Mido

Thx hegemony. At some point I felt like doing it so I don't look bad in front of the loan officer but honestly who cares? Your approach makes sense to me. They are adding $4000 extra on the loan from $383K to $387K and another 15 months to the loan maturity date from 8/2049 to 11/2050 and also those closing costs of $2000+ all for $8 less a month and only 0.5% less and on top still keeping the PMI. I'm now convinced that this is refinance isn't the greatest option at the moment. Sent from my SM-G892U using Tapatalk

@cv91915 Did I get that right? Current loan: Interest 1,040.11+ 265.36 PMI = 1305.47 x 60 = 78,328 (5yrs) Interest 1,040.11+ 265.36 PMI = 1305.47 x 120 Months = 156,656 (10yrs) New Loan: Interest 888.13 + PMI 267.11 = 1155.24 x 60 months = 69,314 (5yrs) Interest 888.13 + PMI 267.11 = 1155.24 x 120 months = 138,629 (10yrs) Saving on interest Current VS New: $78,328 - $69,314 = $9014 (5 yrs) = $1803/yr saved in interest = $150/mo saved on interest. $156,656 - $138,629 = $18,027 (10 yrs) = $1803/yr saved in interest = $150/mo saved on interest.

Saving interest on the long run. from 3.25% to 2.75%

@cv91915 Am I doing this correctly?? Current loan: Interest 1,040.11+ 265.36 PMI = 1305.47 x 60 = 78,328 (5yrs) Interest 1,040.11+ 265.36 PMI = 1305.47 x 120 Months = 156,656 (10yrs) New Loan: P&I 1582.13 + PMI 267.11 = 1849.24 x 60 months = 110,954 (5yrs) P&I 1582.13 + PMI 267.11 = 1849.24 x 120 months = 221,909 (10yrs)

Let me do that . So just add up the interest + PMI for 5yrs and 10yrs (current loan) and do the same for the new loan. The escrow shouldn't be in calculation. am i correct?

@cv91915 My October Mortgage statement shows $265 Insurance Premium Disbursement. This is the PMI am I correct?

You're right and I'm not in it just to save $8.00 monthly but I was thinking if its worth it thru the loan term (30 years) to save on the interest rate from 3.25% to 2.75% thru the loan term especially the closing costs aren't that bad and also since I'm planning to live in this property for the next 5-10 years. I dont think i would be eligible for a conventional loan in a year or so. Maybe longer but definitely not a year.

There's a PMI I just don't see it. I'm positive there is I guess my goal is to significantly save on the interest rate from 3.25% to 2.75% thru the loan term and since i am planning to live in this property for the next 5-10 years.

Hello CV and everyone, Wanted your brutal opinion because I am in the process of refinancing my FHA loan and just received the loan closing disclosure (CD) today but wanted to know if I'm doing the right thing and/or its worth it or Not. My current FHA loan as follows: Appraised Property Value $400K Current Loan interest rate is 3.25% (closed this loan 13 months ago) Original Loan Amount $393K Current Principal Balance $383K (30yrs loan and nearly 29 yrs left). Loan Maturity date 08/2049 Current Monthly payment $2400 (Principal $671+ Interest $1,038 + Escrow $690) VS. My FHA refinance loan will be as follows: Appraised Property Value $400K New Loan interest rate is 2.75% Original Loan Amount $387K Principal Balance $387K (30yrs loan). Loan Maturity date 11/2050 New Monthly payment $2391 (Principal + Interest = $1,582 + Escrow $542 + PMI 267) Cash to close from borrower (me) $2089 Thank you all for your feed back.

You're right, I was shopping for a house in 2019 and I asked you guys here about it. I got the house as FHA loan and put down the minimum 3.5% I can find out if there is an equity (I said probably not really sure above) because I'm still new at this mortgage and stuff but if there is how should I do that? If not, what would be the next step handling NFCU CC? Sent from my SM-G892U using Tapatalk

Probably can but I don't think it's feasible. Current HELOC rates range between 3% and 21%, depending on the borrower's creditworthiness. I don't have perfect credit and I assume will end up with a rate of more than 10% Sent from my SM-G892U using Tapatalk

Hello everyone, Its time to man up and not being too proud to ask for help so thank you again in advance. I have been building my credit since 2015 with an ultimate goal of 1) clearing the baddies (all gone except one late payment in 2016) and 2) buying a house (which I did last year (NOT with Navy Federal) with a very low FIXED Interest rate of 3.25% if you're wondering how low it is I said it once and i am saying it again; I could've NOT done that without the help of this Board and the experienced members who walked me thru it all. However, seems like I need your help again with my NFCU CC. I have $16k in CC debt with NFCU and the minimum payment is getting me to 2 place places 1) No where, and 2) to the point where I can't afford it anymore. My NFCU CC APR is 14% which results in roughly $190/month (interest alone). In the year 2019 alone, I paid $2300 (Interest Only). I heard about Settling Credit Card Debt with Navy Federal Credit Union but this option requires you to miss payments in order for you to settle with them which I do NOT want to pursue (I never missed a payment actually since I got their card years ago). also, I read about NFCU financial counseling, where you fill out a Personal Finance Information Sheet and a Financial Counselor contacts you to discuss your option. Now it might sound dumb but hear me out, I can get a loan from my retirement account (max $5,000 with an APR of 6.5%) to pay off SOME of this NFCU CC debt as lump sum and if done this retirement loan monthly payment will be deducted from my paycheck on a payment plan from 1 to 5 years (I choose the term). Can you help me with any of the above options if you think its worth it? Or should I let NFCU go?

As @cv91915 said "I would ask anyway" I mailed a goodwill letter to the CEO of Toyota North America himself (Michael R. Groff) twice (1 times in 2018 and 2017) and I got a nice mailed letter from his office that says "No, We Can't do it unless its an error". Give it a try and you never know. but I personally gave up and carried on.

That sucks .. I went through my handwritten notes (almost 2 years old notes) and I found the number for that Optima Program. Give them a call and I hope whoever answers DOES KNOW about the OPTIMA CARD - Regain Card Membership. call this number Optima Card App 800-592-1176 and/or this number 800-230-1284 and after verifying yourself the first person who answers ask him/her if she know about this program so you dont waste your and their time. Report back here if successful. Good Luck

Thanks WhyChat. I will settle with with OC. I was trying to buy time and stopping them from reporting it on CR