anybody refi there house, recently?

RACER X · 08-04-2011, 06:26 PM

rates are really low right now?

derf · 08-04-2011, 07:57 PM

been trying, but because its a rental property and its massively underwater (owe 170, valued at 130), and not enough savings nobody will touch me. Been turned down once and offered really crappy terms and rates two times. With a credit score in the mid 700s and never missed a house payment yet its amazing

Rangerscott · 08-04-2011, 08:23 PM

I thought refinancing hurts your credit?

wildchild · 08-04-2011, 08:34 PM

I know a few who have tried but the bank said not enough value in their houses to cover the loan.

derf · 08-04-2011, 08:41 PM

Quote:

Originally Posted by Rangerscott

I thought refinancing hurts your credit?

it shouldnt, but a home equity line should, because with a home equity you are borrowing against the value of your home, with a refinance you are just looking at better rates on the same deal you already had.

Rangerscott · 08-04-2011, 08:47 PM

My mother refinanced a couple years ago. I guess everything is good with them.

fasternyou929 · 08-04-2011, 09:06 PM

Quote:

Originally Posted by Rangerscott

I thought refinancing hurts your credit?

It's scary how little many adults know about credit/finances.

Refinancing will not hurt your credit; it simply replaces your old mortgage with a new one, written with better terms (unless you're really being taken to the cleaners

).

The only argument to support it "hurting your credit" (and it's a stupid one because the effect would be negligable) would be your credit report would show a recent inquiry.

Gas Man · 08-04-2011, 10:37 PM

per wifey..

she has rates of 3.5% for 15 yr mortgages.

tommymac · 08-04-2011, 10:43 PM

Quote:

Originally Posted by Gas Man

per wifey..

she has rates of 3.5% for 15 yr mortgages.

30 yr fixed are under 4.5. I thought I did amazing at 4.75. Not sure I could afford a 15 yr now, I am overpaying but if things are tight in a given month I use that money elsewhere.

101lifts2 · 08-04-2011, 11:06 PM

Quote:

Originally Posted by derf

been trying, but because its a rental property and its massively underwater (owe 170, valued at 130), and not enough savings nobody will touch me. Been turned down once and offered really crappy terms and rates two times. With a credit score in the mid 700s and never missed a house payment yet its amazing

I was in the same boat...until I short sold the condo. But...you are really not that upside down. 30% isn't all too bad.

08-04-2011, 06:26 PM	#1
RACER X AMA Supersport Join Date: Nov 2008 Location: Richmond, Tx Moto: '10 Tuono Factory Posts: 4,569	anybody refi there house, recently? rates are really low right now? __________________ ΜΟΛΩΝ ΛΑΒΕ 2014 GROM! 181cc of FURY 2010 Aprilia Tuono Factory - SOLD 2009 SFV Gladius - SOLD 2008 Hayabusa - SOLD.

08-04-2011, 07:57 PM	#2
derf token jewboy Join Date: Nov 2008 Moto: CBR 900, KLR ugly ass duckling, Gas Man Posts: 10,799	been trying, but because its a rental property and its massively underwater (owe 170, valued at 130), and not enough savings nobody will touch me. Been turned down once and offered really crappy terms and rates two times. With a credit score in the mid 700s and never missed a house payment yet its amazing __________________

08-04-2011, 10:37 PM	#8
Gas Man Trip's Assistant Join Date: Feb 2008 Location: Imported from Detroit Moto: 2009 HD Street Classic Posts: 12,149	per wifey.. she has rates of 3.5% for 15 yr mortgages. __________________ -Chris "Why pay somebody else to fuck up your bike?" Run Amsoil Product

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08-04-2011, 08:23 PM	#3
Rangerscott Viff6N Mutated Warrior Join Date: Mar 2009 Location: Texas Moto: '01 Honda VFR 800 & '09 ER-6N Posts: 8,704	I thought refinancing hurts your credit?

08-04-2011, 08:34 PM	#4
wildchild cruiser Join Date: Nov 2008 Location: on the run Moto: '09 HD superglide, 16 Yamaha FZ 09 Posts: 2,749	I know a few who have tried but the bank said not enough value in their houses to cover the loan.

08-04-2011, 08:47 PM	#6
Rangerscott Viff6N Mutated Warrior Join Date: Mar 2009 Location: Texas Moto: '01 Honda VFR 800 & '09 ER-6N Posts: 8,704	My mother refinanced a couple years ago. I guess everything is good with them.