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Mortgage refi

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

  1. Nov 2, 2020 at 6:40 PM
    #181
    Fotnot

    Fotnot SSEM #69

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    Well, swing and a miss on mine. Found out they're rate is 2.5% before me buying it down at 1% per .25% interest rate...which would be about $3k for me. We'll just visit again another time. We're going to be building a pool in next year or 2 anyway
     
  2. Nov 2, 2020 at 6:45 PM
    #182
    V10Ace

    V10Ace New Member

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    VA loan through Rocket Mortgage.. just refinanced 2.25% on a 30yr, no points.
     
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  3. Nov 2, 2020 at 6:46 PM
    #183
    Zero One Actual

    Zero One Actual Member among Members

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    Ya it seems 2.25 VA is the lowest we can get around the country which is still awesome.
     
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  4. Dec 7, 2020 at 9:53 AM
    #184
    FirstGenVol

    FirstGenVol The "Mangler"

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    My wife and I just got pre-qualified at 2.75% for 30 years. We aren't locked in yet but it's hard to complain about that.
     
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  5. Dec 7, 2020 at 10:16 AM
    #185
    TaquitoBandito

    TaquitoBandito Not just another Joel...

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    We have a VA loan with USAA. Was going to do a VA Streamline refinance(IRRRL) with Navy Federal Credit Union because they were advertising 2.5% for it. Our credit is in the mid 800's. I go through the whole process of applying for it and when I get to the end, it says our LOWEST rate would be 3.25%. Turns out that I missed the small print that says if you are refinancing from another institution, they add on .75%. That took a good chunk out of any savings we'd get. On top of that, I told them 6 different times to cancel our application and after finally telling them to "Cease and Desist" with the daily emails, the mortgage specialist assigned to us (from overseas) wrote back and said he would cancel it.
    I guess I'll be watching the IRRRL rates from USAA and hoping they drop a little more.
     
  6. Dec 7, 2020 at 10:32 AM
    #186
    RyeHog

    RyeHog New Member

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    Did the same last year and went down to 3.625. Now they are offering in the mid 2’s. As much as I don’t want to spend 8 grand on closing costs it’s worth it in the long run.
     
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  7. Dec 7, 2020 at 10:35 AM
    #187
    Qbert

    Qbert New Member

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    I refinanced in May @ 3.5% and am being offered a new rate of 2.7% which would save me just over $200 a month and would take 1.4 yrs to recoup my costs. Debating on whether or not to do it......ugh
     
  8. Dec 7, 2020 at 10:44 AM
    #188
    Cox3497

    Cox3497 New Member

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    TaquitoB and anyone else looking at VA refi. These are the only two words you need to know: Rachael Pepe. At Loan Depot. She may or may not be licensed in your state, but if not she will get someone for you who is. I was just approved for 2.25 30 year fixed with 1.46 in lender credits. That will pay for the loan costs, fully fund my escrow, and ultimately pay a little down on the principle once the loan is finished processing. You will not regret working with her.

    Rachael Pepe
    (949) 434-5457
     
  9. Dec 7, 2020 at 10:47 AM
    #189
    FirstGenVol

    FirstGenVol The "Mangler"

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    So the VA rates are going to be lower than anywhere else? Worded differently, if we don't qualify for VA we probably won't find a rate for 2.25% right?
     
  10. Dec 7, 2020 at 10:48 AM
    #190
    Cox3497

    Cox3497 New Member

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    Probably not, but she will likely have some of the best deals in the nation on refi’s, VA or not. She is great to work with. Give her a call!
     
  11. Dec 7, 2020 at 10:50 AM
    #191
    Stumpjumper

    Stumpjumper New Member

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    +1, breakeven point is normally about 4 years on a 1% drop in rate. My mortgage company called me about refinancing a few years back and when I told them I was paying it off in 3-4 the loan officer agreed it was not worth it.
     
  12. Dec 7, 2020 at 10:54 AM
    #192
    natedogg22

    natedogg22 New Member

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    I'm actually a lender in Idaho. I know there's alot of confusion and creative advertising out there to get you "in the door" then surprise you later. Im happy to answering any questions if it helps you decide. No solicitation or obligation on my end...just thought I could help make sense of things if needed.
     
  13. Dec 7, 2020 at 10:56 AM
    #193
    Cox3497

    Cox3497 New Member

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    I would be careful issuing a blanket statement that you shouldn’t refi unless you have “X” years of ownership remaining. Instead, I would encourage each individual to calculate their own payback period to determine if it makes sense. I refi’d 6 months ago before my present refi, and it already paid for itself in that 6 months. In the case of my current refi, it is not only costing me nothing (due to lender credit), it is actually reducing my principle. It does matter the rate reduction and loan balance, however.
     
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  14. Dec 7, 2020 at 11:05 AM
    #194
    TheBeast

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  15. Dec 7, 2020 at 11:49 AM
    #195
    FirstGenVol

    FirstGenVol The "Mangler"

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    Thanks! I'll go first. My wife and I both have credit scores of 806 and 810. When we got pre approved today they said the rates are around 2.75%. Should I be shopping around for a better rate? I thought that was great but others are saying 2.25%-2.5%..
     
  16. Dec 7, 2020 at 12:07 PM
    #196
    TaquitoBandito

    TaquitoBandito Not just another Joel...

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    I'll go 2nd. Is it standard procedure to tack on .75% when refinancing a loan that originated from a different bank? Is it a VA IRRRL thing or maybe a credit union thing?
     
