- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
1
Posted on 5/2/21 at 11:59 am to Laryngitis
If you know for 100% certain that you will be in that home and that mortgage for 15 years... then look at options with costs.
The average lifespan of a mortgage is about 5 years by the way (sell the home and payoff, refinance for lower rate, or refinance for cash out).
For what it is worth, if your loan was over $250k+, i would encourage you the other way (looking at a 2 year payback of the costs).
The average lifespan of a mortgage is about 5 years by the way (sell the home and payoff, refinance for lower rate, or refinance for cash out).
For what it is worth, if your loan was over $250k+, i would encourage you the other way (looking at a 2 year payback of the costs).
Posted on 5/2/21 at 2:45 pm to Laryngitis
I did this recently but went through a different bank. The others are correct in that you pay 0 closing costs but the trade off is a slightly higher rate. I’d shop around and see who gives you the best rate for a 0 closing cost refinance. Chase was not the best rate when I did it 6 months ago. I found the best rate (2.75 30yr) through the Costco mortgage program, if that’s an option for you.
Posted on 5/2/21 at 3:04 pm to Laryngitis
quote:
I recently received a no closing cost refi offer from Chase for 3.25. Current rate is 4.125 w loan balance of about $85k. Current 30 yr loan is about is about 6 yrs old.
Any cons on this offer?
we got a similar offer from chase, but their offer was 2.99 and we are currently at 3.625. did some research, and it is truly "no closing cost" but after shopping around a bit we discovered that we would qualify for less than 2.99 if we paid closing costs. declined just because the break even point didn't make sense for us.
the 15 year rates sure as heck look good to us now, especially if we do a cash in refi but i am not sure about throwing too much cash at the mortgage, as we already pay well over each month.
Posted on 5/3/21 at 6:24 am to Laryngitis
I had a Refi offer at no cost About 15 yrs ago. Wells Fargo. I was with them and some other company took over my mortgage. A year or so later. Wells Fargo called and offered me a much better rate at no cost. I thought this sounds to good to be true. It was on the up and up. Got a lower rate at no cost.
Posted on 5/3/21 at 8:25 am to SDVTiger
quote:
You might as well get a very low 2% 15yr
This, national average last week was 2.3% on 15 year. Especially with such a low mortgage balance of under $100k a 15 year makes way more sense and just lock in a super low rate for it IMO.
Posted on 5/3/21 at 8:44 am to Laryngitis
I am pulling up 2.857% for 30 year and 2.65% for 15 year with a 760 credit score. Looks like the offer isnt as great as they say
Page 2 of 2
Back to top
Follow TigerDroppings for LSU Football News