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Mortgage refi

Discussion in 'Off-Topic Discussion' started by Njmike13, Mar 5, 2020.

  1. Mar 5, 2020 at 10:37 AM
    #1
    Njmike13

    Njmike13 [OP] New Member

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    With rates so low has anyone taken advantage of lowering their payments? We're going to be able to lower our payment by a few hundred dollars and shorten our term.

    More cash for mods!
     
  2. Mar 5, 2020 at 10:39 AM
    #2
    TheBeast

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    same here. it's gonna go lower. That virus is gonna hit the economy pretty hard. I would wait a bit.
     
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  3. Mar 5, 2020 at 10:39 AM
    #3
    The Californian

    The Californian My Truck is White but my Predator Tube is Black

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    Yah, even after refinancing last year - we are going to refinance again because the rates are so low.
     
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  4. Mar 5, 2020 at 10:41 AM
    #4
    TheBeast

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    I'm still shopping for mortgage companies, any of you guys try one of those online companies like better or owning ? what is the catch vs regular loan officer.
     
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  5. Mar 5, 2020 at 10:46 AM
    #5
    Njmike13

    Njmike13 [OP] New Member

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    I got the best rate from my current lender. 2.75% 0 points for a 15 year mortgage. Check ally financial online. They were close. They had slightly higher rate but cheaper fees.
     
  6. Mar 5, 2020 at 10:54 AM
    #6
    The Californian

    The Californian My Truck is White but my Predator Tube is Black

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    I'm curious about this as well, we're working with a broker - but my wifes cousin used Owning and says he got a better rate, and didn't have to pay any fees. Not quite sure how true that is though.
     
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  7. Mar 5, 2020 at 10:58 AM
    #7
    14burrito

    14burrito IG @14burrito

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    Best I found so far was 3.375% 30yr no points, 3.175% @1pt
     
  8. Mar 5, 2020 at 11:07 AM
    #8
    pvmike

    pvmike New Member

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    Should be no points and no closing costs at that rate. PM me if you want me to send you my loan officer's info.
     
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  9. Mar 5, 2020 at 11:16 AM
    #9
    19h341

    19h341 New Member

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    I refinanced last year and looks like I can drop .75 points by refinancing again going to wait a few weeks to a month to see if it hits 2.5 for 15 year
     
  10. Mar 5, 2020 at 11:27 AM
    #10
    19TurdPro

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    At the CU I work for, the 15 year fixed is at 2.500% with 1 point. 3.000% 30 year with a point.
     
  11. Mar 5, 2020 at 11:48 AM
    #11
    Mountun Goat

    Mountun Goat Pretty ugly, yet completely effective

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    Pretty legit bud
    I’m not in the states, but our interest rate is low as well. We’re right in the middle of refinancing from 4.10% to a 5 year fixed at 2.75% :yes::yes::yes:
     
  12. Mar 5, 2020 at 11:49 AM
    #12
    UTTundra

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    Mountain America CU is offering 2.5 for 15 year
     
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  13. Mar 5, 2020 at 12:05 PM
    #13
    NWPirate

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    Aimloan.com is easy to work with . HQ in San Diego, low fees and excellent communication. I'll be looking to refi soon from 4.0 hopefully to 3.0
     
  14. Mar 5, 2020 at 12:17 PM
    #14
    ebpgh

    ebpgh New Member

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    I can help in Pennsylvania if any needs a quote. Pm me. Anything over 4% is probably worth getting some numbers on.
     
  15. Mar 5, 2020 at 12:37 PM
    #15
    OV-1794

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    I feel like most companies like this make their money back when they sell the loan after closing.
     
  16. Mar 5, 2020 at 1:14 PM
    #16
    19TurdPro

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    Not really, no. Read the fine print on a no cost refi, it's usually a trade for a higher APR. Carry the mortgage for a length of time and it would have cost less to have the fees. Closing costs are substantial. 4 to 6k on a smaller mortgage and can hit 10 to 12 or more on a jumbo. We make a little money when we sell our loans on the secondary market but that's not the reason we do them. We can only lend out a certain ratio of what we have on deposit with our CU. If we kept the mortgages on our books we'd run out of money to lend.

    These are Fannie Mae rates and points right here. I'd be interested to see if a no cost lender can beat them.

    Capture.jpg
     
  17. Mar 5, 2020 at 2:02 PM
    #17
    OV-1794

    OV-1794 New Member

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    That is indeed how one of the brokerages around me makes their money. I'm sure it varies
     
  18. Mar 5, 2020 at 5:41 PM
    #18
    ebpgh

    ebpgh New Member

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    A no cost loan can sometimes have a much higher rate, but makes sense if you plan on moving in a shorter period of time. An example would be a payment of 1k with 4000 in closing costs. A no closing cost payment might be 1100, but you aren’t adding more to the loan or paying out of pocket. If you move out before month 40 you are ahead. It is a little more complicated, but that is the idea.
     
