I can't believe we're refinancing...again

[ohgillian]

simpsongal, thank you! That is super helpful. I had no idea what the impact would be on a refi and that's a clear explanation.

[goldengirlz]

Jul 22, 2021 22:39:31 GMT -5 sadlebred said:

Would you refi from a 30 year 3.5% to a 30 year 2.75% if you refi'ed the middle of last year? The "break even" on the first refi was 36 months. This one would be similar, so I feel like I would "lose" nearly $8000-9000 (total for both) in closing costs paid up front between both loans. Sadly going to a 15 or 20 year is not possible on one measly salary.

H ran the numbers for us and decided we’d save a bit of money but not enough to make him want to restart the clock on the mortgage. We also get a tax write-off on the interest so it’s a wash.

Our situation may be a bit different though because we perpetually have one foot out the door of this house. With the market this crazy (plus VHCOL), we’re not exactly going anywhere anytime soon, but it’s constantly on our minds.

[rooster222]

Jul 23, 2021 13:43:10 GMT -5 farmvillelover said:

We refi'd last May or June 2020 and got 2.625 for a 15 year but just closed 2 weeks ago at 1.99 at a literal no cost loan (through Owning.com), couldn't resist. Saves a few hundred a month. Was a no brainer!

We also just got 2.6 for 15 years. How was the process with Owning? I don't know if I have the energy to go through the refi again right now but that's a very appealing rate.

[krystee]

I read this thread five minutes ago, went to Costco and clicked Strong as the company I wanted to refinance with, they called me, and we’re locking at 1.99% for 15 years, closing in approximately 18 days.

That was a whirlwind few minutes!

[Deleted]

I locked 1.99% for a 10 year for our $211k mortgage with Rocket/Quicken earlier this week. Technically I locked it in April, but it took freaking forever to get to closing, and by then I'd quit my job. I was the only one on the mortgage and so it expired and they were able to match it and now we're restarting with DH on it. I start my new job next week, so it's crazy that this has now been going on for three months.

[farmvillelover]

Jul 24, 2021 15:05:07 GMT -5 rooster222 said:

Jul 23, 2021 13:43:10 GMT -5 farmvillelover said:

We refi'd last May or June 2020 and got 2.625 for a 15 year but just closed 2 weeks ago at 1.99 at a literal no cost loan (through Owning.com), couldn't resist. Saves a few hundred a month. Was a no brainer!

We also just got 2.6 for 15 years. How was the process with Owning? I don't know if I have the energy to go through the refi again right now but that's a very appealing rate.

It was effortless and we closed in less than a month. And at no cost, it was way worth it.

[RockNVoll]

Jul 25, 2021 11:16:37 GMT -5 farmvillelover said:

Jul 24, 2021 15:05:07 GMT -5 rooster222 said:

We also just got 2.6 for 15 years. How was the process with Owning? I don't know if I have the energy to go through the refi again right now but that's a very appealing rate.

It was effortless and we closed in less than a month. And at no cost, it was way worth it.

I always worry about refi's with companies I've never heard of.  How did you find Owning?  Have they sold your loan?  Pretty amazing deal you got there, congrats!

[sadlebred]

Thanks! I'm going to contact my lender to see if the loan can be recast.

[farmvillelover]

Jul 25, 2021 13:10:29 GMT -5 RockNVoll said:

Jul 25, 2021 11:16:37 GMT -5 farmvillelover said:

It was effortless and we closed in less than a month. And at no cost, it was way worth it.

I always worry about refi's with companies I've never heard of.  How did you find Owning?  Have they sold your loan?  Pretty amazing deal you got there, congrats!

On the Fire groups discussions lol!
So we just found out who our lender is, they don’t even take electronic payments. I’m guessing it will be sold very soon!

[madringal]

I am a LO - the rate sheet I just got has 1.75 for 15 year. I can't wait to see the update in the morning! I think I will have a lot of calls to make to lock in some rates!

[RockNVoll]

Jul 25, 2021 22:47:11 GMT -5 madringal said:

I am a LO - the rate sheet I just got has 1.75 for 15 year. I can't wait to see the update in the morning! I think I will have a lot of calls to make to lock in some rates!

