Author Topic: Best refinancing rate and experience  (Read 3920 times)

purple monkey

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Best refinancing rate and experience
« on: August 08, 2016, 09:01:26 AM »
Considering doing the 15 year refinance.
Now have 30 year and 17 years left at 3.875%
Any suggestions for places for 15 year fixed?
Thank you all wise ones!

mustachianteacher

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Re: Best refinancing rate and experience
« Reply #1 on: August 08, 2016, 09:33:37 AM »
We've had an outstanding experience with a mortgage broker affiliated with Wells Fargo in the Bay Area (CA). I remember hating all the paperwork of refinancing, but that was almost 7-8 years ago, and whaddyaknow, it's all online now! (Duh, right? LOL!) I's been super easy.

We're close to closing on a 15-year mortgage at 2.875%. We refinanced from a 30-year that had 23 years left and was at 4.875%.

Another Reader

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Re: Best refinancing rate and experience
« Reply #2 on: August 08, 2016, 10:00:09 AM »
Try aimloan.com if you have W-2 income, no flaky income or expenses, and are easy to underwrite.

Full Beard

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Re: Best refinancing rate and experience
« Reply #3 on: August 08, 2016, 10:23:59 AM »
I have a 30 year VA loan at 4.125% and just locked in at 3.25% with a new 30 year VA loan under the Interest Rate Reduction Refinance Loan.  It's all online like msjd123 said and it's super easy.  Now is as good a time as any if you've thought about refinancing or buying. 

jamesbond007

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Re: Best refinancing rate and experience
« Reply #4 on: August 08, 2016, 10:30:17 AM »
I just refied with CashCall. Absolutely $0 refi. No strings attached. They even paid the appraisal fee and I was able to negotiate an additional $250 back after the loan closes. May mustachians here were surprised to hear this actually. Try them. Can't hurt.

tyleriam

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Re: Best refinancing rate and experience
« Reply #5 on: August 08, 2016, 01:59:48 PM »
For AimLoan and Cashcall...there is truly ZERO closing costs?  Don't they have to do an appraisal, doc stamps, etc?  Who pays that?  Do they just roll that into your loan balance?

jamesbond007

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Re: Best refinancing rate and experience
« Reply #6 on: August 08, 2016, 02:32:16 PM »
For AimLoan and Cashcall...there is truly ZERO closing costs?  Don't they have to do an appraisal, doc stamps, etc?  Who pays that?  Do they just roll that into your loan balance?

For CashCall, I did not pay a penny, not even rolled into the loan. I checked and rechecked to be sure. The paid for everything. They even gave me an additional $250 when I told them I am going with a different lender.

boarder42

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Re: Best refinancing rate and experience
« Reply #7 on: August 08, 2016, 02:37:14 PM »
For AimLoan and Cashcall...there is truly ZERO closing costs?  Don't they have to do an appraisal, doc stamps, etc?  Who pays that?  Do they just roll that into your loan balance?

the cost comes in the form of the rate you receive ... yes its 0 cost but instead of getting the prime rate you get an 8th or 2 higher than the current prime essentially selling points instead of buying points.  i've REFId over 5 times with a local broker who does all this.  we've become friends.. before my first REFI he walked me thru how he made money.  said yeah i can get you the prime rate but this is what it will cost.  (i've referred so many peeps to him now i get the prime rate and a no cost REFI)  pays to share your good finds.

tyleriam

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Re: Best refinancing rate and experience
« Reply #8 on: August 08, 2016, 02:42:13 PM »
For AimLoan and Cashcall...there is truly ZERO closing costs?  Don't they have to do an appraisal, doc stamps, etc?  Who pays that?  Do they just roll that into your loan balance?

For CashCall, I did not pay a penny, not even rolled into the loan. I checked and rechecked to be sure. The paid for everything. They even gave me an additional $250 when I told them I am going with a different lender.

Was that the RollDown loan option?  Is your loan $200K in CA or $250K in other states?

purple monkey

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Re: Best refinancing rate and experience
« Reply #9 on: August 09, 2016, 09:27:54 PM »
For AimLoan and Cashcall...there is truly ZERO closing costs?  Don't they have to do an appraisal, doc stamps, etc?  Who pays that?  Do they just roll that into your loan balance?

the cost comes in the form of the rate you receive ... yes its 0 cost but instead of getting the prime rate you get an 8th or 2 higher than the current prime essentially selling points instead of buying points.  i've REFId over 5 times with a local broker who does all this.  we've become friends.. before my first REFI he walked me thru how he made money.  said yeah i can get you the prime rate but this is what it will cost.  (i've referred so many peeps to him now i get the prime rate and a no cost REFI)  pays to share your good finds.

Are willing to share the rates that you got or how close they were to regular rates at the time you refied?

boarder42

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Re: Best refinancing rate and experience
« Reply #10 on: August 10, 2016, 04:45:01 AM »
I got the prime rate 3.25% at the time I refi'd on a 30 year. With no closing costs. That was this time. Everything else fell in the 8th to a 1/4 point higher.  You can use Zillow to get a feel for what the lowest rates in your area are. And you can play lenders off each other

Tjat

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Re: Best refinancing rate and experience
« Reply #11 on: August 10, 2016, 09:36:54 AM »
I used consumerdirectmortgage most recently. Aside from prepaying escrow and appraisal, no closing costs. 30 year note at 3.5%.

tyleriam

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Re: Best refinancing rate and experience
« Reply #12 on: August 10, 2016, 09:49:59 AM »
I used consumerdirectmortgage most recently. Aside from prepaying escrow and appraisal, no closing costs. 30 year note at 3.5%.

