fed 1% drop - I need to refi my mortgage - stat - where to go??

[mistymoney]

Bankrate?

other? I want to do this quickly - if that is still possible!!

[maizefolk]

Right now a lot of banks are dialing back on refinancing offers through websites because they cannot keep up with demand.

https://www.housingwire.com/articles/super-low-interest-rates-disappear-from-mortgage-comparison-sites/

I would either wait a week or do (if you can), or start calling around to local banks in your community rather than trying to find an offer online.

[mistymoney]

Right now a lot of banks are dialing back on refinancing offers through websites because they cannot keep up with demand.

https://www.housingwire.com/articles/super-low-interest-rates-disappear-from-mortgage-comparison-sites/

I would either wait a week or do (if you can), or start calling around to local banks in your community rather than trying to find an offer online.

Thanks! I guess I can wait.....

[alcon835]

I've used Churchill Mortgage for my loan and to refinance. Only took a few weeks for the whole thing from beginning to end. I highly recommend them.

YMMV, my person is based in Texas and I've been very happy with him. If you're in Texas I can PM you his contact information, if not I recommend going to Churchill's website and finding someone in your region.

[affordablehousing]

Just used First Republic- 2.75% 30 year fixed on a jumbo refi, no fees no points.

[tooqk4u22]

Yes the base rates have dropped but the spreads have widened considerably, so in most cases mortgage rates aren't much lower than where they were before.  Once the uncertainty in the credit markets stabilizes there will be a window where spreads compress and the base rates are still low, that will be the best time to refi.

[SheepDog]

I just locked in a 3.5% 30yr last week.  I came from a 4.375%.  My broker called today to discuss something else and he mentioned that he can't get anyone locked in below 4% right now.  Said I was super lucky we timed the window just right.

[mistymoney]

I just locked in a 3.5% 30yr last week.  I came from a 4.375%.  My broker called today to discuss something else and he mentioned that he can't get anyone locked in below 4% right now.  Said I was super lucky we timed the window just right.

Thanks - I've been looking for bankrate quotes and their aren't a lot. Guess I missed my op and will wait and see if there are ops for this once they clear a lot of business out of their books.

[tooqk4u22]

I just locked in a 3.5% 30yr last week.  I came from a 4.375%.  My broker called today to discuss something else and he mentioned that he can't get anyone locked in below 4% right now.  Said I was super lucky we timed the window just right.

Thanks - I've been looking for bankrate quotes and their aren't a lot. Guess I missed my op and will wait and see if there are ops for this once they clear a lot of business out of their books.

As I said above you didn't miss it.  In fact it will be even better than last weeks when this settles down - there will be window where a 30 year will hit 2.75%

[mistymoney]

I just locked in a 3.5% 30yr last week.  I came from a 4.375%.  My broker called today to discuss something else and he mentioned that he can't get anyone locked in below 4% right now.  Said I was super lucky we timed the window just right.

Thanks - I've been looking for bankrate quotes and their aren't a lot. Guess I missed my op and will wait and see if there are ops for this once they clear a lot of business out of their books.

As I said above you didn't miss it.  In fact it will be even better than last weeks when this settles down - there will be window where a 30 year will hit 2.75%

that would be totally awesome! I will keep my eyes peeled.

[ChpBstrd]

As someone who spent $2900 refinancing to get 3.25%/15y just seven months ago, I'd say shop for zero-cost refi options. Yes, the interest rate will be slightly higher than otherwise, but this is not the time to be paying over and over again as rates slide down toward 1% and we enter a Japanese disinflationary cycle.

[tooqk4u22]

I just locked in a 3.5% 30yr last week.  I came from a 4.375%.  My broker called today to discuss something else and he mentioned that he can't get anyone locked in below 4% right now.  Said I was super lucky we timed the window just right.

Thanks - I've been looking for bankrate quotes and their aren't a lot. Guess I missed my op and will wait and see if there are ops for this once they clear a lot of business out of their books.

As I said above you didn't miss it.  In fact it will be even better than last weeks when this settles down - there will be window where a 30 year will hit 2.75%

Wells Fargo's published rates for 30 year are 3.0% and 15 year 2.375% today.   

[slappy]

I just locked in a 3.5% 30yr last week.  I came from a 4.375%.  My broker called today to discuss something else and he mentioned that he can't get anyone locked in below 4% right now.  Said I was super lucky we timed the window just right.

Thanks - I've been looking for bankrate quotes and their aren't a lot. Guess I missed my op and will wait and see if there are ops for this once they clear a lot of business out of their books.

