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Learning, Sharing, and Teaching => Investor Alley => Topic started by: Fuzz on March 16, 2020, 04:29:32 PM

Title: Refinancing options?
Post by: Fuzz on March 16, 2020, 04:29:32 PM
What kinds of rates are folks seeing?

We would like to refinance a 30 year fixed to below 3 percent. Curious if anyone has gotten an offer like that.

If any mortgage brokers read this, I'd love to hear your thoughts.
Title: Re: Refinancing options?
Post by: FirePita on March 18, 2020, 10:12:20 AM
I was getting rate in the 2.75%. I contacted >10 lenders and the best one consistently in terms of rates was Jeff. Hit'em up and see if he has any decent programs now.
Title: Re: Refinancing options?
Post by: nemesis on March 18, 2020, 10:22:33 AM
Is this a truly zero cost refinance?

I'd do a zero cost refinance under 3% if that exists.  My current rate is pretty darn low already so it would have to be less than 3% to make sense.
Title: Re: Refinancing options?
Post by: RainyDay on March 18, 2020, 11:31:01 AM
I refinanced with Silverton, locked in a 2.875 rate (20 yr fixed) on the 10th.  I think I just got lucky...none of the other banks or mortgage companies would get back to me.  I finally got a response from my own credit union late last week and they're just swamped, and the rates had gone back up.  (This was before the fed cut rates again.)  And it wasn't a no-cost mortgage...their refinance cost was around $600, plus the recording fees and transfer taxes from the state/county.  But I'm happy with the lower rate. 
Title: Re: Refinancing options?
Post by: economist on March 21, 2020, 06:24:57 AM
For a brief period of time I saw 2.75% on a 15 year fixed at my credit union, then the rate went back up to 3.25% (my current rate) then 3.875%, and now they say they are "experiencing a disruption in their mortgage business." I tried looking online and saw that they are not accepting new applications.

I think everyone had the same idea, and now the banks are totally flooded.
Title: Re: Refinancing options?
Post by: MustacheAndaHalf on March 21, 2020, 10:25:35 AM
To compare like with like, take a loan that ends about the same time as your original loan.

If you have 20 years to go on your loan, you'd want to compare against other 20 year loans.  Otherwise you're comparing making higher payments for 20 years versus lower payments for 30 years - it might not save you money.