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lunarhamster

4037 Posts

Posted - 05/14/2008 : 3:23:51 PM

Hello Kathy,

I am a co-worker of blank blank. She was telling me about the work you did for her on her house. My situation is a little different, but I thought I’d see if you could help.

I’ve been in my new townhome for five years tomorrow. I have refinanced once. I had an ARM and wanted to get out of it. My current rate is 5.75(?) and I am still interested in getting it lowered. The purpose of my need to refinance is to get my monthly payment down (currently $756/mo) so that I will be able to continue paying it as I get older. I am secure in my job, but still, I’d like to have more control over my money as time passes.

My balance is about $96,000. I would be willing to pay it down a little if that would help lower my payment. I am looking for a no closing cost loan, but am willing to chat.

My office phone is listed below.

Thanks for giving this some thought.

Blank

MisterVA

6634 Posts

Posted - 05/14/2008 : 3:26:08 PM

Well, Kathi, sounds like the biggest no-brainer in the history of earth.

lunarhamster

4037 Posts

Posted - 05/14/2008 : 3:29:57 PM

NEXT PLEASE

dkendall1979

10294 Posts

Posted - 05/14/2008 : 3:37:05 PM

If I were her, I'd be a bit insulted that you posted this on a public forum.

I'd of done the same, but just sayin.

lunarhamster

4037 Posts

Posted - 05/14/2008 : 3:37:54 PM

uh huh!!!!

MisterVA

6634 Posts

Posted - 05/14/2008 : 3:41:00 PM

I can see why you are angry. She misspelled your name.

mantixmortgage

2717 Posts

Posted - 05/14/2008 : 3:44:31 PM

i wish i could pay $756 a month for a house

lunarhamster

4037 Posts

Posted - 05/14/2008 : 3:48:50 PM

quote:
Originally posted by dkendall1979

If I were her, I'd be a bit insulted that you posted this on a public forum.

I'd of done the same, but just sayin.

Oh come now, I took her name out as a courtesy. I had to post it so we could all have a laugh.

MisterVA

6634 Posts

Posted - 05/14/2008 : 3:49:46 PM

quote:
Originally posted by mantixmortgage

i wish i could pay $756 a month for a house

You COULD if you had an Option ARM..

mantixmortgage

2717 Posts

Posted - 05/14/2008 : 3:52:27 PM

i know, what kind of californian am i?

lunarhamster

4037 Posts

Posted - 05/14/2008 : 3:56:30 PM

quote:
Originally posted by MisterVA

quote:
Originally posted by mantixmortgage

i wish i could pay $756 a month for a house

You COULD if you had an Option ARM..

Then she would pay the minimum every month and blame me when she owed more than it was worth.

People like her would NEVER do an option arm, Interest only NEVER... you can tell by her e/ml, she's a 30 year fixed kinda lady, especially after that ARM she had. those damn Mortgage Brokers.

MisterVA

6634 Posts

Posted - 05/14/2008 : 4:00:55 PM

Wasn't referring to her. Glad I have $799 PITI with 10 years to go.

lunarhamster

4037 Posts

Posted - 05/14/2008 : 4:27:02 PM

Oh, I get it now.

Gotcha!!!

MARKJOLLIFF

393 Posts

Posted - 05/14/2008 : 4:36:19 PM

I'm a 30 yr fixed guy. I refinanced 4 times and each time into a 30 yr fixed. I wish I wouldn't have been so conservative as I could have saved some cash and payed down more principle with the low teasers for a while.I could have just added the money I saved on the teaser rate to the principle. Anyway I did end up with 5.3 for 30 yrs so I guess I can't complain.

racerx

11454 Posts

Posted - 05/14/2008 : 4:48:15 PM

Kathi, I had a call like that yesterday.

4.75% and wants to refi to lower her payment. She thinks $1500/mo is too high and would like to pay $1000.

ski2313

750 Posts

Posted - 05/14/2008 : 4:54:59 PM

Well, 6.5% with no closing costs is about your break even point today.

Back on that one day in January when 5.75 was paying 2.98ysp would have been a good time for her to call heh

MisterVA

6634 Posts

Posted - 05/14/2008 : 4:59:28 PM

Then there is that American Home Equity chick hawking 5% loans with declining rates as recently as today. No wonder there is so much consumer confusion. No APR quotes of course.

rtrefflich

3414 Posts

Posted - 05/14/2008 : 5:08:27 PM

I heard that guy on the radio again today, I just can't stand him

I'll bet this lady is one of those that took the ARM because she saved $100 a month or so and now she's complaining because it's going to recast. I only wish my mtg payment was under $800 a month

quote:
Originally posted by MisterVA

Well, Kathi, sounds like the biggest no-brainer in the history of earth.

lunarhamster

4037 Posts

Posted - 05/14/2008 : 5:10:27 PM

quote:
Originally posted by racerx

Kathi, I had a call like that yesterday.

4.75% and wants to refi to lower her payment. She thinks $1500/mo is too high and would like to pay $1000.

Heck, thats even funnier than mine.

Even at 6.5% no cost, with a 96K loan amount, if I made 3 on the back, well.. that's $2880 , it would be cutting it pretty close, actually, I just put it all in point to see what the CC would be, I figure $4081.. with 1% orig, 350 appraisal, 495 processing, 20 for credit, 695 underwriting, 700 title ins, 200 for 2 months taxes, 15 days of interest, closing fee 250, rec fee 151

I would need to make 4.5 on the back to cover all CC, no room for me to make anything, so I would get $960.00 orig, my comapny takes $750, my big profit would be $210, then after taxes, well.... I could go to dinner with my husband.

goodguy1

1654 Posts

Posted - 05/14/2008 : 5:19:30 PM

the funny thing is that people can be so clueless.
If her balance is < $100k, she would have to save over 1.5% in rate just to make a dent in the payment..
(this isn't happening)

but then of course she wants no fees too..

That's when I jsut say, I really don't think there is a net tangible benefit in doing this refinance...and I move one.

clarenceworley

4231 Posts

Posted - 05/14/2008 : 5:26:42 PM

I am just as clueless about other industries as she is about ours.

I am sure a bunch of "Sr. Loan Officers" would spend all day with their equally ignorant Manager trying to figure out how to sell this lady a loan.

lunarhamster

4037 Posts

Posted - 05/14/2008 : 6:10:05 PM

quote:
Originally posted by clarenceworley

I am just as clueless about other industries as she is about ours.

I am sure a bunch of "Sr. Loan Officers" would spend all day with their equally ignorant Manager trying to figure out how to sell this lady a loan.

I gave her the courtesy of an 2 minute e/mail, told her I'll keep an eye on the rates!!!

financeone

1646 Posts

Posted - 05/14/2008 : 6:29:55 PM

quote:
Originally posted by lunarhamster

quote:
Originally posted by clarenceworley

I am just as clueless about other industries as she is about ours.

I am sure a bunch of "Sr. Loan Officers" would spend all day with their equally ignorant Manager trying to figure out how to sell this lady a loan.

I gave her the courtesy of an 2 minute e/mail, told her I'll keep an eye on the rates!!!

Yeah, you do that. Then when fixed drop to 5.25%, she'll think she deserves 4.75%. But I'm sure she'd send you tons of referrals!

cspatmon

2149 Posts

Posted - 05/14/2008 : 6:31:59 PM

I'm a senior and I don't work for free!

Mandyvilla

3453 Posts

Posted - 05/14/2008 : 6:54:07 PM

But did you thank the co-worker that brought you the referral?

(I started to say the above jokingly, but it's always a compliment)

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