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  19. Mar 5, 2020 at 6:43 PM
    #19
    SunTundra413

    SunTundra413 New Member

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    We bought our house last year and got 3.375% on a 15 year fixed from the credit union we had our previous mortgage with, after leveraging a mortgage broker's rate quote to get the credit union to match it. I was pretty happy with that rate and thought we did pretty good.

    I checked with another local credit union yesterday and they were at 2.50% on a 15 year fixed. I checked with them again today and they had come back up to 2.625% on a 15 year. The guy said the rates are going to bounce around daily for a while, but he expects them to stay low for at least the next couple months and he said he wouldn't be surprised if they went back down to 2.5 or even lower. I'm going to watch it and pull the trigger when they get lower.
     
    Last edited: Mar 5, 2020
  20. Mar 5, 2020 at 7:57 PM
    #20
    MotoTundra

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    We refinanced a few years ago from 5.25% to 2.75% for a 15 year fixed, best decision we have ever made. We also dropped PMI which helped a lot too.

    Take advantage of it guys!
     
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  21. Mar 5, 2020 at 9:15 PM
    #21
    Darkness

    Darkness Allergic to white

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    We're looking to drop rate from 4.25 on a 30.
    Our loan officer reached out to us about 4 weeks back offering 3.6 or 3.49, different costs for either. I was really curious why he seemed to be cold calling(by email). I said not interested and a week ago he came back with 3.49 or 3.375. Now I'm curious if I can find a better deal than that and would rather pay fees up front than tack on the loan.
     
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  22. Mar 5, 2020 at 9:25 PM
    #22
    Darkness

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    Anybody heard of lenderfi?
     
  23. Mar 5, 2020 at 10:09 PM
    #23
    773_eddie

    773_eddie New Member

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    I been thinking about Refinancing as well but not sure if it’s a good idea or not cause I don’t know much about it I’m at 3.65% for 30 years really thinking if I can go to a 15 year im going to email my current mortgage company and see what they say. I have read all your post a lot makes sense
     
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  24. Mar 5, 2020 at 10:37 PM
    #24
    Dalandshark

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    Be careful if you want to refinance to calculate all of the fees and total interest paid on the loan. Every situation is different. But, you will not build wealth if your always paying a bank.

    Another thing to consider is if you are close to 80% LTV (based on equity) with no late payments, try to work with mortgage company to take off PMI rather than refinance. If your area has had good growth you may only have to pay for a BPO (brokers price option) for about $150. Worked for me but I have a conventional loan.
     
    Last edited: Mar 5, 2020
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  25. Mar 5, 2020 at 10:47 PM
    #25
    773_eddie

    773_eddie New Member

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    Yea it’s so confusing to me I don’t really have any friends that know about this so I have no one to ask so I’m happy you guys are talking about it maybe I can learn something on here. I was forced to Refinance in 2014 to get my ex wife name off the mortgage and it cost me 7k in cash and went from 3.425% to 3.625% on a 30 year so here I am again trying to figure out if I should look into it again I’m not looking to pull money out but was told I have about 100k in equity maybe I would like to sell this house in 2 years and buy another so i dont know just thinking out loud I try to google some answers lol but nothing yet
     
  26. Mar 6, 2020 at 12:24 AM
    #26
    unclebeejo808

    unclebeejo808 New Member

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    If you’re going to sell within 2 years, you shouldn’t refinance. If you’re going to pay the closing costs out of pocket or roll it into the new loan, it’ll take an average of 3-4 years to make up the closing costs.
     
  27. Mar 6, 2020 at 5:03 AM
    #27
    19h341

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    If you don’t have any friends that are knowledgeable about finances you should look into Dave Ramsey. You can learn everything you need to know about his plan for free on YouTube.
     
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  28. Mar 6, 2020 at 6:13 AM
    #28
    Darkness

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    Dave's doing better than he deserves!
     
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  29. Mar 6, 2020 at 6:28 AM
    #29
    19h341

    19h341 New Member

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    For sure. He is pretty knowledgeable about finances though
     
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  30. Mar 6, 2020 at 6:35 AM
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    773_eddie

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    Holy crap just looked up Dave Ramsey on YouTube he’s mad and yells he said “GET OFF YOUR ASSUMPTIONS AND DO SOMETHING” I love it going to listen to all his videos while driving to work I like it THANKS
     

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