Just to be CRYSTAL clear...when you say "no closing costs" you mean if your loan balance at refinance was $100,000 your new loan balance after refinance was $100,000 and you wrote no checks at closing.  No appraiser was paid, no fees were paid, no cost on your part whatsoever.  You signed the paper, wrote no checks, and your loan balance did not go up.

boarder42

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Re: Best refinancing rate and experience
« Reply #13 on: August 10, 2016, 09:52:26 AM »
I used consumerdirectmortgage most recently. Aside from prepaying escrow and appraisal, no closing costs. 30 year note at 3.5%.

Just to be CRYSTAL clear...when you say "no closing costs" you mean if your loan balance at refinance was $100,000 your new loan balance after refinance was $100,000 and you wrote no checks at closing.  No appraiser was paid, no fees were paid, no cost on your part whatsoever.  You signed the paper, wrote no checks, and your loan balance did not go up.


correct thats no cost.  BUT your rate is higher. 3.5% with good credit and 20% equity is not the best rate available. but it likely still makes more sense to sell them back the 8th or quarter point and have them cover all costs. I actually take cash out each time i do this since i can take back up to 2k with out it being a cash out REFI .. so my loan balance goes up slightly but i'd rather invest that money in the market than a house with a 3.25% rate.

tyleriam

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Re: Best refinancing rate and experience
« Reply #14 on: August 10, 2016, 10:44:13 AM »
I used consumerdirectmortgage most recently. Aside from prepaying escrow and appraisal, no closing costs. 30 year note at 3.5%.

Just to be CRYSTAL clear...when you say "no closing costs" you mean if your loan balance at refinance was $100,000 your new loan balance after refinance was $100,000 and you wrote no checks at closing.  No appraiser was paid, no fees were paid, no cost on your part whatsoever.  You signed the paper, wrote no checks, and your loan balance did not go up.


correct thats no cost.  BUT your rate is higher. 3.5% with good credit and 20% equity is not the best rate available. but it likely still makes more sense to sell them back the 8th or quarter point and have them cover all costs. I actually take cash out each time i do this since i can take back up to 2k with out it being a cash out REFI .. so my loan balance goes up slightly but i'd rather invest that money in the market than a house with a 3.25% rate.

Sweet thanks for the confirmation.

I used Trulia and got a quote from e-loan for 30 year fixed.  They can do 3.375% with $207 credit, 3.50% with $1116 credit or $3.625% with $2,183 credit.  The salesperson seems to think it is better to take the $3.375% rate and roll the closing costs into the loan versus taking the $3.625 and having a true 'no closing cost' loan.
« Last Edit: August 10, 2016, 11:00:19 AM by tyleriam »

boarder42

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Re: Best refinancing rate and experience
« Reply #15 on: August 10, 2016, 10:47:21 AM »
just do the math yourself and see.

tyleriam

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Re: Best refinancing rate and experience
« Reply #16 on: August 10, 2016, 01:00:10 PM »
So to get a true no cost loan I would have to go to a 3.75% rate and I would pay nothing or get a little back at closing.

My current rate is 4.5%, I would save $90/month or $1,080 per year.

Sitting here thinking about it and wondering why I wouldn't do it.

boarder42

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Re: Best refinancing rate and experience
« Reply #17 on: August 10, 2016, 01:19:38 PM »
So yes thats a no brainer.  but you also should take int account the costs of the others see what the different payback times are ... and shop the rates.  i just got a 3.25% no cost on a 30 year.  a buddy with less than 5% equity just got a no cost with no PMI for 3.5%

purple monkey

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Re: Best refinancing rate and experience
« Reply #18 on: August 10, 2016, 01:43:59 PM »
My situation is a 15 year re-fi.

Does anyone have experience with that?

tyleriam

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Re: Best refinancing rate and experience
« Reply #19 on: August 10, 2016, 01:48:46 PM »
So yes thats a no brainer.  but you also should take int account the costs of the others see what the different payback times are ... and shop the rates.  i just got a 3.25% no cost on a 30 year.  a buddy with less than 5% equity just got a no cost with no PMI for 3.5%

Can you share contact info for your 3.25% quote?  PM me if you don't want to post.

Thank you!

boarder42

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Re: Best refinancing rate and experience
« Reply #20 on: August 10, 2016, 01:54:53 PM »
So yes thats a no brainer.  but you also should take int account the costs of the others see what the different payback times are ... and shop the rates.  i just got a 3.25% no cost on a 30 year.  a buddy with less than 5% equity just got a no cost with no PMI for 3.5%

Can you share contact info for your 3.25% quote?  PM me if you don't want to post.

Thank you!

where are you located he handles KS and MO and thats it. 

tyleriam

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Re: Best refinancing rate and experience
« Reply #21 on: August 10, 2016, 01:55:54 PM »
So yes thats a no brainer.  but you also should take int account the costs of the others see what the different payback times are ... and shop the rates.  i just got a 3.25% no cost on a 30 year.  a buddy with less than 5% equity just got a no cost with no PMI for 3.5%

Can you share contact info for your 3.25% quote?  PM me if you don't want to post.

Thank you!

I'm in GA so no go.  Thanks anyway.

where are you located he handles KS and MO and thats it.