what are the pros and cons? what should i watch out for? a broker friend has offered to refi for us, and it sounds too good to be true. i feel like i'm missing something. anyone know anything about doing a refi?
Thorn Bird said:so all you are really concerned with is the rate? this would be a 30-year fixed, which is what i want, at a rate currently a bit lower than ours is now, and our friend said he'd get it as low as he could go. he said the only reason we might not do this is if we were to move in a few years, which we aren't planninng on doing.
also, is this a big favor from him, or is this just routine act of friendship because he's a broker? is this bringing over a cup of coffee (small, appreciated gesture) or is this taking us out to the finest restaurant in town and treating (huge, appreciated gesture)?
afaik, it doesn't mean anything to you. Happens all the time...Thorn Bird said:also, does anyone know about selling mortgages? do i have to worry about my mortgage being sold? what does that mean for me?
ceiling fly said:He's making money off of you, and probably a good amount too. When did you get the mortgage originally, cause you sorta missed the boat.
Penfed has a 5/1 40 year ARM right now for like 5.5%. An EXCELLENT deal by any stretch these days...
ceiling fly said:He's making money off of you, and probably a good amount too. When did you get the mortgage originally, cause you sorta missed the boat.
Penfed has a 5/1 40 year ARM right now for like 5.5%. An EXCELLENT deal by any stretch these days...
Why not? Normally banks charge a premium for a 40 year, however penfed is offering their 30 year rate for 40 years. Therefore, you get the lower rate, can still pay the 30 year monthly payment, but gain flexability if times somehow get rough...itburnswhenipee said:40 year adjustable? Yarg. No thanks. Sadly, that's almost reasonable in these days of interest only loans.
He's going to give you a better rate than you got 3 1/2 years ago? iirc, that was around the sweet spot. How is he going to get you a better rate now?Thorn Bird said:a 40-year arm? i've never heard of such.
i know he'd be making money off me...i have no problem giving business to a friend. i just want to know every possible thing before i sign.
we got this existing mortage 3 1/2 years ago. we aren't paying pmi, which is why our rate was a bit higher, but it's still not a horrible rate.
Thorn Bird said:also, does anyone know about selling mortgages? do i have to worry about my mortgage being sold? what does that mean for me?
Thorn Bird said:also, does anyone know about selling mortgages? do i have to worry about my mortgage being sold? what does that mean for me?
ceiling fly said:He's going to give you a better rate than you got 3 1/2 years ago? iirc, that was around the sweet spot. How is he going to get you a better rate now?