  17. Dec 7, 2020 at 12:15 PM
    #197
    TheBeast

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    you can get lower. owning.com keeps offering me 2.4% ish.
     
  18. Jan 4, 2021 at 1:17 PM
    #198
    TheBeast

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    got 2.5% no closing cost for 30 years conventional loan. I'm going in. lol
     
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  19. Jan 4, 2021 at 1:23 PM
    #199
    Hoologan

    Hoologan New Member

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    I just closed @ 3% for 20 yrs. I was 8 years into a 30 year @ 4%, so this saves me $47,000 if I pay the minimum payment for 20 years.
     
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  20. Jan 4, 2021 at 1:25 PM
    #200
    TheBeast

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    I was at 4.4% a year ago, refi last year at 3.3 then now at 2.5...not gonna complain.
     
  21. Jan 4, 2021 at 1:30 PM
    #201
    ebpgh

    ebpgh New Member

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    Make sure they aren't just adding the costs onto your loan. Nothing out of pocket is different than no closing costs. If your existing balance is 350k and you refinance 350k with no or little money out of pocket that is a no cost loan. If your balance is 350k and your new loan is 360k, but you don't bring money to closing then you are just adding to the total loan amount. Both ways have advantages. You can sometimes go with slightly higher rate to eat up the closing costs and start with a lower loan amount and still have a nice savings. VA rates are really attractive currently, but the funding fee is a big factor in the costs so take that into account if going that route.
     
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  22. Jan 4, 2021 at 1:35 PM
    #202
    TheBeast

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    thanks @ebpgh. I will check all the details. This is the same loan agent I bought my house with and refi once so she is squared away.
    I tried better.com but felt the agents were shady.
     
  23. Jan 4, 2021 at 2:47 PM
    #203
    SleeperTRDPro

    SleeperTRDPro The small package good things come in

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    We refinanced in October and went from 5%/30yr. to 2.5%/15 year, no points. It raised the monthly by $150 but also got rid of the $75/Mo. PMI. Will save us a smooth $99,000 over the life of the loan. $6000 out of pocket for the new escrow but got a check back for current escrow balance of $7100.
     
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  24. Jan 4, 2021 at 2:47 PM
    #204
    SouthWestGA

    SouthWestGA New Member

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    Check your before refi loan balance

    then check your final after refi loan balance

    I wager there’s a significant difference

    Just because they say “No Closing Cost”....doesn’t mean it isn’t costing you money
     
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  25. Jan 4, 2021 at 3:14 PM
    #205
    Rozr1

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    Dang maybe I need to look back into again, I applied with my current lender earlier in late fall but I let my application expire. At 30yr 3.875 and didn't see a significant savings for the hassle at the time they were quoting me 2.75 yr. I can possibly get it down to 2.25 15yr now. Will increase monthly by 170 or so but will drop 9 yrs and save around 21k in interest. Might have to do another app soon.
     
  26. Jan 4, 2021 at 4:03 PM
    #206
    14burrito

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    Never trust face value, numbers dont lie.
     
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  27. Jan 7, 2021 at 10:24 AM
    #207
    FirstGenVol

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    I'm still getting quoted 2.75% for 30 years. Wife and I have 800-815 credit scores. Do I need to keep shopping? Seems other people are beating this.

    Not clear on what the difference is between the interest rate and the APR.

    upload_2021-1-7_13-25-47.jpg
     
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  28. Jan 7, 2021 at 11:43 AM
    #208
    TheBeast

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    "The interest rate is the cost you will pay each year to borrow the money, expressed as a percentage rate. It does not reflect fees or any other charges you may have to pay for the loan. ... The APR reflects the interest rate, any points, mortgage broker fees, and other charges that you pay to get the loan."
     
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  29. Jan 7, 2021 at 12:03 PM
    #209
    ejl04

    ejl04 New Member

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    And that APR rate is the extra cost of the loan amortized over 30 years.

    I'm a former mortgage broker. I advise clients to not look at APR. Look at rate and a detailed estimated closing statement detailing the one time costs of refinancing. Do not take into account pre-paid interest, insurance dues, property taxes, or prepaid HOA Dues. Any points or credits should be accounted for as they are the cost for that rate at that particular time and day. Rates do change daily and sometimes multiple times per day. Get a quote from all lenders you are working with at the same time on the same day so you can see who is competitive. Get your application going even before you lock in a rate. That way you can take advantage of shorter rate lock periods (45 days vs 30days vs 15 days) and the shorter term rate locks will give you better pricing.

    If a lender refuses to show you multiple rate options with the one time costs associated with them, then walk. You should get full transparency.

    Keep in mind that rates are based on a myriad of factors and that comparing your quote to someone else's is not the way to go about it. Loan amount, program, loan to value, property type, transaction type, credit score, etc all effect the rate.

    If you plan on staying in this mortgage for 7+ years, then I would probably pay a little extra to get the rate down as I don't see rates going below current levels again where it would make sense to refinance. If you are in it for the short term, then I would possibly look at taking a little higher rate than market and having some or all of the closing costs covered.

    Good luck out there.
     
  30. Jan 7, 2021 at 12:20 PM
    #210
    GIN•OKUMA

    GIN•OKUMA You can't get to SSEM from here #12

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    Also something for people to look at. Some credit unions are doing a refi with no closing costs by doing a “2nd” mortgage for the amount of the original. This is only possible if you have enough equity to cover the original loan. The original loan is paid off and you have a lower intrest rate, shorter term loan and no closing costs or points involved.
     
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