anybody refi there house, recently?

[shmike]

Originally Posted by RACER X

Just hd dinner w friends and they were in the middle of refi, both had credit scores in the high 700s and 1 of them working and could only get 4.5 for 20 yrs, so what would it take to get a 3.5? 800s?

It is more than just credit score these days (as it should be).

They will also take into account other variables: Income history (sales job? steady income? etc), loan to value ratio, debt to income ratio, available credit to income ratio, etc.

[RACER X]

next ?, we have similar scores, initial house loan is entirely in my name. if we add her, will it make our rate better?

i imagine our debt/income ratio would be alot better

[Gas Man]

Originally Posted by tommymac

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.

Yeah and I'm at 6% from about 3 years ago. Sucks but... my house is about 1/3 upside down. Sucks being I just paid off (for the last 5 years) my condo I sold back then. That cost me $450 a month due to a $35k loss. Blows. Brand new when i bought it, sold it 5 years later.

Originally Posted by derf

wait? what? she does loans? tell her to give me a call

She does it all. She was a branch manager, then collections manager, and now the director of marketing. Email me via the board and I'll get you in touch with her.

Originally Posted by RACER X

Just hd dinner w friends and they were in the middle of refi, both had credit scores in the high 700s and 1 of them working and could only get 4.5 for 20 yrs, so what would it take to get a 3.5? 800s?

That is a perfect tier 1 or "A" score. That is what all rates are set for when advertising.

Originally Posted by RACER X

next ?, we have similar scores, initial house loan is entirely in my name. if we add her, will it make our rate better?

i imagine our debt/income ratio would be alot better

Yeah but only if that ratio needs the help. Otherwise you're shorting yourself in the foot. When you figure out your ratio in the future on something like a car, you both are responsible for the payment. Not half the payment, the entire payment for each of you.

[tommymac]

values by us are way down too, a house up the road just sold for 380k, which is what my mortgage is, kick in the ass is it is a rather nice house so I dont want to know what mine is worht now.

[Cutty72]

Originally Posted by tommymac

values by us are way down too, a house up the road just sold for 380k, which is what my mortgage is, kick in the ass is it is a rather nice house so I dont want to know what mine is worht now.

I could buy my place 3 times for that!

[OneSickPsycho]

Originally Posted by Cutty72

I could buy my place 3 times for that!

Yeah, but who would want to buy a place in ND... let alone 3 places!

[MILK]

Originally Posted by 101lifts2

This is true unless you are taking out a home equilty loan. Then...this is lumped into the revolving credit bucket. This loan is usually much higher than credit card limits.

Home equity lines don't hurt your credit rate either. Never hurt mine, my score is in the 800's and was even before it was paid off. Of course home equity lines are more debt, which is considered with re-fi's or new loans.

[Captain Morgan]

Originally Posted by tommymac

values by us are way down too, a house up the road just sold for 380k, which is what my mortgage is, kick in the ass is it is a rather nice house so I dont want to know what mine is worht now.

Originally Posted by Cutty72

I could buy my place 3 times for that!

I could buy my place 6 times for that!!

[AquaPython]

Originally Posted by Captain Morgan

refi'd mine a few months ago. Got 4.25% on a 15 year fixed. Was previously at 6.875% on 30 year. My payment only went up $30 per month by going from 30 (had 28 years left) to 15 years.

what did it cost you out of pocket to do that?

[LeeNetworX]

Originally Posted by Captain Morgan

refi'd mine a few months ago. Got 4.25% on a 15 year fixed. Was previously at 6.875% on 30 year. My payment only went up $30 per month by going from 30 (had 28 years left) to 15 years.

Really? Who did you re-fi with? What were the closing costs on that re-fi?