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Posted on 9/17/24 at 1:21 pm to CAD703X
If you are a member of Costco, they have a program to finance/refinance homes and their rates are hard to beat. I refinanced twice during covid, and i am pretty sure the closing costs were less than 1000$ both times.
Posted on 9/17/24 at 1:36 pm to PlootyPlucker90
Costco mortgage service was discontinued 2 years ago.
Posted on 9/17/24 at 1:38 pm to thegreatboudini
Oh damn I didnt realize that.
Posted on 9/18/24 at 2:44 pm to PlootyPlucker90
nvm, i misread something
This post was edited on 9/18/24 at 2:46 pm
Posted on 9/18/24 at 2:49 pm to CAD703X
quote:
closing costs coming out to a little over 2k
I was going to do this years ago when I got an offer from my mortgage company offering to simply restructure the loan I had to the same rate I could have gotten elsewhere. So might want to contact who you are with now and see if they are interested in keeping you as a customer.
Posted on 9/18/24 at 2:58 pm to Kingpenm3
quote:
So might want to contact who you are with now and see if they are interested in keeping you as a customer.
first thing i did. she laughed and said "wow you should jump on that!" so I said "i guess that means you're not going to try to match"
Posted on 9/18/24 at 3:01 pm to thunderbird1100
quote:
I cant say if we will or wont ever see 3.something % rates again but keep in mind those were HISTORICALLY low rates. Even if we got back to 4-5% range that would be great and its headed that direction. Rates have been falling pretty consistently over the summer months:
I think the government would like to steer us at least close to the high 3's because home values have gone up so much. Even though that would raise values more because the market would be active again, your average person still comes out better on a month to month basis paying more for a house at a lower interest rate. What most people truly care about is their mortgage payment.
Posted on 9/18/24 at 3:02 pm to thegreatboudini
quote:
Costco mortgage service was discontinued 2 years ago.
Talk about timing
Posted on 9/18/24 at 3:04 pm to baldona
quote:
4% is not realistic.
quote:
It may happen
quote:
IDK.
Posted on 9/18/24 at 5:01 pm to CAD703X
You’ll save you closing costs in 7mo, for sure.
Even if high 4s come around, they’ll probably take some time from here. Fed cut rates 50bps today and mortgage rates went up.
Even if high 4s come around, they’ll probably take some time from here. Fed cut rates 50bps today and mortgage rates went up.
Posted on 9/19/24 at 7:39 am to slackster
WSJ article this morning talks about an option to call your lender and ask for a reset on your mortgage rate. Basically just call and ask for them to update your rate and pay a fee vs. going thru the refinance process. Has anyone done this? Can you do it multiple times?
Posted on 9/19/24 at 8:18 am to slackster
quote:
Fed cut rates 50bps today and mortgage rates went up.
Rates went up? No way they had 50 bps priced in
Posted on 9/19/24 at 10:35 am to Upperdecker
quote:
Rates went up? No way they had 50 bps priced in
There is no direct correlation between the Fed Funds Rate and the 10y treasury, which drives most mortgage rates.
Posted on 9/19/24 at 11:04 am to slackster
Yea it’s not direct correlation but the cost of lending does eventually travel down
Posted on 9/19/24 at 6:22 pm to BHTiger
Fed Funds rate cuts don’t affect mortgage rates. Mortgage rates more closely follow the 10yr US Treasury Note rate. And those yields actually rose yesterday and today.
Posted on 9/19/24 at 6:35 pm to CAD703X
Just give it a few months and it will be worth it more than pulling the trigger today.
Posted on 9/19/24 at 7:03 pm to npt817
Ok ok fine. I'm just impatient. That 7.125 rate is making me nuts.
Posted on 9/19/24 at 7:33 pm to CAD703X
quote:
Ok ok fine. I'm just impatient. That 7.125 rate is making me nuts.
I def get that. Even though I could be closing a few more deals right now I am telling all of my customers the same thing on refinancing unless they need to do a C/O.
Posted on 9/19/24 at 7:34 pm to CAD703X
You’re getting a lot of dangerous advice in this thread.
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