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Refinancing a Home
A group for anyone considering refinancing their home and wondering whether it pays.
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Alberto Zaltzberg
InformaciónThe appraisal came in low. What actually happens next
The appraisal came in low. What actually happens next A low valuation changes the loan-to-value and therefore the terms. There is a process for challenging it, and it is not an argument. From the Adonait Digest. Full story: https://www.adonait.com/news/9725
Alberto Zaltzberg
InformaciónRate-and-term or cash-out: the lender treats them as different loans
Rate-and-term or cash-out: the lender treats them as different loans Taking equity out changes the pricing, the maximum loan-to-value and sometimes the approval itself. It is not the same transaction with a bigger number. From the Adonait Digest. Full story: https://www.adonait.com/news/9771
Alberto Zaltzberg
InformaciónThe break-even month is the only refinance number that matters
The break-even month is the only refinance number that matters Closing costs divided by monthly saving. If the owner sells before that month, the refinance lost money regardless of the rate. From the Adonait Digest. Full story: https://www.adonait.com/news/9724
Alberto Zaltzberg
DebateA position: the only math that matters in a refinance is how many months it takes to earn back the cost, against how long you plan to stay. Everything else is conversation.
Alberto Zaltzberg
CasoA case: they offer to lower your payment, with closing costs you earn back in 31 months, and you plan to sell in two years. Do you refinance anyway? What changes if instead of lowering the payment you take cash out?