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Refinancing?

Anyone else got some great deals? Seems like rates went up a couple weeks but have now come back down

I'm still battling it out, all places I've checked had moderate fees but at least the rate I got 3.375% is no points now.

Also the agent suggested I buy out my PMI for $5k. My ROI is 4.5 years I believe he said

All in all should save 220/mo or so.. just have to swallow the pill and lock everything down
 
Think they went down again. Got an offer for 15 yr fixed 2.5 with about $2500 in closing costs
 
How much leverage do we have when refinancing?

I was going to go to 20/yr @3.65%, then on the phone yesterday I told them I wasn't entirely there and asked for a potentially lower rate and leaving it at 30 but going from 4.65% to 3.65%.

She offered me 27/yr at 3.50% with little effort on my part.


Could I get them (Rocket Mortgage) down even lower than 3.50%???


I want to get down to 3% or lower if I can. Should I tell them I am talking to other companies? Or will they tell me to get lost?
 
Northerner said:
How much leverage do we have when refinancing?

I was going to go to 20/yr @3.65%, then on the phone yesterday I told them I wasn't entirely there and asked for a potentially lower rate and leaving it at 30 but going from 4.65% to 3.65%.

She offered me 27/yr at 3.50% with little effort on my part.


Could I get them (Rocket Mortgage) down even lower than 3.50%???


I want to get down to 3% or lower if I can. Should I tell them I am talking to other companies? Or will they tell me to get lost?
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For me Rocket mortgage was a full point higher than everyone else I talked to. Definitely need to shop around.
 
Northerner said:
How much leverage do we have when refinancing?

I was going to go to 20/yr @3.65%, then on the phone yesterday I told them I wasn't entirely there and asked for a potentially lower rate and leaving it at 30 but going from 4.65% to 3.65%.

She offered me 27/yr at 3.50% with little effort on my part.


Could I get them (Rocket Mortgage) down even lower than 3.50%???


I want to get down to 3% or lower if I can. Should I tell them I am talking to other companies? Or will they tell me to get lost?
Click to expand...
Yeah they are high. I found the best outcome with my current lender as they dont want to lose me, but I had a loan estimate from elsewhere already in place and used that to negotiate

Under 3% i think will be left to 15yr notes.. I'm at 3.375 30 yrs,.. 0.033% points, but the 1100 application fee is the highest fee I have which is dumb.. rest is all standard I guess with inspection, settlement, new escrow, etc

By no means am I an expert, one of the guys in here (I'll let him out so he won't get flooded with PMs, but shout out to ya!) Was super helpful in helping me wrap my head around this
 
I locked mine in at 2.95% for 15 years no points just before the quarantine. Now, we are waiting to close. They say May 20th so we will see.
 
greekelite said:
Yeah they are high. I found the best outcome with my current lender as they dont want to lose me, but I had a loan estimate from elsewhere already in place and used that to negotiate

Under 3% i think will be left to 15yr notes.. I'm at 3.375 30 yrs,.. 0.033% points, but the 1100 application fee is the highest fee I have which is dumb.. rest is all standard I guess with inspection, settlement, new escrow, etc

By no means am I an expert, one of the guys in here (I'll let him out so he won't get flooded with PMs, but shout out to ya!) Was super helpful in helping me wrap my head around this
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My credit is allegedly around 790, I have no other debt, no other payments on anything other than my mortgage. I don't make a lot of money but I do have cash in the bank and I have an IRA worth about as much I have in my checking.

Not sure what sort of leverage (if any at all) that gives me but if anyone else here has any insight, it would be much appreciated.
 
WE have a 3.4 from when we built the home in 2013. I am watching the rates but it would have to be a decent reduction for it to make it worth while. Opinions of how far below 3.4 to make a significant change.
 
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Northerner said:
My credit is allegedly around 790, I have no other debt, no other payments on anything other than my mortgage. I don't make a lot of money but I do have cash in the bank and I have an IRA worth about as much I have in my checking.

Not sure what sort of leverage (if any at all) that gives me but if anyone else here has any insight, it would be much appreciated.
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I think it mostly comes down to qualifying (debt to income), credit, and equity in the home (loan to value).

I too have good/excellent credit, good income, moderate debts (I'm 6 months from end of my student loans but my wife still has 35k), but not huge in terms of checking/savings, a fair 401k for additional assets, but my original loan compared to appraised helps, and hoping the appraisal values my home even higher now.. point being a better 30 yr quote than what rocket offered you with likely a worse LTV ratio since I've only been in for a year, and I'll be rolling in costs to the refi.

Basically shop around. Try a local bank and then another big lender
 
greekelite said:
I think it mostly comes down to qualifying (debt to income), credit, and equity in the home (loan to value).

I too have good/excellent credit, good income, moderate debts (I'm 6 months from end of my student loans but my wife still has 35k), but not huge in terms of checking/savings, a fair 401k for additional assets, but my original loan compared to appraised helps, and hoping the appraisal values my home even higher now.. point being a better 30 yr quote than what rocket offered you with likely a worse LTV ratio since I've only been in for a year, and I'll be rolling in costs to the refi.

Basically shop around. Try a local bank and then another big lender
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I forgot to add that I actually do have at least a third of equity in the home.
 
If you need or want to refi I would hold tight another few weeks. Rates haven’t stablized or hit their floor yet. It’s a balancing act between falling home values and falling rates but I don’t think now is the strike point.

