To Refi or Not?

crush said:
Let's also not forget to share your house with others in the future. EVERYONE will be offering free rooms to all. It's called sharing with others who have less. Plus free breakfast. In fact, if you have more then one house, give it away. Next year will interesting. I have a friend who has two rentals in socal and has not been paid rent for 8 months from either places. One guy told him to f off and the other family is truly going through difficult times. He truly is stuck between a rock and hard place. He keeps paying the bank because he loves to look at his credit score. It has to be over 800 or he panics and freaks out. He's loaded and can handle the non rent but he's worried how long he has to keep paying. SHARE what you have with others and if you own a house, get ready to share it. 2.5% rates? You have to share just for that reason alone :)
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I have several and everyone has paid so far. He can sell his home and eliminate this issue. Also the covid exception is over in February.
 
SoccerFan4Life said:
I have several and everyone has paid so far. He can sell his home and eliminate this issue. Also the covid exception is over in February.
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That is awesome bro, I mean that 100%. Picking responsible tenants is key to success in the real estate game. I have a very very good friend who is 8 figures like Messy and he said people like you are rare. He said he knows some serious sh*t is going to roll in socal. Not everyone has trust fund cash laying around and can ride this storm. Its bad bro :( I'm also not implying you are trust fund kid. Bruno, my best friend, has four houses. 3 of four are paying on time still but one just gave him a heads up. Hubby lost job :(
 
To be clear, if your looking to refi, you dont own shit. The bank owns your ass. Plus, renters dont have to pay anymore. To take it even further, it was never your land to own in the first place. "Mine, mine, mine" everyone says. A lot of folks in this country dont like how unbalance rich & poor have been. So people will be coming to your house that you own for a room. That is going to happen. Not sure when, but it is going to happen. We will share ALL that we "own" with others. No more selfishness and neighbors saying, "I own this land." Oh please, no one owns nothing. You just like to feel like an owner. I get it and I've been their before. Open up your home to your neighbors who you say you love now. It's time to practice what you preach and it's my job to hold you accountable.
 
Yes I recently refi'd , I pulled out 150k to finish our dream home. My new rate is 3.35% Pulling cash out you'll get a little bit higher rate, I have a girlfriend that just did a straight refi and she got 2.5%, no points.
 
I know a cool broker name Chase that promises 60 days or less on the close or it's FREE!!! If someone needs faster turn around, pay extra to move to front. I do hear the turn around time now is insane and can take forever.
 
My first interest rate was 10.2%. I remember 6.1234 % and no pints was amazing. Let's not forget those wonder negative am loans. WHO on earth put that evil program together? I knew someone from church days that had a member in his congregation that was selling those neg am programs to the dumb flock and getting some to buy 3 or even 4 homes, all at once. I was approached but said no after this brother was guan teeing the rent would be covered, regardless if they have a renter. No way to fail, right? He's still in federal prison for his actions.
 
SoccerFan4Life said:
I have several and everyone has paid so far. He can sell his home and eliminate this issue. Also the covid exception is over in February.
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How on God's green earth do you sell a house with a renter who wont or frankly, just can't pay the rent that's due? I'm not so sure you can sell at top $$$$. Anyone else have any swell ideas for people stuck in this situation?
 
I have another incredible idea that will make anyone $$$$ if they want it and build it. Basically, we need a 2020 Monopoly Game as we see America today. Four corners of America right in front of you as you roll the dice. East Coast side, West Coast, Middle America and then, "Big City." Chance cards will have a hole knew meaning and some crazy ass challenge cards with fines, isolation for 30 days ((jail)) for not obeying the city rules. No more collecting $200 for passing go. Nope, it's Grab & Go and get what you can. No more trains to buy. Nope, just FB, Twitter, Parler and Youtube. The utilities are Big Oil and the Wind. No more cash, just gold, silver and jewels. However, their is a true secret to winning and not everyone understands yet. Grace does and i think that's it.
The more you give, the more you shall and will receive. The first shall be last and the last will 100% be first. He who has much, much will be taken away from him because he was selfish and or cheated to get ahead. He who has less or was always poor, he/she shall have more and folks like that who get more, will 100% share with others : ) Take from one and give to another some call it but that game sucks because it's not from the heart. Give and ye shall receive :) Do unto others as you would want done to you. Give away all your wealth, money, houses or you must manage all the sharing yourself. If you lose you go to hell ((not really, just making it more exciting)) and if you win, well, you get to sit right next to you know who forever, looking with 100% empathy because so many refused to change, even though they could see the matrix. Trip out man!!!!
 
I got quoted 2.86% 30 year fixed jumbo. Thinking of refinancing my 10 year variable (fixed at 3.00%, floats after 10). I don’t think rates will be this good in 10 years. Eliminate interest rate risk
 
I have friend who has a dead beat renter that cannot show proof of lost wages. Seems to be just taking advantage of the situation.
 
$ 262,000 2.250 % 300 / 300 mths 0.00 254,200.00 4,984.38 6,270.00
262,000.00

needed to close 3,454.38 1,142.66 82.83 458.49 1,683.98

Loan Origination Fee Borrower $ 3,600.00

Underwriting Fee Borrower $ 1,055.00

OTHER CHARGES Credit Report Fee Borrower $ 55.00 Tax Service Fee Borrower $ 88.00 Flood Certification Fee Borrower $ 22.00 Closing/Escrow Fee Borrower $ 599.00 Lender's Title Insurance Borrower $ 306.00

This was sent to me.
 
Dominic said:
I have friend who has a dead beat renter that cannot show proof of lost wages. Seems to be just taking advantage of the situation.
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That $600 extra a week helped a friend of mine pay his rent. 25% of rent is due for September thru End of Dec only because no more extra $600. For example, if your living in a $8000 month crib by da beach, you now only pay $2000. You have to prove 100% a SOL out of luck. Waiters at the high end restaurants are kicking it at the beach. Next years deal I hear will be free rent until vaccine is 100% in everyone's veins. That will take at least 13 more months.
 
Is this a normal rate for a 260,000 loan?

Loan Origination Fee Borrower $ 3,600.00

Underwriting Fee Borrower $ 1,055.00
 
Dominic said:
Is this a normal rate for a 260,000 loan?

Loan Origination Fee Borrower $ 3,600.00

Underwriting Fee Borrower $ 1,055.00
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Underwriting fee looks normal.
Origination fee is a little high - usually it’s about 1% of loan amount, but might depend on the interest rate you were quoted.
 
Dominic said:
Im at 3.50 for a 30 year currently. Anyone got any leads on good rates?
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I do. But it's not so much the rate as it is the method of calculating the rate. Amortized vs. Simple Interest. The true effective interest rate of an amortized loan is not really 2.75%. It is actually 56%. You won't see 2.75% interest until roughly the 349th month of your 30 year mortgage. BTW mort = dead and -gage = pledge......your mortgage is a "death pledge".

Online Workshop with Alan Akina

Watch the attached video and let me know if you are interested in paying off your mortgage in 7 to 9 years as opposed to 30 years.
 
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