Interested in refinancing your home???

"Deal Killer - Powered by Focus" (dealkiller-ii)
03/09/2020 at 21:50 • Filed to: None

Better get ready to wait for a while, appraisers are swamped, and I can only work so fast . If my market, NW Ohio and S.E. Michigan, is typical for the rest of the US, it’s crazy right now. Everyone of the appraisers in my office is two weeks out, at least, for scheduling appointments right now, and the spring/summer selling season hasn’t really even started yet. I’m viewing six homes tomorrow, and have to get all of them finished by the end of the week. I have four more homes set for next week already, and all of my clients are sending me at least 3 - 5 appraisal requests per day. If Covid-19 doesn’t completely tank the economy, its going to be nuts.

DISCUSSION (24)

ttyymmnn > Deal Killer - Powered by Focus
03/09/2020 at 22:02

If Covid-19 doesn’t completely tank the economy, its going to be nuts.

Well that’s the question, right? We’ve had market crashes before, but I don’t think we’ve had one due to a pandemic.

RiceRocketeer Extraordinaire > Deal Killer - Powered by Focus
03/09/2020 at 22:03

yes, and I figured.

The Ghost of Oppo > Deal Killer - Powered by Focus
03/09/2020 at 22:04

So it’s really happening? I saw a friend from high school post on facebook offering his company’s services for refinancing . I guess I should give him a call

gmporschenut also a fan of hondas > Deal Killer - Powered by Focus
03/09/2020 at 22:05

If interest rates drop, you might even be in more demand

facw > Deal Killer - Powered by Focus
03/09/2020 at 22:09

If COVID-19 completely tanks the economy, interest rates will be lower and people will have a harder time paying for existing mortgages, so I’d think it would just make things even crazier for you.

ranwhenparked > ttyymmnn
03/09/2020 at 22:11

The S&P dropped 14 points in the 2 months after SARS broke, but the dip didn’t last long.

OPPOsaurus WRX > Deal Killer - Powered by Focus
03/09/2020 at 22:11

aw shit, i forgot that was part of it. I was just talking with the guy who set up the mortgage from when I bought the place a few years ago. Too bad I just cut apart my stair. Not that it was up to current codes, but now its even less compliant.

Kinja'd!!!

I’m sure i’ll have it done my the time however, my house should appraise for a ton ov er wha t I paid for it with a ll the work I’ve done. I know nothing of this s tuff though so I’m kinda trusting this guy to do whatever hes going to do. I have 27 yrs left and I dont want to increase my payments but I also dont want to rest to 30 yrs. I guess I could get around .75% lower than what I have now.

SBA Thanks You For All The Fish > ttyymmnn
03/09/2020 at 22:14

Well, there was that dust-up in 1919

https://en.wikipedia.org/wiki/Spanish_flu

that led to this...

https://en.wikipedia.org/wiki/Depression_of_1920%E2%80%9321

WilliamsSW > gmporschenut also a fan of hondas
03/09/2020 at 22:15

Interest rates can’t drop much further. I was talking to a guy about a 5/1 arm last week at 2-7/8%. I’m hoping today dropped it further maybe.

lone_liberal > Deal Killer - Powered by Focus
03/09/2020 at 22:29

We already did. We thought 3.25% was going to be the low point. We were wrong. We didn’t need an appraisal anyway due to the streamlined VA thing.

Snuze: Needs another Swede > lone_liberal
03/09/2020 at 22:32

I'm thinking about doing the VA refi. Going to be talking with my mortgage guy later this week.

ttyymmnn > SBA Thanks You For All The Fish
03/09/2020 at 22:36

Are the two directly related though?

lone_liberal > Snuze: Needs another Swede
03/09/2020 at 22:38

Ours was pretty painless other than the marathon signing session at the end. I swear there were more forms than when we bought the damn place.

Snuze: Needs another Swede > lone_liberal
03/09/2020 at 22:42

Oof. Better bring my liquid cooled pen. I swear I signed almost as many forms when we bought the house as I did when I enlisted.

The interest rates are good right now but we're also thinking about changing the length of the mortgage. Our guy was talking about 15 years but that may be a bit much, Im curious if they can do 20.

SBA Thanks You For All The Fish > ttyymmnn
03/09/2020 at 23:29

It’s interesting that the “official Wiki history” didn’t mention it at all but personal history via my great grandfather absolutely dwelled on the sheer casualties (and the defacto ‘isolation’ of large swaths of the modern world that cut off trade-and-transportation in hopes of slowing the expansion of the virus.) due to the Spanish Influenza.

Between 17-100 MILLION died... it’s hard to fathom that it didn’t have a contributing factor in slowing economic activity, especially since the epidemic wasn’t really over until almost 1921. We think in terms of The Roaring ‘20s, but it must have been grim all over the Western World to have the casualties piling up.

Poor_Sh > Deal Killer - Powered by Focus
03/09/2020 at 23:38

Getting another .5% off as we speak. Since buying last April I will have gotten a whole 1% down!

davesaddiction @ opposite-lock.com > WilliamsSW
03/10/2020 at 09:43

Crazy.

davesaddiction @ opposite-lock.com > OPPOsaurus WRX
03/10/2020 at 09:44

Any way you could swing a 15 at the lower rate?

davesaddiction @ opposite-lock.com > Poor_Sh
03/10/2020 at 09:46

Nice, but how long will it take you to recoup the cost of refinancing twice?

functionoverfashion > Deal Killer - Powered by Focus
03/10/2020 at 10:20

Yup, we’re talking about it. We’re 10 years in, so have enough equity to cash-out refi and finally build a garage, without changing our monthly payment, maybe even lowering it.

OPPOsaurus WRX > davesaddiction @ opposite-lock.com
03/10/2020 at 10:54

i kinda doubt it, despite how awesome it would be to kill it off in 15 yrs

davesaddiction @ opposite-lock.com > OPPOsaurus WRX
03/10/2020 at 10:59

Yeah, I think it’d work out to ~ 1.5x your current payment (that’s assuming a full point drop) - not insignificant!

Poor_Sh > davesaddiction @ opposite-lock.com
03/10/2020 at 17:59

0 seconds. Mortgage company covered closing costs both times.

davesaddiction @ opposite-lock.com > Poor_Sh
03/10/2020 at 21:30

Very nice!!