Mortgage refi rates

[lessel]

We purchased last June and have been watching rates slowly drop. Every so often I check in with our mortgage guy. This week we got a 3.25 quote on a 20y and a 3.375 on a 30y. We originally were aiming to do another 30y and drop our payment a bit, but I'm jumping on the 20y for the extra $250/mo. 

Worth checking into if you've been on the fence about a refi. 

[trissie18]

I just posted in the ML randoms thread that I finally called a local highly recommended mortgage broker to see what is available after seeing all of the recent refi pots. We are only 18 months into our current mortgage for our brand new house but we are paying 4.75%. Sometimes stepping out of my comfort zone to pursue these things can be really overwhelming to me but I figured it was worth a shot. A number of positive financial changes have happened in the last 18 months and we no longer have the construction loan piece tied to it so I am interested to see what he comes back with.

[farmvillelover]

2.75% on a 15 year at a total out of pocket cost of $2100 with Navy Fed. Locked today.

[lessel]

Feb 28, 2020 14:25:48 GMT -5 farmvillelover said:

2.75% on a 15 year at a total out of pocket cost of $2100 with Navy Fed. Locked today.

Jealous! Ours is $1700 OOP. We can't swing the monthly on the 15y...childcare costs suuuuuck.

[farmvillelover]

Feb 28, 2020 14:43:30 GMT -5 lessel said:

Feb 28, 2020 14:25:48 GMT -5 farmvillelover said:

2.75% on a 15 year at a total out of pocket cost of $2100 with Navy Fed. Locked today.

Jealous! Ours is $1700 OOP. We can't swing the monthly on the 15y...childcare costs suuuuuck.

our daycare costs likely go away in august and I cannot wait. 8.5 years of full time tuition is rough

[Deleted]

We are getting ready to start the process of refinancing our 30 year FHA at 4.25% in to a 20 year at 3.125%. Our mortgage payment will technically be higher, but we'll get out from under PMI and shorten our loan term by 5.5 years. My credit union won't give out of pocket costs until after you start the application process, we just know that we'll have the appraisal fee of $550 but from what I've been researching, we'll probably have another $2400 or so in costs, so that kind of sucks, but it is what it is.

[hamster]

We are refinancing to a new 15 year loan, plus adding our heloc and (and another ill advised loan consolidation). Our payment for each separately is 3100. Our new payment will now be about 2200 IIRC Correctly. We were 5 years into our previous 15 year mortgage.

Getting 2.875 on a 15 year mortgage.

[jewel]

Also just locked a 15 year at 2.875%.

We just bought our house and are 8 months into a 30 year (@4.175 I think) so this is a big change in commitment.

For comparison - the payment on the original is $2408 and the 15 year is $3021. We can swing the $600 decently well, and are super excited to cut our time in half.

My goal is actually to have it paid off in 14 years, when DS1 starts college. We’ll see if I can swing that with some extra payments along the way.

[aspentosh]

We refinanced back in 2014 (or 2015?) and got 3.675% but we are asking about a refi.

We currently pay an extra 30% each month, so if the 15 year locks us in at that monthly payment we wouldn't even feel the pinch. But I would want to make sure it actually cuts off enough of the new loan to make a difference. Right now we're slated to pay off our 30 year in 2036 (so 21 years from refinance), so taking out a new 15 year loan wouldn't cut much off.... we'll see.

[atarianna]

We just recently closed at 2.75% refi and paid .5 points on a 30 year. The title guy said he had never seen a rate so low. Our previous mortgage was 4.75% so it was a pretty significant change in payment.

[just]

Looked at stuff today because of this thread. We’re 5 into a 15 at 3.125. I think we’re just going to hold and continue to prepay when we can. I know $ for $ we could save on a 2.75 even with the closing costs, But i think l’m paying for the sanity of not having to deal with it.

[hamster]

Mar 1, 2020 20:17:36 GMT -5 just said:

Looked at stuff today because of this thread. We’re 5 into a 15 at 3.125. I think we’re just going to hold and continue to prepay when we can. I know $ for $ we could save on a 2.75 even with the closing costs, But i think l’m paying for the sanity of not having to deal with it.

If we hadn't added a 90k heloc we would have skipped the refi as well. I hate adding back those 5 years but we were struggling with cash flow a bit.

[fryjack2]

Mar 1, 2020 19:45:49 GMT -5 atarianna said:

We just recently closed at 2.75% refi and paid .5 points on a 30 year. The title guy said he had never seen a rate so low. Our previous mortgage was 4.75% so it was a pretty significant change in payment.

Do you mind me asking if it was a jumbo loan? 

The lowest I'm seeing is still 3.4ish for 30 year loans. 

We just refinanced last September but I would do so again for a 2.75%!

[atarianna]

Mar 1, 2020 22:06:57 GMT -5 fryjack2 said:

Mar 1, 2020 19:45:49 GMT -5 atarianna said:

We just recently closed at 2.75% refi and paid .5 points on a 30 year. The title guy said he had never seen a rate so low. Our previous mortgage was 4.75% so it was a pretty significant change in payment.

Do you mind me asking if it was a jumbo loan? 

The lowest I'm seeing is still 3.4ish for 30 year loans. 

We just refinanced last September but I would do so again for a 2.75%!

It was not a jumbo, and it was a VA loan, so those rates trend a bit lower than conventional.

