open the door as he cleans up after the party last night. Although family often live in "second homes" full time without paying rent, second homes have to be for your exclusive use and enjoyment.

My .02c
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Interesting...I didn't know that.  I had always assumed that there was a 50-mile radius rule.
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There is a 50 mile radius rule as far as I know...
 
An update on our refi with Amerisave. I had a little mood swing and sent an email sharing my love and affection with the person who was working on our loan, and we are on track, all documents suddenly found, all notifications now deemed as clerical errors, we are a step away from closing. Like I said before, YAY for the rate, rest sucks :-) USC- ours is a detached condo, may be that's why the delay. They wanted just way too much paperwork.
 
Cubic Zirconia said:
An update on our refi with Amerisave. I had a little mood swing and sent an email sharing my love and affection with the person who was working on our loan, and we are on track, all documents suddenly found, all notifications now deemed as clerical errors, we are a step away from closing. Like I said before, YAY for the rate, rest sucks :-) USC- ours is a detached condo, may be that's why the delay. They wanted just way too much paperwork.
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Yeah, that's how it can be with those guys.  You get the best rate out there but you have to pay for it in terms of spotty service.  They do need up closing but it's not the smoothest process out there.  Best they are the low price leader they do get swamped because a lot of people will want to refi with them so that could be a part of the problem (not enough live bodies over there to handle all the volume that they are getting).
 
Cubic Zirconia said:
USCTrojanCPA said:
Cubic Zirconia said:
homer_simpson said:
So I was locked into 3.375% no closing as of today.  yay!
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3.125 with credit today..
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3% at no cost coming soon!  haha
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Love-love-love being a homeowner with the ability to refi :P
When we bought, it was a good 6.125%..
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I agree....I'm refi'ing my home, I refi'ed my dad's home in vegas, and I refi'ed one of my rentals.  I'm just going refi happy in 2012.  Homeownership FTW!
 
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