from the uneducated.....is now the time?

and what exactly does it do?

Ramsey

PM Ramsey and discuss it.

Good subject and I'll jump in. Built a house and financed the place for 30 years (yeah be long dead by then) a year and a half ago. 4.25% loan. . Checked last week and financed , or will have it done this week, 15 year with points and payments went up $50 bucks a month. 2.5%. Can't wrap my head around that one. Chase Bank. The old loan was with Quicken/Rocket and they couldn't touch it.

One upper. I paid mine off.

I read where a lot of lenders are raising advertised rates to turn people away - when rates dropped a few weeks ago they got inundated with refi's and they physically can't handle anymore.

I'm actually a little strapped at this time. Considering a reverse mortgage. Think Ramsey could arrange that?

That's usually for folks that need money to help with their finances and living expenses not Daddy Greenback.

Yeah cut my finance time in half with very little monthly increase.

I can pay it back in the fall.

We know your poor immigrant dad gave you $20,000 to pay off your square house

I owe $123,000 on my crib, payment just went up to $1200 mo. something about my Escrow, I HATE being a dumbazz but this is why there are professionals. Finding one to trust is another thing. I

I think Ramsey is covered up

Just like my Morgan Stanley lady, she couldn't stutter fast enough. Turns out, her bosses see her emails and when they see all mine, they call her in to see why I'm so mad. She begged me just to phone her.

off topic
what pizzes me off she said before the Coronavirus, I was at my highest portfolio balance (like most of yall), She said "you should have taken profits then" I said YOU are supposed to tell me this. Jeeeeezus

anyway.............

Aren't your taxes frozen? if your over 65 they should be. Did your insurance go up? Look at your rate and see if it would save you money to refi at this time. There are plenty of websites out there with loan calculators that will let you play with different scenarios. PM me if you want to visit. I'm not a lender, but it's not too hard to figure out if it would save you money.

This. You should've got in it a week or 2 ago. Rates have gone back up. I got locked in & will be lowering my mortgage rate ~$320/mo, with a savings of ~$115K over the life of the loan.

I did about the opposite. My move in cost was $90,000. I had $50,000 cash from the sale of my previous house. I used it to pay down my mortgage to $40,000. Friends were advising me to invest the $40,000. I choose the lower payments. It was the feeling I got.

Don't get me started on escrow.

What rate did you get?

My lender is still offering 3.5% on a 30 year and 2.6 on a 15.

If that is from today, lock it in today.
I went from 4.125% in Dec. '16 to 3.375% a week & a half ago. 30 years.

Fake news....

That is from today. I looked into the refi, for the cost of having to get an appraisal, survey etc. and the fees it was cheaper for me to up my payment about the same amount as going to a 15 year would and just pre pay it. Im not going to refi. My current is 3.75% I got lucky when we bought back in '12

I concur

Caught.

A reverse mortgage loan isn’t some kind of trick to take your home. It’s a loan like any other. The big difference is how you pay it back.

rates aren't that low anymore if you can get that lock it in

We got a lock but it was up to 4.5% as of Friday

We started the refi process 2.5 weeks ago and have the appraiser coming out tomorrow. I got 3% for a 15 year cash out refi. I’m real curious if rates will continue to drop and if they are going to go with the lower rate. I have a call into the guy now (like everyone else I’m sure that has a loan open with him) to see if we are able to float-down the rate. If anyone finds out what current rates are, please post keep posting them up.