[elcjet]

I'm in the middle of a refi but I'm still floating my rate. When I started the process a few weeks back, I was quoted 3.75% no points for a 30-year jumbo. I'm expecting to lock it around 3.5% but hoping it'll keep moving down in the next week or two before we close. I made a LenderFi rate tracker and have been getting daily emails on their rates, which are very low and competitive.

[trissie18]

The mortgage broker came back with 3.125% for 30 years (we are only 18 months (12 months of actual principal payments due to construction loan piece) into our current 4.75% mortgage) which will drop our monthly payment $400. We will recover closing costs in less than a year. 

[Poppy]

They are down even more now. We just got a quote for a 15yr 0pt loan at 2.675.

[lessel]

Mar 3, 2020 14:12:39 GMT -5 Poppy said:

They are down even more now. We just got a quote for a 15yr 0pt loan at 2.675.

Yeah, I'm seeing that. Glad we haven't formally locked in yet. Waiting to hear back from my mortgage guy who I'm sure is drowning in requests at the moment.

[farmvillelover]

Mar 3, 2020 14:12:39 GMT -5 Poppy said:

They are down even more now. We just got a quote for a 15yr 0pt loan at 2.675.

Right! Our lender just floated (?) it and got us 2.625 with 0 points on a 15 year.

[redredwine]

We just bought in May - do we have to wait a year to be in our house to refi? I remember we asked about it shortly after we moved in as rates had dropped to like 3.9 (we're at a 30 y/4.125%) but we hadn't been in our house long enough.

[madisen]

Floating the rate means it's not locked in yet. So you take the risk of rates going up, but you get to take advantage of current market still if rates go down.

[madisen]

Mar 3, 2020 16:35:18 GMT -5 redredwine said:

We just bought in May - do we have to wait a year to be in our house to refi? I remember we asked about it shortly after we moved in as rates had dropped to like 3.9 (we're at a 30 y/4.125%) but we hadn't been in our house long enough.

You can refi already if your Loan to Value is still in line with guidelines. You don't have to wait a year.

[redredwine]

Mar 3, 2020 16:49:26 GMT -5 madisen said:

Mar 3, 2020 16:35:18 GMT -5 redredwine said:

We just bought in May - do we have to wait a year to be in our house to refi? I remember we asked about it shortly after we moved in as rates had dropped to like 3.9 (we're at a 30 y/4.125%) but we hadn't been in our house long enough.

You can refi already if your Loan to Value is still in line with guidelines. You don't have to wait a year.

Oh cool!! our LTV should be around 75%, so we should be good there. I'm going to dip my toes in to see if we want to go through with it...

[farmvillelover]

Mar 3, 2020 16:47:20 GMT -5 madisen said:

Floating the rate means it's not locked in yet. So you take the risk of rates going up, but you get to take advantage of current market still if rates go down.

I actually have no idea if it's locked then, he keeps saying I'm locked.

[madisen]

Mar 3, 2020 17:15:11 GMT -5 farmvillelover said:

Mar 3, 2020 16:47:20 GMT -5 madisen said:

Floating the rate means it's not locked in yet. So you take the risk of rates going up, but you get to take advantage of current market still if rates go down.

I actually have no idea if it's locked then, he keeps saying I'm locked.

Some lenders can provide a float down after a rate is locked. He might have been referring to that if he used the word float at all.

However there are so many industry specific terms and acronyms in the mortgage industry that I think LOs use that to their advantage in conversation at times.

[noodleoo]

Poppy, lessel, farmvillelover, where are you seeing such low rates for a 15 year refi? With rates this low, I’d love to refi into a 15 year fixed but I have no idea how to find a good mortgage broker. Do I just look online? Or do I need to find someone local? I have no idea what I’m doing!

[Poppy]

Mar 3, 2020 20:07:00 GMT -5 noodleoo said:

Poppy, lessel, farmvillelover, where are you seeing such low rates for a 15 year refi? With rates this low, I’d love to refi into a 15 year fixed but I have no idea how to find a good mortgage broker. Do I just look online? Or do I need to find someone local? I have no idea what I’m doing!

FIL is in the industry and referred us to a friend. I will say that the rates we got from our current mortgage servicer (big bank) were not this good. I can PM you our guy's info if you want but I'm not sure he works outside this region.

On bogleheads they all seem to be on the lenderfi train.

[kadams767]

Mar 3, 2020 20:07:00 GMT -5 noodleoo said:

Poppy , lessel , farmvillelover , where are you seeing such low rates for a 15 year refi? With rates this low, I’d love to refi into a 15 year fixed but I have no idea how to find a good mortgage broker. Do I just look online? Or do I need to find someone local? I have no idea what I’m doing!

I just started poking around this afternoon and the Wells Fargo website is showing 2.75% for a 15 year refi currently, so not too far off what has been posted above.

[madisen]

I like starting with bankrate.com

I don’t have to put personal info in to be able to get quotes on my own scenario regarding - loan amount, refi type, estimated value, occupancy, state, and credit score.

[hamster]

Mar 3, 2020 20:07:00 GMT -5 noodleoo said:

Poppy, lessel, farmvillelover, where are you seeing such low rates for a 15 year refi? With rates this low, I’d love to refi into a 15 year fixed but I have no idea how to find a good mortgage broker. Do I just look online? Or do I need to find someone local? I have no idea what I’m doing!

Our credit union offered us 2.75 on Friday. We locked then, and I assume it's lower now.