As I said above you didn't miss it.  In fact it will be even better than last weeks when this settles down - there will be window where a 30 year will hit 2.75%

Wells Fargo's published rates for 30 year are 3.0% and 15 year 2.375% today.   

Those appear to be for purchases. Refi rates for 15 years are 3%. Still good, but not as good as 2.375

OP, I've had good luck with Aim Loan. They seem to have decent rates. Although they did appear to jump up overnight last night.

[Malum Prohibitum]

I just locked in a 3.5% 30yr last week.  I came from a 4.375%.  My broker called today to discuss something else and he mentioned that he can't get anyone locked in below 4% right now.  Said I was super lucky we timed the window just right.

Thanks - I've been looking for bankrate quotes and their aren't a lot. Guess I missed my op and will wait and see if there are ops for this once they clear a lot of business out of their books.

As I said above you didn't miss it.  In fact it will be even better than last weeks when this settles down - there will be window where a 30 year will hit 2.75%

Wells Fargo's published rates for 30 year are 3.0% and 15 year 2.375% today.   

Those appear to be for purchases. Refi rates for 15 years are 3%. Still good, but not as good as 2.375

OP, I've had good luck with Aim Loan. They seem to have decent rates. Although they did appear to jump up overnight last night.

2.75% for 15 year refi this morning

[Malum Prohibitum]

Of course, just like any other mortgage rate published, as soon as I put in the numbers and excellent credit, it spits back 3.0%.   Once I actually start to go through the process, they usually jump up a few tenths of a percent again.

It looks like Bankrate.com usually has advertised low rates that you cannot get, and the rates they show when you go to the web site (like Wells Fargo) you also cannot get.

[Malum Prohibitum]

I just locked in a 3.5% 30yr last week.  I came from a 4.375%.  My broker called today to discuss something else and he mentioned that he can't get anyone locked in below 4% right now.  Said I was super lucky we timed the window just right.

My brother somehow got 3.0% about 3-4 weeks ago locked in, and that was through a large bank (his current mortgage provider). 


I keep hoping I will be able to find a 2.5% on a 15 year . . . no luck for a month now.

[DirtDiva]

I locked in a 3.25% refi on a 30-year, $990 closing costs, on a condo (rates are always a smudge higher for condo mortgages).  I think it’s possible that rates will fall a tiny bit more in a few months, but decided not to wait.

[myemail1045]

I locked in a 3.25% refi on a 30-year, $990 closing costs, on a condo (rates are always a smudge higher for condo mortgages).  I think it’s possible that rates will fall a tiny bit more in a few months, but decided not to wait.

@DirtDiva - with whom?

[DirtDiva]

Better.com.  I you have an Amex,  they offer a $2500 credit to your statement after closing is complete. They also waived an appraisal.

[myemail1045]

Better.com.  I you have an Amex,  they offer a $2500 credit to your statement after closing is complete. They also waived an appraisal.

That's nice. Thanks! I did lookup better.com, they seem to quote me with higher interest rate 3.75%+ for relatively low mortgage amount ($125,000). When I get quote for $300,000 then rate drops to 3.25%. Also I don't have AMEX.

I got 3.26%APR with credible 30-years. they will waive appraisal but closing cost is ~$2000 (lender fees- $900, title/settlement/recording fees- $1200). Curious about your breakdown of $900 closing cost @DirtDiva .

also I'm not going to wait either hoping rates drop further.

[LateStarter1]

We just closed a couple weeks ago on a 30 year fixed Refi with SOFI for 3.00%, no points and waived appraisal. Easiest refi or purchase I've ever done through a mortgage company.

[myemail1045]

We just closed a couple weeks ago on a 30 year fixed Refi with SOFI for 3.00%, no points and waived appraisal. Easiest refi or purchase I've ever done through a mortgage company.

nice. what was your closing cost?

[LateStarter1]

We just closed a couple weeks ago on a 30 year fixed Refi with SOFI for 3.00%, no points and waived appraisal. Easiest refi or purchase I've ever done through a mortgage company.

nice. what was your closing cost?

Lender fee was $1495 - $446 credit = $1049
Title company fees and some other service fees (credit, flood, tax) totaled = $1568

Then they gave us about $1500 check back after closing for some over payments or something.

