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Message
re: Current Mortgage Rates
Posted on 8/6/20 at 3:26 pm to Lickitty Split
Posted on 8/6/20 at 3:26 pm to Lickitty Split
I have a question- we owe about 55k on our mortgage that is a 20 year fixed rate of 4.85%. We have been paying extra payments to get it down to where it is and hope to have it paid off in 4 -5 years m.. Does it make mathematical sense to refinance now for , say a 10 year loan at the current lower rates, and continue paying it down on the same time schedule we’re currently on (4-5 years)? I know I’d need to figure in the cost of refinancing, i.e. points, other loan fees, etc. But just wondering if we’d come out ahead.
This post was edited on 8/6/20 at 3:28 pm
1
Posted on 8/6/20 at 3:46 pm to otowntiger
quote:
otowntiger
google refinance calculator and fill in your numbers. i suspect it would be worth it given how high your current loan is - you could get 2.5% improvement or better on a 15 year note. at that rate, i'd pull some cash out
Posted on 8/6/20 at 4:18 pm to lsujro
Currently on a 7/1 ARM rolling off soon.
Locked in 30 year rate for 3.25% earlier in June. Bring $2500 to closing for escrow and costs (close to getting rid of PMI ~85% LTV) Still have not finalized and I'm out $475 if I back out.
Local lender I'm very familiar with offered 2.6% on 30 year. $3,000 to closing with another $3,000 rolled into my loan.
What would the OT do?
Locked in 30 year rate for 3.25% earlier in June. Bring $2500 to closing for escrow and costs (close to getting rid of PMI ~85% LTV) Still have not finalized and I'm out $475 if I back out.
Local lender I'm very familiar with offered 2.6% on 30 year. $3,000 to closing with another $3,000 rolled into my loan.
What would the OT do?
Posted on 8/6/20 at 4:36 pm to BigOrangeBri
quote:
F&M Bank of middle TN
Of course, if anyone can get me a better rate I'll flip flop like a politician
F&M has the best rates in Middle TN as far as I've seen.
Posted on 8/6/20 at 4:36 pm to Lickitty Split
This post was edited on 2/10/22 at 4:07 pm
Posted on 8/6/20 at 6:08 pm to JAMAC2001
Go to UWM Conquest. Find a Broker that uses them
You can get a full point lower
Or wait a bit
Ginned Mae was just bought for 11bil and rates on 30yr might go lower
You can get a full point lower
Or wait a bit
Ginned Mae was just bought for 11bil and rates on 30yr might go lower
Posted on 8/6/20 at 7:23 pm to SDVTiger
I’m a Broker we’ve been doing UWM Conquest deals 30 year at 2.625 (no points $1055 UW Fee) and 2.25% 15 Year (No points $1055 underwriting fee)
Posted on 8/6/20 at 8:31 pm to JAMAC2001
Just quoted VA streamline at 2.25
Posted on 8/6/20 at 8:37 pm to mortgagemanlc
quote:
I’m a Broker we’ve been doing UWM Conquest deals 30 year at 2.625 (no points $1055 UW Fee) and 2.25% 15 Year (No points $1055 underwriting fee)
What's the total closing cost?
My latest quote:
Loan Amount $187,000.00
Maximum LTV 70%
Rate 2.625%
Term (Years) 30 Year Fixed
Closing Fees Included w Loan Amount $2,755
Payment $751.09
Taxes $230.30
Home Insurance $108.33
Apx Total Payment $1,089.72
This post was edited on 8/6/20 at 8:43 pm
Posted on 8/8/20 at 11:38 pm to Northwestern tiger
Assuming your aren’t rolling escrow? $2-$3k is probably close on fees not including escrow/prepaid
$1055 UW fee
$650 -Title Fee
$400- Lenders Title Insurance
$305 Recording Fee
Plus prepaid/escrow
I am sure appraisal is waived at that LTV as well
$1055 UW fee
$650 -Title Fee
$400- Lenders Title Insurance
$305 Recording Fee
Plus prepaid/escrow
I am sure appraisal is waived at that LTV as well
Posted on 8/8/20 at 11:39 pm to ellesssuuu
Freedom? They are killing it on VA right now but turn times are crazy.
Posted on 8/9/20 at 4:29 am to mortgagemanlc
Either agency or Pennymac
Posted on 8/9/20 at 5:11 pm to FinleyStreet
quote:
F&M has the best rates in Middle TN as far as I've seen.
Your posts earlier itt are actually why I checked into them. So, I guess I owe you a thanks.
Posted on 8/9/20 at 5:14 pm to BigOrangeBri
We refinanced through F&M in middle TN a year ago... my wife is also a real estate agent here... they always seem to have the best rates, and customer service is solid.
Posted on 8/10/20 at 3:54 pm to ellesssuuu
Hey ellesssuuu.... you got some info on this??
Posted on 8/11/20 at 9:49 am to LaTeX
Locked in 2.625 here in Louisiana yesterday. Originally was quoted 2.85 a week+ ago. First time home as well
Posted on 8/11/20 at 10:42 am to NardDog
We locked in 2.5% 30 year fixed in Louisiana yesterday.
Posted on 8/11/20 at 10:58 am to buffbraz
quote:Upfront points? Costs?
We locked in 2.5% 30 year fixed in Louisiana yesterday.
Posted on 8/11/20 at 11:50 am to buffbraz
People need to start stating if they are paying points with these rates. 2.5% on a 30 year fixed seems not possible with standard closing costs.
Posted on 8/11/20 at 12:00 pm to TigerTatorTots
Ok so I got my old house under contract. We close on Sept 10. Should I wait to refinance until after closing. My debt to loan ratio will be way better but will it make much of a difference. Currently have a 3.8% on a home I purchased in January so definitely can’t wait to jump in with the better rates.
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