Time to refinance?

[SM0KE]

A couple weeks ago we locked at 2.875% on a 15 year with 3K in closing costs. It woulda been 2.5% if we didn't do a cash out re-fi, but we took 35K out of the house to put in a pool. We coulda bought it back down to 2.5% with the cash-out, but the costs were outrageous and just didn't make sense.

 

[me32]

Just locked in at 2.625% 30 yr VA IRRL

Great rate, congrats, my buddy who is in the business was saying rates are really good right now. 15 yr at 2.50%

 

[ssj4sadie]

Great rate, congrats, my buddy who is in the business was saying rates are really good right now. 15 yr at 2.50%

And I just got a call from some bank saying they can beat that rate (mine)...this is what I hate about the process is that your info gets spammed to everyone. And getting calls that subsequently lead to them needing the info to run my credit...suspect as ****.

 

[Russo]

in the process with Freedom Mortgage on a refi 3.5% and keep the same term, no cash out, no closing costs..

 

[Blk04L]

in the process with Freedom Mortgage on a refi 3.5% and keep the same term, no cash out, no closing costs..

You originally had Freedom for your Mortgage company?

They sent me another offer in the mail, but no rate disclosure.

 

[HuntFishCobra]

we pulled the trigger back in December and got 3.0 on a 15, no points. I gambled then because I didn't know what rates were going to do and Corona wasn't a thing yet.... At the time the previous all-time low for a 15-year was 2.56 back in 2013 I believe and i ran the math and figured worst case if rates went back to an all time low I'd be about $50 per month off. I can live with it, the savings vs. our 4.125 30-year from a couple years ago when we bought is still healthy

 

[me32]

And I just got a call from some bank saying they can beat that rate (mine)...this is what I hate about the process is that your info gets spammed to everyone. And getting calls that subsequently lead to them needing the info to run my credit...suspect as ****.

Sometimes i wonder if its a scam when you get all those calls. It seems i get alot of calls about refi and also the god damn solar companys.

 

[jaxbusa]

I finished my refinance a month ago. I checked with two banks before I pulled the trigger. One bank was at 3.25% on a 30 year with $4,000 closing. The other bank claimed no closing but their interest rate was slightly higher. A mortgage amortization showed that you will end up paying that closing cost in the long run with the slightly higher interest. So it really didn’t matter between the two.


Sent from my iPhone using the svtperformance.com mobile app

 

[me32]

I finished my refinance a month ago. I checked with two banks before I pulled the trigger. One bank was at 3.25% on a 30 year with $4,000 closing. The other bank claimed no closing but their interest rate was slightly higher. A mortgage amortization showed that you will end up paying that closing cost in the long run with the slightly higher interest. So it really didn’t matter between the two.


Sent from my iPhone using the svtperformance.com mobile app

It just depends what the saving difference in the rate between the 2. Sometimes its better to talk with a mortgage lender as they have access to multiple sources of funding.

But ultimately aslong as the deal was good for you thats all that matters

 

[72MachOne99GT]

These 15 year rates Sounds tempting as hell, but we’ve only been in our home 4 years.
Even with the 20% we put down, I’m afraid of what the mortgage payments would look like.

 

[black4vcobra]

Refinanced back in March from a 30 year at 3.5% to a 15 year at 3.0%. $1400 closing cost and no points.

Rates went down below 3 when we were I the process and I asked about a lower rate but they said we were locked in and that the lower rates were for other areas of the country with higher closing costs. Sounds kinda fishy but a tenth or 2 wouldn't have made a huge difference.

Monthly payments went from $862 to $1208 per month. Based on what I calculated we will make our money back in 1.6 years and besides that, it's kind of a forced savings as we have to make that additional $346 investment each month.

 

[me32]

These 15 year rates Sounds tempting as hell, but we’ve only been in our home 4 years.
Even with the 20% we put down, I’m afraid of what the mortgage payments would look like.

What about a 20yr then?

 

[72MachOne99GT]

What about a 20yr then?

Id have to run numbers through a calculator. What are 20 year rates sitting at for 800+ credit scores?

 

[me32]

Id have to run numbers through a calculator. What are 20 year rates sitting at for 800+ credit scores?

Around 2.5-2.75%

 

[IA Shelby]

I was fortunate to be in a position to pay off my mortgage several years ago so I really haven’t followed this at all but didn’t the irs eliminate the mortgage deduction a few years back?

If that is accurate I would be looking to take advantage of the low rates and roll into a 10-15yr if you can swing it.

 

[Fat Boss]

These 15 year rates Sounds tempting as hell, but we’ve only been in our home 4 years.
Even with the 20% we put down, I’m afraid of what the mortgage payments would look like.

I've been in mine 4 years also. I checked a mortgage calculator and mine would go up by about $1600/mo. That's just too much for me to give up right now.

 

[72MachOne99GT]

I've been in mine 4 years also. I checked a mortgage calculator and mine would go up by about $1600/mo. That's just too much for me to give up right now.

Yea, that’s a jump.

We financed around 240,000 and with escrow our payments are about 1400 right now. Adding too much more to that wouldn’t sit well with mine or my wife’s idea of a monthly budget.

(If we didn’t have a nanny, I’d jump on a 15 year tomorrow, but we pay A LOT for our nanny so my wife can work)

 

[ford fanatic]

Locked in Friday at 2.25% for 15 years...

We had 25 years left (this is our 3rd refi) on our 30 year loan at 4.25%. Our payment went from $1823 to $2089. That's only $266 a month, and we were already paying $300-$500 extra a month anyway. Paying a little extra a month now has my house paid off a few years before I retire.

 

[lilcoop03]

I closed on my refinance 2 weeks ago. Went from a 30 year at 4.5% to a 15 year at 2.5%. The payment only went up about $200 but the house will be paid for in half the time (by the time I am 51). Another good thing was I got out of PMI also since my house appraised for $40k more than when I bought it just 2 years ago. One of my rental houses will also be paid off in 15 years so I am looking forward to the $2400/month "raise" I will get when both these are paid off.

 

[phils04gt]

4.375 30 year to 2.625 30 year, close next week.