Now if you have a HELOC and think you may need that money at some point - go grab it as quick as you can because as values start to fall banks will (and I believe already are) freezing them.

One of the guys in my Saturday game is a co-owner of a local home builder, they build quality product and enjoyed a nice run over the past few years. On inventory homes they are already slashing them $30K to $50K to move the product (and more if you are serious).


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Northerner said:
How much leverage do we have when refinancing?

I was going to go to 20/yr @3.65%, then on the phone yesterday I told them I wasn't entirely there and asked for a potentially lower rate and leaving it at 30 but going from 4.65% to 3.65%.

She offered me 27/yr at 3.50% with little effort on my part.


Could I get them (Rocket Mortgage) down even lower than 3.50%???


I want to get down to 3% or lower if I can. Should I tell them I am talking to other companies? Or will they tell me to get lost?
Click to expand...

You don't have much leverage now. You need to get quotes from several different places. Then have them work for you to see who gets the best deal for you. Be careful of the fees. Someone might offer you 3.0 but with $9k in fees. A key indicator of that is if its a 3.0 interest rate but the APR is 3.4 or something similar. The quotes you get will show all the fees though. Try going to like loan depot or better. I am refinancing right now and I got my best deal from north pointe. its 2.5% but its a 15 yr.
 
We close tomorrow at 3.125 on a 30!!! We bought October 2018 at 4.6%.
 
DataDude said:
We close tomorrow at 3.125 on a 30!!! We bought October 2018 at 4.6%.
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I bought mine about the same time as you at 4.65%. Rocket Mortgage has okay'd a new refinance for a 27/yr at 3.5%.


Did you do anything specfic to get them down from 4.6 to 3.125?
 
Northerner said:
I bought mine about the same time as you at 4.65%. Rocket Mortgage has okay'd a new refinance for a 27/yr at 3.5%.


Did you do anything specfic to get them down from 4.6 to 3.125?
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Not sure. We didn't pay any points. We have about 26% equity and our credit scores are over 800.
 
RealPretendPsychic said:
For me Rocket mortgage was a full point higher than everyone else I talked to. Definitely need to shop around.
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I agree with needing to shop around. Rocket Mortgage is one company kinda like the corner store or 7-11. It's convenient but you will pay a bit more for that convenience. JMO
 
DataDude said:
Not sure. We didn't pay any points. We have about 26% equity and our credit scores are over 800.
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Again, sounds similar to me. I have about a third of equity in the home (I guess about 33%) and my credit score might be just shy of 800 (790 about).
 
Northerner said:
Again, sounds similar to me. I have about a third of equity in the home (I guess about 33%) and my credit score might be just shy of 800 (790 about).
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Try banks that originate their own loans instead of a broker. We are going through a local bank.
 
Another thing to think about when refinancing is the amount of money you'll be saving (after closing costs). If you're comfortable and able to pay your current mortgage, then consider the amount you save from refinancing and putting that amount towards paying down the loan. That to me would be more valuable than keeping the extra savings in your pocket.
 
Its like shopping for a new car. If you want the best deal, you have to pit the dealers against each other. Same with mortgages.
 
greekelite said:
With the Fed dropping 50 basis points off the current rates theres a lot of talk about refinancing, rates seeming 3.5-3.75%

I learned that my loan type (USDA) I can refi, but has to be 12 months (April 16th will be our 12 months since closing), so I may look to get the ball rolling. I'm currently at 4.5%. I wouldnt take out any equity (not really much in it, other than the appraisal valuing it more than what my balance is), just looking to lower my payments

Anyone else looking to refinance? Or even have experience having done that for those of us who are newbs?

Any info is appreciated!!
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We are doing both of our houses currently. Big savings. $330 a month on one and $900 on the other.
 
Also, you should always shop around for title work. Should look something like this. I am refinancing right now and
my local title company was 30% lower than the one they suggested

C. Services You Can Shop For
$1,929 Title - Abstract/Title Search Fee $100 Title - Closing Fee/Settlement Fee $300 Title - Endorsements $150 Title - Lenders Title Insurance $1,250 Title - Notary Fee $125 Title - Recording Service Fee $4
 
I see people mentioning Rocket Mortgage. Has anyone tried Credible or compared the two? When I checked Credible seemed to offer some pretty good rates I have not checked local though.
 
Boder said:
I see people mentioning Rocket Mortgage. Has anyone tried Credible or compared the two? When I checked Credible seemed to offer some pretty good rates I have not checked local though.
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I did not look at Credible, but I did check and got better rates through Costco. I ended up going with a local guy for an even better rate although Costco did have lower fees.
 
I'd shy away from quicken and rocket mortgage. They're usually far higher in fees and rates.

Local banks and brokers can be a better bet.

I have a broker I work with that I send my friends, family and clients to. She's incredible to work with and it's extremely up to date on things. If anyone wants another opinion, she's a good one to chat with.

She said the other day that rates are going to go down again later on this year. All their data and people are telling them that the financial institutions are overrun with refinances from a few weeks back and while rates have come down a little bit again, she thinks it'll be better for a lot of folks to wait a few months. Liquidity and other issues will bring rates down.

She also believes home prices will decline, although nowhere near 2008/2009. We'll see how true that is, but it's certainly worth thinking and being cautious about.



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