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Started By
Message
Home Mortgage Refinance Decision
Posted on 7/18/20 at 5:53 pm
Posted on 7/18/20 at 5:53 pm
I'm thinking of taking advantage of the rates right now and was looking for some advice on knowing when it's worth it to refinance. My current 30 year rate is 4.125 and I have about 70-80 grand in equity in my current home I've been in for over four years. Anyone have tips on when it's worth it to refinance with all of the fees that are tacked on?
4
Posted on 7/18/20 at 6:39 pm to daviddsims
If you are planning to stay in the home more than two years (probably less than that) to cover the refi costs there really is no question in my opinion.
This post was edited on 7/18/20 at 6:41 pm
Posted on 7/18/20 at 6:47 pm to go ta hell ole miss
Yeah we plan on staying here for the a long time. Also, we have PMI and recent house sales are going for much higher than what I paid. I multiplied our current balance by 1.25 and I have about 25% of what the current value would be. I think I'm paying almost 280 a month just in PMI.
Posted on 7/18/20 at 6:48 pm to daviddsims
I refinanced a 30 year 3.625% to a 15 year 2.5% and the break-even is within a year and a half i believe. I'd refinance if i were you if you plan on staying there past the break even. Even for a 30 year you should be able to be low 3% which would be worth it for sure.
This post was edited on 7/18/20 at 6:50 pm
Posted on 7/19/20 at 10:13 am to daviddsims
Do it.
We recently refi'd and got an appraisal back that was 13% more than what we paid for the house two years ago. Interest rate dropped nearly 1.5%. Got rid of PMI on the first payment after the refi.
We recently refi'd and got an appraisal back that was 13% more than what we paid for the house two years ago. Interest rate dropped nearly 1.5%. Got rid of PMI on the first payment after the refi.
Posted on 7/19/20 at 11:14 am to SVGSZN4408
I currently have Wells Fargo, who else should I check with?
Posted on 7/19/20 at 2:02 pm to daviddsims
Definitely refinance.
Posted on 7/20/20 at 1:09 am to daviddsims
quote:
I currently have Wells Fargo, who else should I check with?
i would give you my mortgage company but then i would have to kill you.
he offered me 30y @ 2.85 no points, no lender fees Friday. I'm currently 30y @ 3.5 but depending on the direction these mortgage rates go i may opt for a 15y instead.
if you really want i will give you the info; i've used them before but i don't know how chicken feels about shilling for other companies on here.
i will say the process couldn't have been easier. i'm holding out for a full point on a 30y or 1.75 lower for a 15y.
This post was edited on 7/20/20 at 1:11 am
Posted on 7/20/20 at 8:30 am to CAD703X
quote:
r 1.75 lower for a 15y.
That is insane...
Posted on 7/20/20 at 8:55 am to C
quote:
That is insane...
i want a 15y under 2
then i'll never refi again.
Posted on 7/20/20 at 8:56 am to CAD703X
Can you shoot me the info?
This post was edited on 7/20/20 at 10:03 am
Posted on 7/20/20 at 8:58 am to CAD703X
quote:
i want a 15y under 2
Its was under with a small buydown this weekend
Better jump on it cause rates will go up end of summer
Posted on 7/20/20 at 9:51 am to daviddsims
ygmPosted on 7/20/20 at 11:39 am to CAD703X
Can someone point me in the right direction for a good and simple refi comparison calculator? Been in house almost a year. Have 3.875% 30 year fixed currently. Plan to be there at a minimum 7-10 years.
Posted on 7/20/20 at 1:11 pm to CAD703X
quote:
30y @ 2.85 no points, no lender fees Friday.
damn
Posted on 7/20/20 at 1:17 pm to daviddsims
rates are under 3% ON THE RIGHT SCENERIO right now so yes its a gret time to look at it.
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