Talking stocks, trading, and investing in general

[imatlas]

Only reason to not do it is if you're considering moving before the break even. That's what we keep running into $4k in closing costs to save .5-.75pts which gives a break even if 1.5-3 years depending on the exact rate savings and closing costs.

And of course once we went through the application process it turned into $13,000 in closing costs. No thank you! $3-$4K I might consider, but that's pushing it.

?

My brother in law the day trader is teaching "the trade" to his youngest son, who is taking a gap year instead of starting his freshman year.

Yeah, this will end well.

 

[venividivicibj]

And of course once we went through the application process it turned into $13,000 in closing costs.

goddamn

 

[jbarwick]

And of course once we went through the application process it turned into $13,000 in closing costs. No thank you! $3-$4K I might consider, but that's pushing it.

My brother in law the day trader is teaching "the trade" to his youngest son, who is taking a gap year instead of starting his freshman year.

Yeah, this will end well.

I am in the $13K range for closing costs on my new mortgage. It all looks like a bunch of prepaying fees you already pay so it should be a wash.

 

[brokencycle]

$13k? Is that because you have something like a 1% loan origination fee or something or extra fees for a jumbo or something? I'm a small timer with a flyover country sized mortgage.

 

[jbarwick]

$13k? Is that because you have something like a 1% loan origination fee or something or extra fees for a jumbo or something? I'm a small timer with a flyover country sized mortgage.

Loan Fees: $3,100 (you can shop these around but protection letter, title insurance, settlement fee)
Taxes and Fees: $4,100
Prepaids: $2,300
Escrow: $4,000

If this was some sort of refi, I'd assume mine would have been something like $7K

 

[Texasmade]

Loan Fees: $3,100 (you can shop these around but protection letter, title insurance, settlement fee)
Taxes and Fees: $4,100
Prepaids: $2,300
Escrow: $4,000

If this was some sort of refi, I'd assume mine would have been something like $7K

Cant you not escrow and prepay?

 

[jbarwick]

Cant you not escrow and prepay?

yes

 

[HRoi]

Thanks for reinforcing to me that I should rip up all these offers no matter how low the fixed rate. Think I’d rather pay off the balance than be out of pocket that much

 

[patrickBOOTH]

I just came on here to say that Computershare sucks.

 

[Texasmade]

I just came on here to say that Computershare sucks.

Scotty Puff Junior sucks also.

 

[PhilKenSebben]

Scotty Puff Junior sucks also.

 

[gettoasty]

All transfer agents are pretty bad I think. Move your shares to a brokerage and be done with it.

 

[tom153]

Thanks for reinforcing to me that I should rip up all these offers no matter how low the fixed rate. Think I’d rather pay off the balance than be out of pocket that much

I think unless your state allows for a bunch of odd fees that the bank or even the state/county can charge, it shouldn't be that bad. You do end up paying transfer taxes and **** like that, but the rest should be things like funding your escrow balance and stuff, but you would get whatever remains in your escrow right now back. You can also ask for a higher rate in return for a lender credit that you put towards your closing costs. As long as the numbers still work out favorably then you're good. Wasn't it @lawyerdad who mentioned that he works with a broker that essentially does this? My take on this is that as long as your rate drops enough and you put whatever you save on your payment towards the principle AND if you're able to cut your mortgage term shorter after doing all this then the refi should be a no brainer, right?

 

[lawyerdad]

I think unless your state allows for a bunch of odd fees that the bank or even the state/county can charge, it shouldn't be that bad. You do end up paying transfer taxes and **** like that, but the rest should be things like funding your escrow balance and stuff, but you would get whatever remains in your escrow right now back. You can also ask for a higher rate in return for a lender credit that you put towards your closing costs. As long as the numbers still work out favorably then you're good. Wasn't it @lawyerdad who mentioned that he works with a broker that essentially does this? My take on this is that as long as your rate drops enough and you put whatever you save on your payment towards the principle AND if you're able to cut your mortgage term shorter after doing all this then the refi should be a no brainer, right?

It was. If anyone is in CA and needs the info, PM me. It’s been a few years since I’ve spoken to him, but I assume he’s still in business.

 

[PhilKenSebben]

it is so exciting to cross 28,000 3 times a day, so much winning!