Author Topic: Re-Refinance?  (Read 1780 times)

dadof4

  • Stubble
  • **
  • Posts: 179
  • Age: 44
  • Location: Portland, OR
Re-Refinance?
« on: November 07, 2013, 11:34:57 AM »
So the refinance for my primary residence completed a couple of weeks ago. It's a 5/1 ARM at 3.125, total out of pocket was around $700 (most of that was for an appraisal that couldn't be financed with lender points). Lender was Amerisave,

I looked again today, and rates have dropped another quarter point. If I would refinance again, I'd save around $60 a month on interest charges, or $3600 over the next 5 year. Has anyone done something like this?
Would another lender be afraid to touch a loan that's still warm from the last refinance? Would the same lender be interested? (they already sold my loan to another mortgage company).
Are there credit report consequences (aside from another hard inquiry hit)?

Texas82

  • 5 O'Clock Shadow
  • *
  • Posts: 18
  • Location: austin, tx
Re: Re-Refinance?
« Reply #1 on: November 15, 2013, 11:02:25 AM »
most lenders will require you to wait at least 3-6 months (depends on the lender), especially the company you've already refinanced with.  Your appraisal should be good for 4 months from the day it was appraised, some lenders will charge an appraisal transfer/review fee.  The credit report will be good for 90-120 days at your previous originating lender, however a different lender will want to pull their own credit report on you as it could change in that short time frame (hard hit inquiry).

You may also be charged  origination, credit report, settlement, recording, appraisal review/transfer, transfer tax (depending on the state) fees on your re-refinance.  Of course, if those totaled up to be around your 3600  in interest savings, it wouldn't be worth it. 

ljp555

  • 5 O'Clock Shadow
  • *
  • Posts: 32
  • Location: San Jose, CA
Re: Re-Refinance?
« Reply #2 on: November 15, 2013, 11:23:56 AM »
I'm doing a refinance on my house that I just bought in July. My current lender wasn't willing to refinance with less than 6 months of  payments. The new lender isn't concerned, although I did have to provide more documentation because the mortgage wasn't showing on my credit report yet.

dadof4

  • Stubble
  • **
  • Posts: 179
  • Age: 44
  • Location: Portland, OR
Re: Re-Refinance?
« Reply #3 on: November 15, 2013, 06:27:12 PM »
Thanks for the replies. Rates have floated up a little, so it isn't worth it for now. I'll set up a watch though.
Good to know it's doable, even if it's with a different lender.
You said your refi had a total out of pocket of about $700 but how much did it actually cost you. Usually when banks do these "cheap" refi's they're just rolling in the costs into your loan balance and then charging you interest on them.
I was very careful not to fall in this trap. Mortgage balance before refi and after refi was the same.

The origination fee, title fee, etc, are there. There is also a lender credit that offsets almost all of them (which resulted in a higher rate).

Above 20% equity so no PMI.