[DirtDiva]

My closing costs:
Points: 0.82%:                        $2107
Credit report, flood cert:              $64
Title insurance/settlement fee:  $1320
                                             ______
Total:                                       $3491
minus $2500 Amex credit:           $991

Need to be certain to use Amex statement credit to pay for essentials like groceries and gas.  Shouldn't be a problem.
                                               

[seeyalater]

So I went onto Better.com and got a decent rate (2.75%) with $2400 in 3rd party fees. I then remembered the AMEX credit which didn't show up anywhere. So I logged into my Amex account and found a link to better.com. Now when I look at my better.com fee breakdown it shows the 3rd party fees at $4900.00.

So they're just adding $2500 to their normal fees and then pretending to discount it by $2500 in Amex credit. I'de be better off without the Amex deal, but now it's stuck at $4900 in fees.

[affordablehousing]

my 30 year fixed refi just went through at First Republic. They reimbursed the $995 loan fee two days later. They waived the appraisal and covered all title and closing costs directly. 2.75% fixed for 30 years! I don't know how much better it can get on a SFH jumbo loan.

[DirtDiva]

my 30 year fixed refi just went through at First Republic. They reimbursed the $995 loan fee two days later. They waived the appraisal and covered all title and closing costs directly. 2.75% fixed for 30 years! I don't know how much better it can get on a SFH jumbo loan.

Jelly!

[Easye418]

So I went onto Better.com and got a decent rate (2.75%) with $2400 in 3rd party fees. I then remembered the AMEX credit which didn't show up anywhere. So I logged into my Amex account and found a link to better.com. Now when I look at my better.com fee breakdown it shows the 3rd party fees at $4900.00.

So they're just adding $2500 to their normal fees and then pretending to discount it by $2500 in Amex credit. I'de be better off without the Amex deal, but now it's stuck at $4900 in fees.

I got a quote from my lender.  Locked 30 year cash out refi @ 3.3375%, $3500 closing costs - $2500 credit = $1000.  Not the best, but i'll end up putting $300 more a month towards principal.

My closing costs:
Points: 0.82%:                        $2107
Credit report, flood cert:              $64
Title insurance/settlement fee:  $1320
                                             ______
Total:                                       $3491
minus $2500 Amex credit:           $991

Need to be certain to use Amex statement credit to pay for essentials like groceries and gas.  Shouldn't be a problem.
                                             

Almost exactly my cost as well.  It seems like they will match other offers if you find them before closing so who knows.  Maybe I'll shave off another 1/8 or 1/4 point.

[Cassie]

We are closing today. We used aimloans for a 30 year 2.84% with.84 for points.

[Easye418]

Got a better deal with Better.com (somehow).

3.25% 30 year refi (non cash out but subordinating 2nd lien) - net credit of $406 + $2500 statement credit.  So I will actually "make" $3k.

Knocks me down from 3.75% to 3.25% while getting rid of my PMI 18 months early.

[TheAnonOne]

Got a better deal with Better.com (somehow).

3.25% 30 year refi (non cash out but subordinating 2nd lien) - net credit of $406 + $2500 statement credit.  So I will actually "make" $3k.

Knocks me down from 3.75% to 3.25% while getting rid of my PMI 18 months early.

I mean, market timing or speculation, I think 30y rates are going to go sub 3% soon (2 weeks -  3 months range)  I was offered 3.25 back in January when the 10Y was over 1% higher.

Nothing stops you from refi-ing again though!

[Easye418]

Got a better deal with Better.com (somehow).

3.25% 30 year refi (non cash out but subordinating 2nd lien) - net credit of $406 + $2500 statement credit.  So I will actually "make" $3k.

Knocks me down from 3.75% to 3.25% while getting rid of my PMI 18 months early.

I mean, market timing or speculation, I think 30y rates are going to go sub 3% soon (2 weeks -  3 months range)  I was offered 3.25 back in January when the 10Y was over 1% higher.

Nothing stops you from refi-ing again though!

bird in hand I suppose, I'm getting dinged on the subordination of  the 2nd lien.  Yeah, I still believe rates will drop slightly lower.  Unsure about sub 3%.

[DirtDiva]

My closing costs:
Points: 0.82%:                        $2107
Credit report, flood cert:              $64
Title insurance/settlement fee:  $1320
                                             ______
Total:                                       $3491
minus $2500 Amex credit:           $991

Need to be certain to use Amex statement credit to pay for essentials like groceries and gas.  Shouldn't be a problem.
                                             

Looked at Better’s newest rates and discovered that they aren’t charging points for 3.25% .  So I contacted my mortgage processor and asked her to update the closing costs.  Just saved myself $2107!