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Started By
Message
Best approach to a mortgage refinance
Posted on 8/3/20 at 5:40 pm
Posted on 8/3/20 at 5:40 pm
I am not super versed on refinancing but realize that there are many different strategies and want to get opinions on what to target for amount, months, and rate. I would like to keep my monthly payment similar, loan length similar (25 years instead of 30 years seems fine?) with the lowest rate possible for that term. Just looking for some basic guidance on what I should be looking for and if this is a good new loan.
Current terms
Amount remaining: 283k
Months remaining: 351
Interest Rate: 3.875%
Monthly payment: $1,352
New Terms (refinance fees rolled into new loan; would owe $338 for escrow)
Amount: 290k
Months: 300
Interest Rate: 2.875%
Monthly payment: $1,356 (extra $220 principle/month)
Interest saved over course of new loan: 74k
Rough and dirty break even: 2.5 years
Current terms
Amount remaining: 283k
Months remaining: 351
Interest Rate: 3.875%
Monthly payment: $1,352
New Terms (refinance fees rolled into new loan; would owe $338 for escrow)
Amount: 290k
Months: 300
Interest Rate: 2.875%
Monthly payment: $1,356 (extra $220 principle/month)
Interest saved over course of new loan: 74k
Rough and dirty break even: 2.5 years
This post was edited on 8/3/20 at 6:02 pm
3
Posted on 8/3/20 at 7:12 pm to LSUDbrous90
quote:
New Terms (refinance fees rolled into new loan; would owe $338 for escrow)
Amount: 290k
Months: 300
Interest Rate: 2.875%
Monthly payment: $1,356 (extra $220 principle/month)
Interest saved over course of new loan: 74k
Rough and dirty break even: 2.5 years
2.875% is a little high if getting best rate. I got less than that for a 30 yr term. What’s your LTV and credit score?
If your target is just to simply reduce your loan length and interest paid, you’d accomplish that. Reducing your term by ~4 years with a break even of 2.5 years is not really the greatest result. But you are saving money and generating some equity over time.
Posted on 8/3/20 at 8:56 pm to LSUtigerME
I have an offer right now to refinance my house with a 2.375% interest rate on a 15 yr loan. Only thing is my closing is $6000.
Posted on 8/3/20 at 9:12 pm to LSUtigerME
Put down 20%. Loan was 288k on appraised value of 360k. Have put 40k into the house since as well and plan to do more in the next few years. Credit scores are 760+ so not a concern.
So just assuming I can get find the best rate available (haven't shopped hard yet) what type of terms should I be going for?
So just assuming I can get find the best rate available (haven't shopped hard yet) what type of terms should I be going for?
Posted on 8/4/20 at 12:18 am to LSUDbrous90
I like to use zillow rates to find the most competitive rates of the hour
Posted on 8/4/20 at 12:24 am to LSUDbrous90
Yes that's a great strategy
Jump on it asap
Jump on it asap
Posted on 8/4/20 at 4:07 pm to LSUDbrous90
I can get you 2.625% this afternoon
Posted on 8/4/20 at 6:46 pm to civiltiger07
quote:
I have an offer right now to refinance my house with a 2.375% interest rate on a 15 yr loan. Only thing is my closing is $6000.
Don’t do it
I got an offer 2.25 on 15 years and 3000 in closing cost. I’m still hesitant
This post was edited on 8/4/20 at 6:47 pm
Posted on 8/4/20 at 8:03 pm to LSUtigerME
On 2.875% I’d be able to give you $2175 towards closing costs. Par rate is much lower on that 25 year for us. We are down to 2.25% on a 15 year now with no points.
Posted on 8/5/20 at 6:17 am to npt817
I’ll jump in this with interest. Looking for options current loan stated in December, 3.875% for 30yrs balance 330k appraisal at 421k, in 70785. Checked a couple months ago on rates and it didn’t make since. Maybe it will now? Idk thoughts?
Posted on 8/5/20 at 7:02 am to ellesssuuu
quote:
ellesssuuu
Our 15 year loan reaches maturity date on 8/2027. Currently, we are 8 years in at 2.875 %. Is there any scenario where it would make sense to consider looking further into this?
We aren’t interested in extending out loan (resetting in terms of number of years) and aren’t looking for any cash out. Our house is our only debt. If calculated correctly, our loan-to-value is 33.25 %.
I assume to continue on as we have been doing, correct?
Posted on 8/5/20 at 7:50 am to npt817
quote:
On 2.875% I’d be able to give you $2175 towards closing costs. Par rate is much lower on that 25 year for us. We are down to 2.25% on a 15 year now with no points.
Refinancing next week myself.
Some of you should include an email with your posts.....
Posted on 8/5/20 at 8:11 am to ellesssuuu
quote:On a 30yr???
I can get you 2.625% this afternoon
ETA: nvm I see OP is talking about 25yr
What is the going rate for a 30yr refi with 800+ credit, over 20% equity, no points?
This post was edited on 8/5/20 at 8:13 am
Posted on 8/5/20 at 8:13 am to ellesssuuu
About what rate are we looking for a 20 year refi and how much closing?
$170K
$170K
Posted on 8/5/20 at 8:32 am to ellesssuuu
What can you do for a 15 year? I am at 3.5% now on a 20 year. Do you have an email address?
Posted on 8/5/20 at 9:46 am to TigerTatorTots
quote:
What is the going rate for a 30yr refi with 800+ credit, over 20% equity, no points?
Mid 2s right now with QLS
This post was edited on 8/5/20 at 9:48 am
Posted on 8/5/20 at 12:51 pm to Will Cover
Correct. I wouldn’t touch it
Posted on 8/5/20 at 12:53 pm to TigerTatorTots
It depends on how much equity you have.
Posted on 8/5/20 at 1:28 pm to ellesssuuu
quote:
ccoghlan@assurancemortgage.com
hope you do mortgages better than you rented cars.....
Posted on 8/5/20 at 1:54 pm to blueboxer1119
edhawk75@gmail.com if you want a quote
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