Refi with Chase

what kind of mtge are you getting?

It'd be nominally 15-year, but really 10-year, as we throw a few spare hundreds per month into principal reduction. That's probably not smart, but laziness, inertia, and the particulars of our expense-divvying make it easy, with no arguing over where else it could go.

I did one and it was very easy.

How long have you been paying 6%, and is that for a 30-year term? I ask because I had a recent discussion of the fraction of borrowers who are "rational" with respect to refinancing, which is about half, and I was wondering what might go on in the head of such a person.

As far as Chase vs. Sunny, who cares? Go with the lowest rate. Do you think the people paying their mortgage originated by the idiots at Countrywide vs. Wells Fargo really have a different experience 4 years down the line? Money is money.

The numbers are so piddley it doesn't seem worth it, but also silly to spend $19K just to avoid a two-hour closing and having to think about it.

I just got some new rates from Chase, will post later.

Ideally, it sounds like you'd want a 10-year fixed and have to do a 15-year fixed as the closest thing. If there were an efficient 10-year fixed market, it'd probably be at 0.25% to 0.5% cheaper I'd guess, to give you an estimate of what it's "costing" you not to take full advantage of the term you're paying for.

Why don't you ask for a quote on a 10/1 ARM, amortized over 30. It might be lower than 4.25 and I would just pay it all off in 10. I have seen some quotes as low as 3.5 but I forget which product.

NWT, got it with "piddley". When you have a lot of money, it sometimes helps to translate things into "Shit, that's 10 nice dinners for two each year. I'm not going to give some fucknut lender that for free!"

nyc10023, I am guessing the extra credit risk baked into a 10/1 is going to offset the interest rate advantage almost exactly. But, it doesn't hurt to shop all products.

I like www.mortgage-x.com for the calculator. Why should you pay any closing costs other than the tip? Does,kt Chase have a free, no-docs, loan mod for co-op refis?

Thanks all. Agree it'd make no sense to pay a 15-year rate when it'd be paid off in 10.

Inonada, we're definitely in the irrational camp, and always do what's easiest. That's 32 years of conflict-avoidance about money.

The 6% is from 2004 and was 30 years but will end up being 18.

why don't you just go for a 7/1 ARM then. you'll get a better rate then a 15 yr mortgage and with additional payments will be done in 8. if you get a 3.75% rate, even if it bounces 2% in the 8th year, who cares.

Wow, even more to think about. I just told fartso to throw all this back at the Chase guy and see what he comes up with. At this point -- a whole hour of thinking about money -- I'm inclined to just pay off the lousy $138K and be done with it, but we've got an upcoming charitable hit and I'd be anxious with everything else in 401(k)/403(b).

I had a mortgage with Chase on my beach house a decade ago, and they were fine, but I've never done a refi with them.

However, if you're thinking about using Sunny -- who I highly recommend -- why not pose the question to him and see what he can do for you on rates?

ali r.
DG Neary Realty

You can get a 10 Year Fixed at 3.25%. Why take anything else?
Feel free to contact me -
Chris Potter
GuardHill
646.519.7551
cpotter@guardhill.com

So, we closed yesterday. $141K 4% 15-year fixed, 10.4% LTV. Then there's a $500-per-year kickback (in exchange for Chase's pulling the payment from my account rather than my pushing it) which shaves a tiny bit off the rate.

Closing was just half an hour with Chase's lawyer. Next time OCD kicks in I'll list the tens of documents that cover Chase's butt against any eventuality.

No problems with the Chase people. You do have to check and question everything on the preliminary projections, but that's standard. Apparently there's some higher loan-amount slot that would've given us a lower rate. A small loan results in less revenue, and that's factored in.

What surprised me, with this appraisal as with the previous one, is how little of a factor condition is. Our place hasn't been touched in 20 years, with several unfinished projects, yet it's still called good/average condition. If I were selling I'd knock a couple hundred thousand off the tarted-up comps, but the appraiser wouldn't.

NWT I am so happy at least you drink the Cool aid that you sell.

Bernake we got another one on the hook. Let's reel her in!

Chase has recently contacted me about doing a refi and I am interested. NWT mentions that it was 30 mins with the Chase lawyer - I assume that is standard (ie no lawyer of my own, no big drawn out closing etc) - is that correct? Does the coop have to be involved (I will notify them)? I have never done a refi so I have no idea how complex/easy it might be - any guidance would be appreciated.

Hi Emmitt,

To answer your question, yes refinance closings are much quicker than purchase closings and yes, you must re apply through your coop board. I work for a direct lender. Feel free to email me at rsd31783@gmail.com.

-Randy

Emmitt, you should contact your management company and ask them what your coop's process is for shareholders to refinance. You will likely need board approval. Make sure your coop is currently approved with the bank you're looking to refinance with. The actual closing may only be 30 mins but to get to the closing table may take 30-90 days on refinances with some lenders. sunny.hong@bankofamerica.com

Refi close is easy. Most of the work is in getting the required docs for bank from management coop/board: coop questionaire, hazard insurance, financials, your app/financials, etc. and paying all the fees - everyone will have one. I just did mine w/no board approval just fees for management company.

Make sure your current loan doesnt have prepayment penalties. The bank will do the rest and get you the commitment letters, payoff letters etc.