Mortgage Rate drops - Page 2 - Chevelle Tech
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post #16 of 64 (permalink) Old Jul 13th, 19, 2:58 AM
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Originally Posted by 66sc View Post
I guess I'm a moron. www.chevelles.com means come here and ask for mortgage advice. Yes drive slowly in the left lane.
Apparently so.

You have been here for nearly 12 years, and it still hasn't permeated your thick skull that 'Bench Racing' is a free-for-all for any and ALL subjects, including home repair - such as plumbing; different types of flooring installation; electrical; roofing, etc.

Then there are threads about music of all genres; movies; TV; electronics - including vintage stereo equipment; the shooting sports - and many others.

From my observations, most of your posts are negative, and/or condescending. Your line of patter doesn't exactly remind me of a MENSA member; so your condescension is laughable - at best - and pathetic, at most.

Here's a concept - maybe you should knock that chip off your shoulder and contribute something positive to the forum - eh?

Or - if you don't like that concept - maybe you should kick rocks and shove off, Kev.
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post #17 of 64 (permalink) Old Jul 13th, 19, 5:47 PM
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Re: Mortgage Rate drops

I'm enjoying this refinance thread on chevelles.com so much I think I'll add a question...

Since I've never refinanced, how does it work exactly?

If i buy $175,000 house at 4.2%, 30 years, I pay on it and after 15 I decide to refinance...what happen?

They give me cash back and start the loan over???
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post #18 of 64 (permalink) Old Jul 13th, 19, 6:26 PM
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Re: Mortgage Rate drops

Quote:
Originally Posted by fishhead View Post
I'm enjoying this refinance thread on chevelles.com so much I think I'll add a question...

Since I've never refinanced, how does it work exactly?

If i buy $175,000 house at 4.2%, 30 years, I pay on it and after 15 I decide to refinance...what happen?

They give me cash back and start the loan over???
What ever the remaining debt load is on the loan is refinanced for whatever term you agree on the new loan, 10,15,20, or 30 years plus any fees that are associated with the transaction. The old loan is then paid off and the new loan is what you pay on.
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post #19 of 64 (permalink) Old Jul 13th, 19, 6:55 PM
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Re: Mortgage Rate drops

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Originally Posted by oldcutlass View Post
What ever the remaining debt load is on the loan is refinanced for whatever term you agree on the new loan, 10,15,20, or 30 years plus any fees that are associated with the transaction. The old loan is then paid off and the new loan is what you pay on.
So if it was $175,000 you paid it down to $100,000...you refinance, pay those fees and your new loan is $100,000 with a lower interest rate and you could redo the 30 years?


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post #20 of 64 (permalink) Old Jul 13th, 19, 7:21 PM
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Re: Mortgage Rate drops

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Originally Posted by fishhead View Post
So if it was $175,000 you paid it down to $100,000...you refinance, pay those fees and your new loan is $100,000 with a lower interest rate and you could redo the 30 years?
Yes, but why go with another 30yr note when you can go with a shorter term, at the same payment and pay the house of sooner.

Your just jealous because you can't hear the voices!

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post #21 of 64 (permalink) Old Jul 13th, 19, 7:30 PM
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Re: Mortgage Rate drops

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Originally Posted by oldcutlass View Post
Yes, but why go with another 30yr note when you can go with a shorter term, at the same payment and pay the house of sooner.
Right....now I get it. I was told something slightly different which made me confused.
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post #22 of 64 (permalink) Old Jul 13th, 19, 9:14 PM
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Re: Mortgage Rate drops

Quote:
Originally Posted by oldcutlass View Post
Yes, but why go with another 30yr note when you can go with a shorter term, at the same payment and pay the house of sooner.
Quote:
Originally Posted by fishhead View Post
Right....now I get it. I was told something slightly different which made me confused.
Unfortunately, too many people go the other way because all they focus on is the payment. Same thing with cars.

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post #23 of 64 (permalink) Old Jul 13th, 19, 11:03 PM
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Re: Mortgage Rate drops

Quote:
Originally Posted by fishhead View Post
I'm enjoying this refinance thread on chevelles.com so much I think I'll add a question...

