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re: Anybody refinancing today?
Posted on 2/29/20 at 8:18 am to Jwodie
Posted on 2/29/20 at 8:18 am to Jwodie
quote:
Our lender contacted us this week offering a refi from our current 4.5% to 3.375% with ~$4,000 in closing costs to be rolled into the new loan amount, nothing to pay "out of pocket" and that we'd "skip" March and April's loan payments.
We purchased in 2018 so only two years into the current 30-year mortgage.
25-year refi is ~$185/mo. less than current note.
30-year refi is ~$390/mo. less than current note.
We'll probably be in current house another 5-8 years then upgrade.
Seems either refi is better than where we are now, but what do y'all think based on above?
Your break even point is 21.62 months on the 25 year and 10.26 months on the 30 year using the numbers you provided. I would say that if you are going to be in the house another 5-8 years you are in the green.
0
Posted on 2/29/20 at 10:54 am to Jwodie
quote:
Our lender contacted us this week offering a refi from our current 4.5% to 3.375% with ~$4,000 in closing costs to be rolled into the new loan amount, nothing to pay "out of pocket" and that we'd "skip" March and April's loan payments.
That’s a sales pitch, someone doing a good job but they are shafting you. Shop around, you can easily beat that. I mean yes it would be good for you to do, but you can certainly do better.
Posted on 2/29/20 at 11:14 am to ds1tiger
With who?
Posted on 2/29/20 at 3:41 pm to Old Sarge
Assurance Financial
Posted on 2/29/20 at 5:10 pm to ds1tiger
Thanks, unbelievable that I lock in 3.75 in December and close just a couple weeks ago on a 15 year refi and now rates are even lower. Chase just bought my loan out before my very first payment was due, I may try to get on the phone with them on Monday and see if I can make a deal. But a whole percentage point on a 15 year note adds up
Posted on 2/29/20 at 7:53 pm to ulsaint
Y’all’s Thoughts From the person who did our loan a couple years ago
Anyone familiar, can I just leave the program and refi with whoever?
quote:
You and WIFE have our Doctor program ( which allowed you us to waive PMI without putting down 20%) Our marketing dept helps us with those letter that you got and don’t always realize the type of loan a person has now. Assuming good Current ----rates for another Dr program refi would be in the 4% - 4.125% range. Your payment would go down approx. $280 a month. No out of pocket (other than $$ for us to update your appraisal) If you wish us to update credit and get this locked – shoot on ever an email and we will do it.
Anyone familiar, can I just leave the program and refi with whoever?
Posted on 3/1/20 at 9:39 am to donRANDOMnumbers
No
Posted on 3/1/20 at 7:23 pm to baldona
Thanks - when you say when can do better, are you referring to lower closing costs? What amount in costs should we be targeting at that rate...?
Posted on 3/2/20 at 6:59 am to ulsaint
Will the rates drop some more y’all think with the way the stock market is going and the feds talking about rate cuts?
I’m looking to do a cash out refi and a comercial loan in the near future...
I’m looking to do a cash out refi and a comercial loan in the near future...
Posted on 3/2/20 at 8:58 am to Jwodie
quote:
Thanks - when you say when can do better, are you referring to lower closing costs? What amount in costs should we be targeting at that rate...?
Probably both, I honestly don't know. But I'm saying that $4000 closing costs is not good and you can likely beat 3.3% right now. You basically had one person approach you with an offer, it makes sense to instead shop that around?
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