Best way to check rates for mortgage refinance?

[CptCool]

I see plenty of people talking about the great rates they got when refinancing their mortgages. Where do people go to check the rates? Are you just calling up random banks? Using zillow/bankrate/similar? Using a mortgage broker?

I have a 30 year 3.625% rate on a ~$175k loan (duplex, owner-occupied one side) that I've had for the past 5 years or so. I always thought that was a great rate but it seems like some people have even been getting sub-3% which makes me wonder whether it's worth it to check out refinancing options

[cool7hand]

Some people swear by credit unions. We do. Give your local branch a try.

Long ago, we also used Lending Tree. It has been a long time, so please do your own research to see if they are still reliable.

[secondcor521]

Depending on your equity, cash flow and risk tolerance, also consider a non-cash-out 15-year-fixed.  You might be able to get a rate close to 2%.

[tj]

Read the MEGA Refinance thread:

https://www.bogleheads.org/forum/viewtopic.php?f=2&t=289559

[JLee]

Call around.

My realtor is also affiliated with a mortgage lender and they contacted me unsolicited a few months ago. The process was incredibly long and annoying but I did finally close today on a 30yr at 2.5%.

[clarkfan1979]

For rental property at 75% LTV, non cash-out, I'm seeing 3.5% + 1 point. I think you can get it to 3% if your LTV is around 50%.

I locked 2 days ago for a cash-out re-fi on a rental at 75% LTV. I got 4% + 1 point.

Not all banks are doing cash-outs on re-fi right now due to COVID-19. Because supply of lenders is low, prices are higher right now for cash-outs. I am paying a premium to do the "cash-out"

[CptCool]

The read through the bogleheads thread was very helpful, thanks! Unfortunately I'm in MN and have a lower amount than a lot of lenders like for a mortgage, so most of the options were unavailable to me from that thread. Still have to call around to local credit unions, but so far I'm finding 3.125% with ~$2200 in closing costs (A+B+C+D) or another interesting one is a 2.875% with high costs (A+B+C+D = ~$7100) BUT all closing costs, including the prepaids are rolled into the loan so I'd be financing ~$9950, paying ~$200 in cash, then receiving however much I currently have in escrow from my existing mortgage.

I'm leaning towards the 3.125% but am not really sure how to value the financing of the closing costs with that lower rate.

EDIT: both lenders allow rolling in the costs for a 0-cost loan, so it's looking like the 3.125% for $2200 is the winner so far