Since I've never refinanced, how does it work exactly?

If i buy $175,000 house at 4.2%, 30 years, I pay on it and after 15 I decide to refinance...what happen?

They give me cash back and start the loan over???
Here, I will use my experience to help explain. When I bought the house I am currently living in.... I paid $568,900 for it. The house I sold, I got $400,000. I wont go into all the monkey motion that was involved, but in paying off the loans, I ended up with a balance of $168,900, which had a Variable 4.5% loan for 30 yrs. I planned to retire in 4yrs and I didn't want any surprises after I retired so I went shopping and found a 3.50% loan for 10yrs. The only problem was the minimum amount they would loan at that rate was $200,000. So I took the money, paid off a bunch of other nickle dime stuff and here I am with an almost paid for house. I owe just over $24,000. I hope this helps.
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post #24 of 64 (permalink) Old Jul 14th, 19, 11:55 PM
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Re: Mortgage Rate drops

Hrumph, you had me kind of excited, until I ran some numbers.
Really want to get away from paying a grand a month on shop rent and utilities plus Slip & Fall insurance.
To put up a decent minimum shop is about $40K.
Seems that at the posted interest rate I ought to be able to do a ten year at around half of what I'm paying in rent each month.
But apparently the "3.5%" rate is actually not.
I'm not willing to pay what is actually closer to 20% in the real world!

At these gas prices I want it 100+ octane, leaded, and my windshield washed!
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post #25 of 64 (permalink) Old Jul 15th, 19, 10:50 AM
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Re: Mortgage Rate drops

Quote:
Originally Posted by Richard/SIA View Post
Hrumph, you had me kind of excited, until I ran some numbers.
Really want to get away from paying a grand a month on shop rent and utilities plus Slip & Fall insurance.
To put up a decent minimum shop is about $40K.
Seems that at the posted interest rate I ought to be able to do a ten year at around half of what I'm paying in rent each month.
But apparently the "3.5%" rate is actually not.
I'm not willing to pay what is actually closer to 20% in the real world!
The difference is you dont own it.


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post #26 of 64 (permalink) Old Jul 15th, 19, 11:34 AM
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Re: Mortgage Rate drops

Quote:
Originally Posted by Richard/SIA View Post
Hrumph, you had me kind of excited, until I ran some numbers.
Really want to get away from paying a grand a month on shop rent and utilities plus Slip & Fall insurance.
To put up a decent minimum shop is about $40K.
Seems that at the posted interest rate I ought to be able to do a ten year at around half of what I'm paying in rent each month.
But apparently the "3.5%" rate is actually not.
I'm not willing to pay what is actually closer to 20% in the real world!
How many banks did you try? Have you spoken with a on independent mortgage broker?

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post #27 of 64 (permalink) Old Jul 15th, 19, 12:22 PM
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Re: Mortgage Rate drops

I find it appalling that our high school education system teaches absolutely nothing about evaluating mortgages and other consumer loans.

More appalling is the willingness of lenders to deceive their customers.
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post #28 of 64 (permalink) Old Jul 15th, 19, 12:30 PM
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Re: Mortgage Rate drops

How is the lender deceiving?

Your just jealous because you can't hear the voices!

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post #29 of 64 (permalink) Old Jul 15th, 19, 12:40 PM
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Re: Mortgage Rate drops

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Originally Posted by dream66 View Post
I find it appalling that our high school education system teaches absolutely nothing about evaluating mortgages and other consumer loans.

More appalling is the willingness of lenders to deceive their customers.
If you are referring to Richard, I have a hunch he spoke to the builder about financing, not a bank.

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post #30 of 64 (permalink) Old Jul 15th, 19, 12:48 PM
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Re: Mortgage Rate drops

Quote:
Originally Posted by oldcutlass View Post
How is the lender deceiving?

My accusation was general in nature and not specific to Richard, however it can be inferred from his assumption:


Quote:
But apparently the "3.5%" rate is actually not.
I'm not willing to pay what is actually closer to 20%
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