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Started By
Message
Wanting to refinance my mortgage
Posted on 1/27/20 at 2:34 pm
Posted on 1/27/20 at 2:34 pm
Should I go to Lending Tree to find the best deals/rates?
I want to strike while the iron is hot.
There was a guy in here from Texas who recently reached out to me through email. If you’re still here, send me an email again. I’m ready to refinance. You had great rates back in October of last year. I just didn’t have my money right back then.
I want to strike while the iron is hot.
There was a guy in here from Texas who recently reached out to me through email. If you’re still here, send me an email again. I’m ready to refinance. You had great rates back in October of last year. I just didn’t have my money right back then.
5
Posted on 1/27/20 at 4:21 pm to Lickitty Split
I just did a refinance thru SoFi. Ended up with 3.3%, down from 4.5% and eliminated mortgage insurance. Pretty easy process...
Posted on 1/27/20 at 5:25 pm to BuckFama334
I bought points thru AmeriSave. Got it down to 2.75/15 year. Was at 4.35/30
Closing and all fees was 5k.
Closing and all fees was 5k.
Posted on 1/27/20 at 6:20 pm to lsufan112001
I was hoping the closing would cost around $3k. I’m seeing rates around 2.875 and lower with some points.
If you don’t mind me asking, what cost you have controlled to make it less?
If you don’t mind me asking, what cost you have controlled to make it less?
Posted on 1/27/20 at 8:29 pm to Lickitty Split
Might have been me. I’ll email what address I had from then in the morning with new market rates. Regardless Rates are almost identical to where they were in September/ October so you shouldn’t have lost any ground by waiting.
Posted on 1/27/20 at 11:17 pm to Lickitty Split
What do you mean. Controlled ?
Posted on 1/28/20 at 7:46 am to BuckFama334
quote:
just did a refinance thru SoFi. Ended up with 3.3%, down from 4.5% and eliminated mortgage insurance. Pretty easy process...
How much did they charge for closing costs?
Did they immediately sell the mortgage or are they holding on to it?
Posted on 1/28/20 at 7:48 am to lsufan112001
It was you Reb.
I meant were there any costs that you could have controlled like picking title company or something like that.
I meant were there any costs that you could have controlled like picking title company or something like that.
Posted on 1/28/20 at 9:45 am to Lickitty Split
Something I have found, when you are analyzing refinancing to a 15 year, once you get to 3% it is hard to really make a difference on the payment. Meaning. Going from 3% to 2.5% on a 15 year doesn't change the monthly payment a whole hell of a lot.
So, if you ware waiting on the rates to drop a little more it won't be much change. You could spend more on current interest waiting on rates to drop than what you would save.
So, if you ware waiting on the rates to drop a little more it won't be much change. You could spend more on current interest waiting on rates to drop than what you would save.
This post was edited on 1/28/20 at 9:51 am
Posted on 1/28/20 at 9:55 am to lsu13lsu
quote:
Going from 3% to 2.5% on a 15 year doesn't change the monthly payment a whole hell of a lot.
True, but you shouldn’t be shopping payment, just as when buying a car.
2.5 to 3.0 is still a 20% increase in interest you will be paying over the life of a loan. For example, on a $250,000 15 year loan the difference is over $10,000 in interest charges.
Posted on 1/28/20 at 10:02 am to MikeBRLA
quote:
True, but you shouldn’t be shopping payment, just as when buying a car.
2.5 to 3.0 is still a 20% increase in interest you will be paying over the life of a loan. For example, on a $250,000 15 year loan the difference is over $10,000 in interest charges.
I am not shopping payment but that is a good point for others. I am more discussing timing interest rates for the market.
Also, if someone is thinking about a 15 year then they most likely will pay it off sooner than that as they are clearly frugal and debt adverse.
But honestly $10,000 over 15 years just isn't material to me when I am analyzing this as compared to going from 30 year over 4%. Which is $100K in savings.
This post was edited on 1/28/20 at 10:05 am
Posted on 1/28/20 at 10:04 am to Lickitty Split
No just call Quicken loans
Lending tree will sell your info to 100 ppl
Lending tree will sell your info to 100 ppl
Posted on 1/28/20 at 10:33 am to SDVTiger
Is it worth looking to refi if im at 4% on a 30yr about 5 years into it? Id go back with a 30 just to keep the note low (we pay extra a month anyway)
This post was edited on 1/28/20 at 10:35 am
Posted on 1/28/20 at 10:37 am to NOLAGT
You are probably good but it depends on your score, ltv and loan amount (to figure out costs)
Posted on 1/28/20 at 10:43 am to NOLAGT
quote:
Is it worth looking to refi if im at 4% on a 30yr about 5 years into it?
1. How far you are into your current loan is irrelevant since those are sunk costs that you cannot recover. The important factor is how long you plan to stay in your home once you refinance.
2. As long as you can recoup the associated closing costs vs the savings you will get when comparing your old and new loan then it will be worth it. Loan refinancing calculators are readily available on the internet to calculate this for you.
Posted on 1/28/20 at 10:47 am to HYDRebs
$
This post was edited on 1/28/20 at 8:22 pm
Posted on 1/28/20 at 2:48 pm to Lickitty Split
Followed up this morning and again a moment ago. You can edit out the email if you want.
Posted on 1/29/20 at 8:15 am to NOLAGT
quote:
Is it worth looking to refi if im at 4% on a 30yr about 5 years into it? Id go back with a 30 just to keep the note low (we pay extra a month anyway)
Some banks will let you refinance w/out extending the term of the loan. Call your current company and see what your options are.
Posted on 1/29/20 at 8:43 am to notsince98
quote:
Some banks will let you refinance w/out extending the term of the loan. Call your current company and see what your options are.
That's an idea I may look into. My loan has been sold 2-3 times so far so we shall see.
We plan to stay there for good, but that's only a plan. Fooling with the calculators if it went to 3.5 it would save a little under 100/mo. So it would take like 5-6 years to pay off the closing cost I guess.
Posted on 1/29/20 at 3:48 pm to seawolf06
They immediately sold it. Although they painted the picture as if they "broker" the mortgage and the other company (Cenlar, I believe) "manages" the mortgage. I saved $180/month, so I'm happy...
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