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Refinancing - Points vs No Points

Discussion in 'Road Side Pub' started by 72MachOne99GT, Nov 24, 2020.

  1. lOOKnGO

    lOOKnGO Keep'um smiling Established Member

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    Wow! The wife talked with someone to pull some equity out. They said up to 90 days. Seems it could be attributed to everyone trying at the same time. Thanks

    Anyone else?

     
  2. 03cobra#694

    03cobra#694 I Have LL’s Hammer Staff Member Super Moderator

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    Call Quicken, trust me.
     
  3. 72MachOne99GT

    72MachOne99GT Well-Known Member Established Member

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    They’re one of them we talked to. Their initial closing cost was like 5500.

    Lost me real quick.
     
  4. PhoenixM3

    PhoenixM3 Hello Kitty Slayer Premium Member Established Member

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    Less than 1 month for primary residence.
     
    lOOKnGO and 72MachOne99GT like this.
  5. 03cobra#694

    03cobra#694 I Have LL’s Hammer Staff Member Super Moderator

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    Wow, times have changed I guess. They were awesome when we did a refi years ago. Great when we paid off the house a few months ago too.
     
    PhoenixM3 likes this.
  6. nickf2005

    nickf2005 Well-Known Member Established Member

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    Congrats. Im going to buy myself an incredible bottle of bourbon when we finish ours. Maybe even a Pappy...

    Sent from my SM-G975U using the svtperformance.com mobile app
     
    BOOGIE MAN likes this.
  7. BOOGIE MAN

    BOOGIE MAN Logic and Reason Established Member

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    That van wink, my man

    Posts and likes are not mine.
     
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  8. nickf2005

    nickf2005 Well-Known Member Established Member

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    Had my first a few weeks ago on the trail... was the best tasting drink I've ever had.

    I have two buddies who have gotten me into the scene the last year. The shelves belong to one... bar another.

    I think there is a bourbon thread floating around, but maybe it's time for a new one. 20201006_145806.jpeg 20201103_191526.jpeg 20201103_191538.jpeg 20200905_174656.jpeg

    Sent from my SM-G975U using the svtperformance.com mobile app
     
    rotor_powerd and BOOGIE MAN like this.
  9. 72MachOne99GT

    72MachOne99GT Well-Known Member Established Member

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    For ****s sake...

    I have a pretty nice bar, but it doesn’t look like that.
     
  10. nickf2005

    nickf2005 Well-Known Member Established Member

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    I know.... the guy who has the white shelves has been in it for a while. Those are just his unopened bottles. He treated us to a tasting two weekends ago...

    That Blanton's Straight From the Barrel was killer. The OF SiB was quite the surprise as well.

    Sorry, as I didn't mean to hijack your thread. 20201108_115036.jpeg 20201108_130304.jpeg

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    BOOGIE MAN likes this.
  11. JetmechF16

    JetmechF16 Under Pressure Premium Member Established Member

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    Just closed on a VA IRRRL refinance, took 13 days, got 2.25%/30 no points. After lender's credits and current escrow refund it will have cost about $3k so should break even in 1 year.
     
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  12. nxhappy

    nxhappy Well-Known Member Established Member

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    "buying" a point is such a scam, just a way for them to make money. Remember, YOU have the balls and decision making, tell the bank to **** off. PLENTY of lenders out there, who will take a 15 year loan WITHOUT points paid. You should be able to find ZERO closing costs and zero points paid.
     
    Crimson2v likes this.
  13. 72MachOne99GT

    72MachOne99GT Well-Known Member Established Member

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    15 years @ 2.375 Par rate... 0 points

    But, if I can drop a couple grand up front to lower a 211,000 loan a half percentage point.... I think it’s worth it.

    This is the house my wife and I are going to be in for awhile.
     
    Crimson2v likes this.
  14. RDJ

    RDJ ZERO shits given Established Member

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    points in your case are simply interest paid upfront rather than over the life of the loan. it lowers your payments and provides the bank with more money up front.
     
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  15. ford fanatic

    ford fanatic Four Eyed Freak Established Member

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    A couple months.
     
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  16. Blk04L

    Blk04L . . . Premium Member Established Member

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    Mine took 3 months but the loan advisor was retarded. Holding up the process cause he couldn't read the dates on my paystubs.
    "Why are the numbers different?" On paystubs submitted in July and then in early September...

    But at least when it came to closing the interest rate got dropped 0.5% due to newer market rates so can't complain there.
     
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  17. MG0h3

    MG0h3 Well-Known Member Established Member

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    Points are simply prepaid interest. The only “scam” is that most home owners move every 7yrs.


    Sent from my iPhone using svtperformance.com
     
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  18. ford fanatic

    ford fanatic Four Eyed Freak Established Member

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    Right, it's not a scam. It actually works out very well the longer you stay in the home.
     
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  19. rotor_powerd

    rotor_powerd Well-Known Member Premium Member Established Member

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    Me and a couple buddies spent a few days in Lexington the other week. Didn't get to do too many tours/tastings as everything was either booked or closed but Maker's Mark was incredible. I'd love to go back and hit some of the others we missed. Those are some great looking bars
     
  20. lOOKnGO

    lOOKnGO Keep'um smiling Established Member

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    Right. Relative to the rate settled on and length of the loan.
     
    ford fanatic likes this.

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