- 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
No cost refi offer
Posted on 5/2/21 at 10:26 am
Posted on 5/2/21 at 10:26 am
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?
Any cons on this offer?
7
Posted on 5/2/21 at 10:33 am to Laryngitis
quote:
Any cons on this offer?
You bought an appraisal if it comes back too low.
quote:- John Shibley
it is the biggest no brainer in the history of mortgages
Do it. But dont pay the minimum payment. Make sure you do not leave the mortgage open longer than 24 years.
Posted on 5/2/21 at 10:34 am to Laryngitis
There is no such thing as a no cost loan
They are giving you a higher rate then what you qualify for
They are giving you a higher rate then what you qualify for
Posted on 5/2/21 at 10:58 am to Laryngitis
Just started the process of something similar. My “no cost” offer was 3.25.
Offer with paying for all costs and buying points was 2.6. For reference this was a cash out rate and it would have been about .25 lower as straight refinance.
I haven’t made a decision yet on mine but there is a cost to the no cost rate as others said. I’ll probably pick something in the middle. Not buying points and paying closing.
Offer with paying for all costs and buying points was 2.6. For reference this was a cash out rate and it would have been about .25 lower as straight refinance.
I haven’t made a decision yet on mine but there is a cost to the no cost rate as others said. I’ll probably pick something in the middle. Not buying points and paying closing.
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 8:44 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 1 of 1
Back to top
Follow TigerDroppings for LSU Football News