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Started By
Message
re: Current Mortgage Rates
Posted on 5/29/20 at 12:44 pm to shel311
Posted on 5/29/20 at 12:44 pm to shel311
quote:
Also, the people around me I generally trust keep telling me a 30 year is better but not really giving reasons why. Seems like I could refi for 15 with just $300-400 more on my monthly, so i'm not sure the benefits of going 30 and just paying extra when that extra interest expense is still being incurred.
Benefit of the 30 year for most is it keeps your cash free to use elsewhere. 3% is a remarkably low interest rate. If you are disciplined enough to use the extra $ to invest elsewhere, you have a potential to make a higher return. It also helps you if you're ever in a future cash crunch and struggling to make the higher payments.
1
Posted on 5/29/20 at 12:45 pm to hawkeye007
quote:
where you located?
Nashville area
Posted on 5/29/20 at 12:47 pm to hawkeye007
quote:Thanks!
i don't but you can email me your details and i will send you a scenero back. every scenero is differnt and that effects the rates. edhawk75@gmail.com
Email sent.
Posted on 5/29/20 at 12:50 pm to lsujro
quote:Ah, reinvesting the difference, that does make sense. Thanks!
Benefit of the 30 year for most is it keeps your cash free to use elsewhere. 3% is a remarkably low interest rate. If you are disciplined enough to use the extra $ to invest elsewhere, you have a potential to make a higher return. It also helps you if you're ever in a future cash crunch and struggling to make the higher payments.
Posted on 5/29/20 at 1:12 pm to hawkeye007
quote:Thanks!
i don't but you can email me your details and i will send you a scenero back
Posted on 6/1/20 at 10:58 am to AFtigerFan
Just reached out to Chase for refi options. Credit score 800, 180k loan balance, 42% Ltv. Current 4% fixed
15 yr- 2.55% - 10k closing cost (2.8pts)
30 yr- 3.125% - 9k closing cost (2 pts)
Closing cost seem very high, welcome any feedback.
Also if anyone knows any Houston based mortg brokers, would be much appreciated.
15 yr- 2.55% - 10k closing cost (2.8pts)
30 yr- 3.125% - 9k closing cost (2 pts)
Closing cost seem very high, welcome any feedback.
Also if anyone knows any Houston based mortg brokers, would be much appreciated.
Posted on 6/1/20 at 12:37 pm to tgdk11
Lol Chase is wrecking you
Keep looking
Keep looking
Posted on 6/2/20 at 10:06 am to SDVTiger
Pretty much hitting the trough or bottom I’ve seen so far on rates again this morning on the traditional fixed products. Seems we’ve hit these levels 2 or 3 times now and haven’t been able to break below them thus far
Posted on 6/2/20 at 10:45 am to HYDRebs
Need some advice
Currently 6 months into a 30 year @ 3.75
Aimloan is offering me a 25 year @ 2.875 with the fees/points/etc rolled in.
My monthly payment would go up by about 30 bucks but I'm shaving 5 years and approximately 90k over the life of the loan. I'll come out ahead on principal by may of 2022.
Worth it? We plan on staying in the house at least another 5 years.
Alternative is to get another 30 year @ 3.25 or so which would lower my monthly payment by about 100 dollars
Currently 6 months into a 30 year @ 3.75
Aimloan is offering me a 25 year @ 2.875 with the fees/points/etc rolled in.
My monthly payment would go up by about 30 bucks but I'm shaving 5 years and approximately 90k over the life of the loan. I'll come out ahead on principal by may of 2022.
Worth it? We plan on staying in the house at least another 5 years.
Alternative is to get another 30 year @ 3.25 or so which would lower my monthly payment by about 100 dollars
This post was edited on 6/2/20 at 10:49 am
Posted on 6/2/20 at 11:22 am to HYDRebs
New build closing on June 29
30 @ 3.25 fixed with all closing costs paid
Should i lock in or wait a few more weeks?
30 @ 3.25 fixed with all closing costs paid
Should i lock in or wait a few more weeks?
Posted on 6/2/20 at 1:17 pm to bnb9433
Depends on how much the closings costs they are paying. You could likely get 3% at par today On a purchase not paying any closing costs.
Posted on 6/2/20 at 1:22 pm to JohnnyKilroy
quote:
Worth it? We plan on staying in the house at least another 5 years.
Not if this is your plan
I would suggest IO 7yr but Chase is the only one offering I believe besides out of the Box lenders which is much higher rate
Take your 30yr and save the 100 for the next 5yrs
Posted on 6/2/20 at 1:31 pm to HYDRebs
quote:
Depends on how much the closings costs they are paying. You could likely get 3% at par today On a purchase not paying any closing costs.
i have to double check.. i think its 4% or 6% with the option to buy down the interest rate if any money is left over. i am financing through the builder
This post was edited on 6/2/20 at 1:34 pm
Posted on 6/2/20 at 2:09 pm to bnb9433
We are refinancing our loan from a 30 year at 4% to a 15 year at 2.5%.
Its about 100,000 dollars.
Its about 100,000 dollars.
Posted on 6/2/20 at 2:21 pm to SDVTiger
quote:
Take your 30yr and save the 100 for the next 5yrs
I guess my question is why.
Refi'ing for 30 years will save 7800 over the next 5 years vs the 25 year loan.
If I invest that extra 130 a month at a 10% average annual return, I'll have an extra 9.5k at the end of 5 years.
But if I do the 25 year loan, I'll have knocked about 26k more off my principal versus the 30 year.
Posted on 6/2/20 at 6:45 pm to JohnnyKilroy
My buddy just locked 2.375% 15 year zero points with UWM this afternoon.
Posted on 6/2/20 at 9:35 pm to 632627
But probably getting crushed on closing costs.
For the brokers here, what’s the refinance rates for an investment property for 20 year loan?
For the brokers here, what’s the refinance rates for an investment property for 20 year loan?
Posted on 6/2/20 at 10:30 pm to bnb9433
4-6% is probably worth it at that rate, but you over payed for the sales price of the house. Did it ever occur to you why they would pay those 4-6% in closing costs?
Posted on 6/2/20 at 11:36 pm to HYDRebs
Just locked mine. Going from 4.25 to 2.9 on a 30 year fixed.
Rolling like 3.5K in closing costs into the loan. Payment will be $250 less a month and another $45 or so less because I'll get out of PMI since my appraisal has gone up.They have to put something like 7K in an escrow but I'll just pay that with my check from the prior lender. Although maybe pocket 2K so I can finally buying stuff for the house. It's been hard with two kids in daycare. Thankfully one of them finished and is off to kinder next year. We've been buying stuff for our new house here and there but it wasn't easy paying $2.3K a month for daycare.
i just built the house last year. SO saving over $100K in interest over the loan.
Rolling like 3.5K in closing costs into the loan. Payment will be $250 less a month and another $45 or so less because I'll get out of PMI since my appraisal has gone up.They have to put something like 7K in an escrow but I'll just pay that with my check from the prior lender. Although maybe pocket 2K so I can finally buying stuff for the house. It's been hard with two kids in daycare. Thankfully one of them finished and is off to kinder next year. We've been buying stuff for our new house here and there but it wasn't easy paying $2.3K a month for daycare.
i just built the house last year. SO saving over $100K in interest over the loan.
This post was edited on 6/2/20 at 11:39 pm
Posted on 6/3/20 at 6:26 am to JohnnyKilroy
quote:
If I invest that extra 130 a month at a 10% average annual return,
Where do I sign up?
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