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Refinancing?

We just got out appraisal back during our refinancing process. We are 28 months into a 30 year @ 4.625% and we are going to close on a 15 year @ 3.125%. An extra $175 a month, but no PMI thanks to the appraisal value we got, it'll be paid off in half the time and saving over $70,000 in interest. Yeah, we are glad to have explored this when we did in early March.

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dhartmann34 said:
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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That is probably very location specific. I checked my local banks on my last 2 mortgages, and they were the highest cost of all the people I contacted.

And yes waiting may pay off, but you never know. I will take the 2.5% I am getting now. It could drop further than that but probably not by much. You could also always just refinance again if it drops enough.
 
It's kind of double edged by waiting no? During the wait, sure rates could drop but so could home values. That could affect someone LTV, and bring them back into a territory for needing PMI?
 
dhartmann34 said:
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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I would be a bit cautious waiting. With the Federal Government borrowing trillions of $'s you have a pretty big competitor for funds out on the market for the foreseeable future. I also suspect there will be a rash of home buying when the dust clears. I assume many are unsatisfied with their space if it looks like they are going to be doing more work from home and whatnot. Long term I see continued migration from the Northeast to other areas of the country as well.
 
The wife and I just signed the paperwork on Tuesday for our refi. We now have a new 30yr mortgage at 3.375% down from a 4.25% and we took $20k out of equity to remodel the master bath and new kitchen countertops and the payment went down just short of $200.
 
Drumdog said:
The wife and I just signed the paperwork on Tuesday for our refi. We now have a new 30yr mortgage at 3.375% down from a 4.25% and we took $20k out of equity to remodel the master bath and new kitchen countertops and the payment went down just short of $200.
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Congratz. Just started the process of mine.
 
We shopped ours and it looks like we can get in on a new 30 at 3.125....um, yes please.
 
tpluff said:
We just got out appraisal back during our refinancing process. We are 28 months into a 30 year @ 4.625% and we are going to close on a 15 year @ 3.125%. An extra $175 a month, but no PMI thanks to the appraisal value we got, it'll be paid off in half the time and saving over $70,000 in interest. Yeah, we are glad to have explored this when we did in early March.

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My wife and I did this. We are about the same into our original 30 year. We are going from 4.25% to 2.875%. A little over $200 a month more but the interest savings by going to 15 years is great.


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We just cleared underwriting, woohoo!
 
These people are something.


I threatened Rocket to go to my bank because my bank came at me with a 3.25% 30 year, and then now they are reaching out to me now offering 3.125% 27/yr- down from the 3.50% they had on the table.


All of this rubs me the wrong way. I guess it's the way the business works (I'm a newbie to all of it).


Now I will throw this new offer back at my bank and see where they're at. :(

I've decided there is too much uncertainty in my life so I am just going to try to go for least monthly payment possible instead of trying to pay more and pay it off faster.
 
Northerner said:
These people are something.


I threatened Rocket to go to my bank because my bank came at me with a 3.25% 30 year, and then now they are reaching out to me now offering 3.125% - down from the 3.50% they had on the table.


All of this rubs me the wrong way. I guess it's the way the business works (I'm a newbie to all of it).


Now I will throw this new offer back at my bank and see where they're at. :(
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Oh yea. Lower rates or capping their fees. Always beneficial to shop around. We signed everything a week ago! Glad to have this process behind me.
 
Quick question:


I was in the process of refinancing with my current mortgage people, then I decided to take the advice here and reach out to my bank for what they would offer me.


I did that, and have been pitting them against each other.


My credit score is now up to just over 800 and I don't want it to be lowered.


Can I reach out to one more mortgage company (this small bank in my neighborhood) and not have my credit score dinged?

Also, is it even worth bothering with a third company? Is getting two refinance offers enough?
 
it cant hurt, it wont hurt your score. Plus anything over 750 is goona get you the best rate anyway. I got quotes from 3 lenders
 
assuming you would be keeping a 30 year loan, refinancing makes sense if the money you save in interest every year will cover the closing costs within 2 years. Otherwise, youre lowering your payment but extending the life of the loan out longer and not really saving any money.

The best thing to do is go from a 30 to a 15, if you can afford the payments. it will save you the most money in the long run.
 
we were 14 years into our 30-year paying 4.25% iirc. closing on the refi tomorrow at 2.675% 15yr no points. reducing p&i and shaving a couple years off. not too shabby.
 
Just finished up.our refinance. Dropped 1.25% off the rate, down from 27 years left on 30 year down to a 20 year loan, and pulled 30k to use for new roof and pay off a car loan.
 
We just refinanced at 2.65% on a 15 year loan. Definitely looking forward to actually paying off more than interest at this point.
 
We will be closing in couple weeks on a 15 year at 2.25%. We were a few years in on a 30 year at 3.625. Will be saving close to $100k interest. o_O
 
vdubtx said:
We will be closing in couple weeks on a 15 year at 2.25%. We were a few years in on a 30 year at 3.625. Will be saving close to $100k interest. o_O
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We just closed a couple weeks ago at 2.875 for 15 years. We will be saving about the same as you in interest. That’s the main reason we did it. We were at 4.5 30 year before.


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We did ours at the 3.125 rate and no fees. Also did the pay every 2 weeks instead of monthly. Both save money.
 
well, I'm pretty glad my attempts earlier this summer fell through. Best I had was 3% with half point, and moving to conventional so home wouldn't appraise for what it needed.. well I guess people are fleeing ny and such so home values soared in my area, so working on a switch to conventional again. Contacted my original loan officer and he's working on a 2.625% for half point.

I'll add a year and 8k to my principal due to fees and such, but saving close to 300 a month.

My buddies are kicking themselves cuz one got 3.75% and the other 3.25%
 
Our remortgage deal completed last month, so the first payment went out of our account today

10yr deal with 5yr fixed at 2.96%, so we know what we are paying for half of the term, then we will look at a new deal in 5 years for whatever we have outstanding, so in no more than 10 years we will be mortgage free
 
Just signed our refi docs tonight. Not sure how others in here got such low fee deals but I shopped everywhere and always had some decent fees.. we're tacking on 1.5 years, and 3k to principal with about another 2k net out of pocket, but saving 340/mo to start. Saving upwards of 90k in total payments from here on, figure recouping in 16 months

Bought down to 2.625 from 2.85, current is 4.5.. Goal is to pay off extra monthly/yearly, and get that year back and then some, and then knock off the $67 pmi a couple years early too

Just glad to finally be done with this, Anyone else some really good/helpful deals?
 
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We went from a 30 to a 15 and while my payment went up a couple of hundred, I got rid of pmi and saved a lot in interest. Rate went down .5% and cashed out 60k to pay off debt and paid the savings
 
Blade Man said:
We did ours at the 3.125 rate and no fees. Also did the pay every 2 weeks instead of monthly. Both save money.
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We refi’d again. Down to 2.49. Unbelievable really.
 
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