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Message
re: mortgage interest rates
Posted on 3/3/20 at 8:54 pm to Gorilla Ball
Posted on 3/3/20 at 8:54 pm to Gorilla Ball
Is one able to refi on a former primary residence that is now a rental property?
1
Posted on 3/3/20 at 9:12 pm to hawkeye007
quote:You are seeing 3% on 30yrs???
jump that's the best rate rate i am handing out right now on 30yrs
Posted on 3/3/20 at 9:32 pm to hawkeye007
I been on 5 years at 3.75 for 30, would like a refi cash lower...
Posted on 3/3/20 at 9:54 pm to hawkeye007
Email sent
Posted on 3/3/20 at 10:20 pm to LSUSUPERSTAR
aimloan has 3.125 on 30 year. I used them with my current home.very satisfied
Posted on 3/3/20 at 10:37 pm to hawkeye007
Can you contact me at wcasoccer21@gmail.com if you offer these pricing services?
Thanks
Thanks
Posted on 3/3/20 at 10:46 pm to tigersint
I DIDN'T sign a 2.875% fixed for 30 yrs this evening as they are reworking the numbers because this 50 pt drop really wasn't factored into the rates and credits at the COB today. I am being told I will probably get 2.375 - 2.5 fixed and this is on a jumbo (730K) loan and this is a refi from 3.25%. Property is in WA state.
Posted on 3/4/20 at 3:10 am to Paul Allen
I’m not sure. This is my primary residence. We have a few rentals, but I haven’t thought about a refinance on them. Maybe I’ll look into it
Posted on 3/4/20 at 7:28 am to hawkeye007
Would a credit union usually beat out a mortgage broker?
Posted on 3/4/20 at 7:35 am to tigersfan1989
quote:
Would a credit union usually beat out a mortgage broker?
My credit union I've used since 2009 couldn't.
Posted on 3/4/20 at 9:13 am to tigersint
ok everyone the bounce as i call it is going to happen today. The 30yr rate this morning has moved to 3.125% if the stock market continues to gain we are going to see a .125% increase in rates within the next 48hours. I know a lot of you love to shop and get the best deal possible. LOCK IN QUICK!! If you wait it will cost you.
Posted on 3/4/20 at 9:54 am to hawkeye007
I have a quote of 3.2% on a 30 year jumbo. Should I shop this a little more. Probably won’t be in contract until Friday.
Posted on 3/4/20 at 10:01 am to hawkeye007
quote:
ok everyone the bounce as i call it is going to happen today. The 30yr rate this morning has moved to 3.125% if the stock market continues to gain we are going to see a .125% increase in rates within the next 48hours. I know a lot of you love to shop and get the best deal possible. LOCK IN QUICK!! If you wait it will cost you.
What are others thoughts on this? US 10 year treasury is still under 1% today. Do we really think mortgage rates are going to jump?
Posted on 3/4/20 at 10:14 am to tigerbater
Just locked a 30 year refinance at 2.999% this morning. At that rate I’m not playing games seeing if it might go any lower.
Posted on 3/4/20 at 10:23 am to Woodbird
quote:
Just locked a 30 year refinance at 2.999% this morning.
I locked in 3.125 but had some nice lender credits and no appraisal cost. My cost to close are super low. I would like to think I may never refinance again but you never know. They may go negative.
Posted on 3/4/20 at 10:24 am to Woodbird
Our current rate is 3.875% from about 5-6 years ago. Trying to decide if it's worth it or not. We plan on being in our current house at least 6 more years, quite possibly longer.
Posted on 3/4/20 at 10:27 am to fallguy_1978
quote:
Our current rate is 3.875% from about 5-6 years ago. Trying to decide if it's worth it or not. We plan on being in our current house at least 6 more years, quite possibly longer.
It’s not just you but a lot of people on this board need a little help on math. A quick back of envelope way to evaluate is closing costs whether rolled into loan or paid in cash / monthly savings from current mortgage payment. That is your break even point in months.
As an example. $4000 in closing costs and saving $150 per month from current mortgage payment.
$4000/$150= 26.67 months to break even. Therefore if you are planning on staying in the house longer than that it’s likely worth it.
This post was edited on 3/4/20 at 10:29 am
Posted on 3/4/20 at 10:37 am to fallguy_1978
quote:
Our current rate is 3.875% from about 5-6 years ago. Trying to decide if it's worth it or not. We plan on being in our current house at least 6 more years, quite possibly longer.
You should be able to lower that rate even without paying any closing costs out of pocket.
It partially depends on a couple of other factors:
1. Do you want to stretch your mortgage out to reduce your payment?
2. Are you currently paying PMI?
Posted on 3/4/20 at 10:43 am to OleWarSkuleAlum
quote:
It’s not just you but a lot of people on this board need a little help on math.
This is forgetting that the principle balance will be different at the end of that break even period. The new refi loan will have a higher balance than the original loan. This could be relatively minor but if you are doing concrete math to determine break even period this should be considered.
This post was edited on 3/4/20 at 10:44 am
Posted on 3/4/20 at 10:47 am to tigerbater
I still think we have room to go down. But always better to lock in now if you have the benefit to help yourself financially. People are jumping on this opportunity. Have locked in over $4mil since last Thursday.
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