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How hard is Haas to get into?
JPMorgan Chase recently introduced a policy change to increase the notice period to 60 days. I'm a 602 and resigned recently and yet my LWD is showing up as 30 days from now. Anyone recently resigned can confirm if they are facing the same or new policy is in effect. This is causing confusion with the next companies I'm interviewing with.
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Are the <3.5% rates gone for good?
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Mentor
I’ve done no fee loans and never rolled fees into principle but paid a higher rate. You need to think about whether it’s likely that you will refinance again down the road and what that fee looks like if you only spread it across the time before your next refi.
Subject Expert
How much is your property worth? How far into your amortization schedule are you?
You could refinance now and probably drop a significant amount from your monthly payment. That being said, you can calculate the cost of the refinance against the savings to figure out a break even timeline.
Also, a “no cost” refinance often just takes the fees and rolls them into the principal of the new loan, so you’ll be paying interest on those fees. If you can, you should try and just pay the fees up front to avoid compounding them.
No one can answer for you, esp as rates may continue to come down. You should calculate for yourself what the payment would be under the new terms and how much longer the loan would run. I have refi-ed many times. Personally, I would start thinking about if I can do no cost/ no fee and pick up at least 50 bps. I always did no cost no fee as in the last 20 years rates often would continue to decline and you may very well be refi-ing again within a year or two. At the very bottom, I should probably have paid fees and a point, but who can tell where the bottom is. The reduced monthly payment if you refi will be caused by both change in rate and (presumably) the re-amortization of your loan over a new 30 years. I always understand how much is from each, but have no issue with improving CF through re-amortizing and this is one of those things people don't consider in rent vs. buy that they should.
Mentor
Maybe wait until the next fed announcement? If they signal more rate cuts, then keep holding out until they say they’re holding steady
There's a risk reward period. How long are you going to hold the property?
3-4 years! Max 5
If you are selling the property in 5 years- then.....How many years will it take to repay the refi fee ($10k plus) ..... my opinion... keep paying .... and move