Any Bankers or Finance Wizards Around Here?

Shawn Smith Collective

as was just noted, it doesnt sound like it makes sense for to refi if you're selling in 3 yrs. it only makes sense if you actually save money...which means recouping your costs.

whats your current rate? your monthly savings would have be tremendous to recoup the costs AND save so quickly. it just souns like a waste of your money

eyedclaar

pjny wrote:

as was just noted, it doesnt sound like it makes sense for to refi if you're selling in 3 yrs. it only makes sense if you actually save money...which means recouping your costs.

whats your current rate? your monthly savings would have be tremendous to recoup the costs AND save so quickly. it just souns like a waste of your money

Well, initially I was going to do the re-fi with my current lender (Wells Fargo) with no closing costs and no appraisal fee, but I quickly grew tired of their bullshit (not returning calls, being of no use when I did get through) so I basically told them to fuck off and that I would find someone else. Seems I may have acted a little rash... I currently have a 30 year fixed at 6.5% (I'm pretty sure).

JOEJOEJOE

If you do a refi, keep in mind that you lose some tax benefit (since your mortgage interest will be lower), so it is not a dollar for dollar savings.

eyedclaar

JOEJOEJOE wrote:

If you do a refi, keep in mind that you lose some tax benefit (since your mortgage interest will be lower), so it is not a dollar for dollar savings.

Thanks to you and everyone else for the advice. I really appreciate it.

Shawn Smith Collective

eyedclaar wrote:

Well, initially I was going to do the re-fi with my current lender (Wells Fargo) with no closing costs and no appraisal fee, but I quickly grew tired of their bullshit (not returning calls, being of no use when I did get through) so I basically told them to fuck off and that I would find someone else. Seems I may have acted a little rash... I currently have a 30 year fixed at 6.5% (I'm pretty sure).

you can always go back to wells, but be wary of their "no cost" claims...all the major bans are offering this, but there are lots of catches and fluff in the promotion...often you'll find that the only costs included are lender fees, which ultimately is very little. you still end up paying all the 3rd party costs, such as title and settlement. but as you've experienced, the tradeoff wth a bank is lack of service and often inexperienced loan officers.

looks like you have several of us to shoot questions to!