tag:blogger.com,1999:blog-1648644785345075469.post7403208946886520812..comments2024-01-25T03:18:52.189-08:00Comments on Max in Colorado: Refinance and property valuesMaxhttp://www.blogger.com/profile/04551818740965932334noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-1648644785345075469.post-6268844744163850422012-09-23T11:41:02.466-07:002012-09-23T11:41:02.466-07:00Just waiting to hear back on the appraised amount ...Just waiting to hear back on the appraised amount and we are set. I'm not concerned, the appraiser really liked the house and yard and garden and didn't spend too much time in the basement (everything is covered but always concerned about people seeing preps). He wrote down 250k when we told him the house should easily be worth that, so I'm assuming it will hit around there.<br />We've never lost value, but not having a bathroom upstairs hurts us a lot, it's not considered 2 story that way, just 1.5<br /><br />What a crock. Can't walk down the stairs huh.Maxhttps://www.blogger.com/profile/04551818740965932334noreply@blogger.comtag:blogger.com,1999:blog-1648644785345075469.post-85082953528448528762012-09-23T11:38:18.043-07:002012-09-23T11:38:18.043-07:00Thanks for the information! We looked at a lot of ...Thanks for the information! We looked at a lot of things, but the rates are just too low to pass on. When we first got this house we had to get a cosigner, and had an ARM and refinanced as quickly as possible. <br />Oops, $15000 pre payment penalty but we decided to eat it and haven't looked back since. Originally I think it was 8.5%, now we are getting under 4%, we hope.Maxhttps://www.blogger.com/profile/04551818740965932334noreply@blogger.comtag:blogger.com,1999:blog-1648644785345075469.post-54769093478954368912012-09-21T20:41:59.528-07:002012-09-21T20:41:59.528-07:00Lucky me, I bought out the ex when we divorced and...Lucky me, I bought out the ex when we divorced and the house has lost $300k since! BofA said there's a new program for 2012(government sponsered, of course) that will refinance as long as you are less than 20% underwater. I was able to refinance with BofA because they were the original mortgage company on the loan. If they weren't I would still be looking for someone to refinance my house. I'm such a bad credit risk...never been late, always pay a little extra. Don't have any other debt besides the mortgage. I even paid my student loans back on time! Who would want anyone like that? The refi ended up saving me $500 a month. I'm still making the same payment which means I'll cut the mortgage time down by many years. Good luck and keep on them. I had to email and phone the person I was working with every few days but we were able to close in about 3 months. What if it's today? - A survivalist's bloghttps://www.blogger.com/profile/06291866801645327324noreply@blogger.comtag:blogger.com,1999:blog-1648644785345075469.post-21468835804665507662012-09-20T11:13:00.443-07:002012-09-20T11:13:00.443-07:00Max,
Refinancing is indeed a pain in the tail.
...Max,<br /> Refinancing is indeed a pain in the tail.<br />My daughter bought a house this year and because she is a recent college graduate and has no credit other than a student loan that she has paid for a year, she could not get as low a rate as advertised. Then, she had trouble because the house she was buying had two and a half acres and that made it a "non-conforming loan". She finally financed it so that she could close at 6%, with a promise that in one year, they would refinance it. Instead of refinancing, she is paying an additional hundred dollars toward principle with each payment every month. Her thirty year loan will end in 15 years, saving HUGE amounts of interest. We did the same thing, and our farm mortgage is now paid off.<br /> It depends on the numbers, but for some, keeping the mortgage they have a pre-paying additional funds each month allows them to save just as much as if they had paid to refinance.<br /> Best wishes.<br /><br /> JaneofVirginiahttps://www.blogger.com/profile/15320442534060401465noreply@blogger.com