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I think I did good

ROCKSPRINGS

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Was paying 6.625% on house. :mad: :mad:
Refinanced at 4.375% :clap: :clap:
Payments went down $150.00 :D :D
Closing cost about $7000.00 :mad: :mad:
The banks get thier money one way or another :mad: :mad:
 

Jogeephus

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I considered refinancing my house but the closing costs are what bothers me. I have been adding money to each payment since I financed it and last time I checked it didn't look like refinancing would pay off for me cause I'm almost got it paid off. $7000 to fill out some paperwork. Gee. Wonder what they would charge to cut a hayfield?

They say those interest only loans are the way to go. Is that what you did? :lol2: :lol2: Or did you do the variable interest? Or maybe the balloon note? :lol2: :lol2: :lol2:
 

ROCKSPRINGS

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Jogeephus":3szwoiv1 said:
I considered refinancing my house but the closing costs are what bothers me. I have been adding money to each payment since I financed it and last time I checked it didn't look like refinancing would pay off for me cause I'm almost got it paid off. $7000 to fill out some paperwork. Gee. Wonder what they would charge to cut a hayfield?

They say those interest only loans are the way to go. Is that what you did? :lol2: :lol2: Or did you do the variable interest? Or maybe the balloon note? :lol2: :lol2: :lol2:

30 Year fixed. I think excellent credit got me the low rate.
 

Jogeephus

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ROCKSPRINGS":4nq7j5mg said:
Jogeephus":4nq7j5mg said:
I considered refinancing my house but the closing costs are what bothers me. I have been adding money to each payment since I financed it and last time I checked it didn't look like refinancing would pay off for me cause I'm almost got it paid off. $7000 to fill out some paperwork. Gee. Wonder what they would charge to cut a hayfield?

They say those interest only loans are the way to go. Is that what you did? :lol2: :lol2: Or did you do the variable interest? Or maybe the balloon note? :lol2: :lol2: :lol2:

30 Year fixed. I think excellent credit got me the low rate.

I've told several people that now is the time to build your house and refinance your loans if you can. With inflation, this money isn't really costing you but about 1%.

Just rusing you about the other options reminding you of how the banks pushed these other options on folks that got us in the mess we are in now. If possible, look at what an extra $100 per month will do to your loan. If I'm not mistaken, it will almost make it a 15 year note. But at the rate you got, you may not ever want to finish paying it off.
 

TexasBred

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ROCKSPRINGS":339e5ect said:
Jogeephus":339e5ect said:
I considered refinancing my house but the closing costs are what bothers me. I have been adding money to each payment since I financed it and last time I checked it didn't look like refinancing would pay off for me cause I'm almost got it paid off. $7000 to fill out some paperwork. Gee. Wonder what they would charge to cut a hayfield?

They say those interest only loans are the way to go. Is that what you did? :lol2: :lol2: Or did you do the variable interest? Or maybe the balloon note? :lol2: :lol2: :lol2:

30 Year fixed. I think excellent credit got me the low rate.


I'm wondering what got you those outrageous closing costs. Will take you almost 5 years to recoup closing cost although some might be tax deductible.
 

ROCKSPRINGS

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TexasBred":1mkwnfkl said:
ROCKSPRINGS":1mkwnfkl said:
Jogeephus":1mkwnfkl said:
I considered refinancing my house but the closing costs are what bothers me. I have been adding money to each payment since I financed it and last time I checked it didn't look like refinancing would pay off for me cause I'm almost got it paid off. $7000 to fill out some paperwork. Gee. Wonder what they would charge to cut a hayfield?

They say those interest only loans are the way to go. Is that what you did? :lol2: :lol2: Or did you do the variable interest? Or maybe the balloon note? :lol2: :lol2: :lol2:

30 Year fixed. I think excellent credit got me the low rate.


I'm wondering what got you those outrageous closing costs. Will take you almost 5 years to recoup closing cost although some might be tax deductible.

Ya, they did tell me it will be about 4-5 years to recoup. the lower the rate, the higher the closing. Like I said before, The banks will get their money one way or another. They act like they are doing you a favor, but they are laughing when you walk out the door.
 

BeefmasterB

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twistedxranch":gmp8uq8x said:
I work for a bank and handle this time of thing. Sounds like you did good considering. Alot of banks arent even loaning money anymore or refinancing any loans.

Your right!! I'm looking at purchasing property out your direction and I'm now hearing banks might want 30% down :help: . Try to buy ag property or ag exempt property and it seems to get even tougher.
 

backhoeboogie

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BeefmasterB":1g891ouz said:
twistedxranch":1g891ouz said:
I work for a bank and handle this time of thing. Sounds like you did good considering. Alot of banks arent even loaning money anymore or refinancing any loans.

Your right!! I'm looking at purchasing property out your direction and I'm now hearing banks might want 30% down :help: . Try to buy ag property or ag exempt property and it seems to get even tougher.

They were wanting me to put up the land next door for some land I considered buying and financing. It had me hocking 3 times as much land and I was putting plenty of nickels down on it as is. I went to another bank. They were glad to get my business.
 

TexasBred

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You did the right thing. Nothing wrong with being well secured but sometimes it seems they just don't want to make loans for anything at all..... A good bank will still lend money to good customers. They certainly aren't making any money putting it in gov't securities or fed funds. I still don't think I would have refinanced tho with those closing cost. Could have just put more on principal each month and amortized the loan more quickly and kept the 7 grand. Guess it all depends on what you owe and how long remaining on the note.
 

GMN

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We refinanced a few years ago, sure wish we wouldn't have. Would have had this farm almost paid for, and the only way I would ever consider refinancing again, is if I could consolidate all of my nuisance bills into one lump payment.

I guess everybody has different ideas to save money, but having to pay that much in closing costs, vs, saving $150 a month seems like not such a great deal, unless you consolidated alot of other debt into your maorgtage, to save payments another way.

GMN
 
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