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It's going to benefit lenders and bondholders that have seen an insane amount of churn in the market in the last 12-18 months. I refinanced my own mortgage thr
by joezydeco 6y ago
It's going to benefit lenders and bondholders that have seen an insane amount of churn in the market in the last 12-18 months.
I refinanced my own mortgage three times in the last year and a half. Three times! I started 2018 at 4.5% and now I'm at 3.0% (30Y Fixed). And I'd do it again if we got to 2.5%.
But that also means all those bonds that were expecting 30 years of 4.5, 4.0, and 3.5% interest are going to perform lower than promised because my interest money isn't going into those anymore. And we can't have that now, can we?
- joshstrange 6y ago3 times? Dang, RIP your hand. I refi'd in September at 2.25% and the stack of papers I had to sign... not fun. Also I have literally never had to sign my middle name but I had to do it for each signature. I was really hoping they weren't going to hassle me about my signature since it degraded over the course of everything I signed.
- joezydeco 6y agoIt's been way more streamlined than it used to be. And a purchase is always more paperwork than a refi. Because of COVID I was able to do it in the parking lot of the title company with my dog in the backseat. Done in 20 minutes.
- joshstrange 6y agoDang, mine took 45 minutes minimum and we did it in masks in my house. I swear I signed less when I bought the house but there is a chance I'm mis-remembering.
- joezydeco 6y agoI recall we also did a huge bunch of signatures electronically (like the disclosures) ahead of time.