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MORTGAGE FINANCING


Bergen Rick

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9 hours ago, WVAhunter08 said:

What’s wrong with him posting his services? I just bought a new home and am in the process of selling mine now. Demand is still high, and inventory is very low. Having your mortgage figured out is critical when you make an offer on a home, especially when you’re trying to navigate high interest rates. 

Nothing is wrong with them posting their services…although our paying sponsors on this forum might care!  Also…the question was “what’s the current 30 year rate”. The rates are clearly up…and people in the business are having a harder time getting people to commit…especially on the refinance side since rates have more than tripled what they were this time last year.  So…”terrible enough for him to come into a hunting forum to lure in business” is a pretty accurate assessment.  

Sometimes I think the world has gone completely mad. And then I think, "Aw, who cares?" And then I think, "Hey, what's for supper?"

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6 hours ago, electric10162 said:

@nmc02

I would ask your current lender if they can break your existing mortgage and remortgage the balance at the new rates/terms. There is usually a fee but no points and no closing. I re-did mine in 2021 going from a 30 year to a 15 year. I pay a little more but my term is less and the saving was close to 145K.

Making an extra payment or bi monthly payments pays your mortgage up sooner without refinancing. Rates are much higher now, and the refi gig is over.

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1 hour ago, NJREALTOR said:

Making an extra payment or bi monthly payments pays your mortgage up sooner without refinancing. Rates are much higher now, and the refi gig is over.

Use any work bonus check to pay it down fast. I refinanced many years ago to a 10 year home equity and paid it off in 3 years just making regular payments and using 3 bonus check from those three years. I went from a 21 year left on mortgage refinanced to a 10 year home equity paying same as my 21 year mortgage was to paid off in 3 years. I rather have my house paid off than spend those bonus checks on a vacation or two those three years. Been mortgage free for about 20 years now.

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16 hours ago, NJREALTOR said:

Making an extra payment or bi monthly payments pays your mortgage up sooner without refinancing. Rates are much higher now, and the refi gig is over.

That is an option with any mortgage. I was just stating to NMC02 that some mortgage companies will "break" existing mortgages and "refinance" the rest for a fee. 

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FWIW, when I refinanced, it was unexpectedly easy.  I applied with my current lender when rates were lower than I already had, and they simply changed my interest rate on my existing loan.  I didn't have to go through a slough of closing my existing loan, opening a new one, and all the associated costs and fees.  I did have to do a certain level of documentation, but nothing like a normal loan process and everything else with my automatic payments, loan number, etc remained the same.

Would agree right now is obviously not a time to refinance as you are likely lower than current rates, but all good to seek out best rates if you're in the market to buy now. 

Also no issue with the OP posting here, hopefully he can help members while also helping himself!  There are no paying sponsors currently for this very reason, to give members the opportunity to help other members and help themselves.  That's not to say at some future point some random business may want to get listed but not participate in any discussions beyond their services, which maybe I will set them up to advertise at a cost but they won't hold any exclusivity over a market.  Members have to be able to share good deals and services regardless of the seller/company providing it.

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On 1/24/2023 at 5:54 PM, chessie said:

you dont want to know.. rates are fkn crazy

Rates today are well below the historic average of 9%! We had a 12 year period that was artificially low. These are still low but more normal.

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 Giving out a Interest rate is a" fools quote ". Many factors come into play such as  FICO score , LTV, type of property , paying points , on & on ...

When I give out a rate it will be specific to that person's personal situation both credit wise & property type.  Been in the business way too long for the "Quote Game " .  

I invite you to call me to discuss whatever it is that to pertains to financing that's on your mind .  For those that have a felling of discontent because of my post 

please don't call me . 

Thank You 

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