Uh, do you do loans in MA?

[woowoo]

Jul 25, 2021 23:50:36 GMT -5 RockNVoll said:

Jul 25, 2021 22:47:11 GMT -5 madringal said:

I am a LO - the rate sheet I just got has 1.75 for 15 year. I can't wait to see the update in the morning! I think I will have a lot of calls to make to lock in some rates!

Uh, do you do loans in MA?

Or Florida?  LOL.

[aspentosh]

I find it so hard to figure out if it's worth it to refinance. We have a 20yr (taken out in September) at 2.875%. A 15yr is super enticing, especially at 1.75% but is it worth it and when do we break even? How do I figure this out?! lol.

[numbers]

simpsongal Thanks for this thread!

I reached out to our LO and was offered a modification (flat fee, no refi) to 2.5% on a 30 year.

This is our third modification since we originated 2 years ago.

[numbers]

Jul 26, 2021 8:33:09 GMT -5 aspentosh said:

I find it so hard to figure out if it's worth it to refinance. We have a 20yr (taken out in September) at 2.875%. A 15yr is super enticing, especially at 1.75% but is it worth it and when do we break even? How do I figure this out?! lol.

Determine your monthly savings, then divide the refi cost by that number to get number of months until you break even.

[ohgillian]

aspentosh, this is a helpful site to compare your current mortgage vs the new mortgage and whether you should refi: better.com/content/refinance-calculator/

[ohgillian]

madringal, I'm curious why 10 year rates seem to be higher than 15 year rates. Do you understand what that is about?

[RockNVoll]

Jul 26, 2021 9:05:24 GMT -5 numbers said:

simpsongal Thanks for this thread!

I reached out to our LO and was offered a modification (flat fee, no refi) to 2.5% on a 30 year.

This is our third modification since we originated 2 years ago.

I have never had a lender that would modify our loan rather than lose us to a new lender--that would be so much easier!

[ohgillian]

I'm 6 months into a 20 year at 2.625. I called my current lender about a refi and the guy was like, "you basically got the best you're going to get." I'm not sure I totally agree, but maybe. It didn't inspire a lot of confidence with doing a refi with them, anyway. He did offer a 15 year 2.0% with points costing $3400. We'd save maybe 25k in interest over the life, but our payment would go up over $100/month and since we're looking at buying a second home in the next year, I'm not excited about tying up an extra $100 like that right now.

[whitemerlot]

We just got a quote through Costco from Strong Mortgage. It's 1.99% for 10 years. The lender fee is $290 and the other fees are $1335 (closing settlement fee, mortgage tax, etc). They also have $475 credit at closing, which I don't understand (my h has talked to the lender).

[madringal]

Jul 26, 2021 9:34:48 GMT -5 ohgillian said:

madringal , I'm curious why 10 year rates seem to be higher than 15 year rates. Do you understand what that is about?

the lender probably just doesn't want them for whatever reason. My 10 year rate is lower than my 15.

[madringal]

Jul 26, 2021 7:53:16 GMT -5 woowoo said:

Jul 25, 2021 23:50:36 GMT -5 RockNVoll said:

Uh, do you do loans in MA?

Or Florida?  LOL.

Yup and yup! I can do loans in all 50 states   Pm me some basics:

value of your home, balance on your loan, zip code, credit score, is it a single family home/condo/duplex? is it your primary residence?


RockNVoll,

[ohgillian]

Jul 26, 2021 13:40:06 GMT -5 madringal said:

Jul 26, 2021 9:34:48 GMT -5 ohgillian said:

madringal , I'm curious why 10 year rates seem to be higher than 15 year rates. Do you understand what that is about?

the lender probably just doesn't want them for whatever reason. My 10 year rate is lower than my 15.

Interesting. Thanks! Can I PM you also about a refi? 

[madringal]

Jul 26, 2021 15:42:03 GMT -5 ohgillian said:

Jul 26, 2021 13:40:06 GMT -5 madringal said:

the lender probably just doesn't want them for whatever reason. My 10 year rate is lower than my 15.

Interesting. Thanks! Can I PM you also about a refi? 

of course!

[shamrockshake]

Jul 25, 2021 22:47:11 GMT -5 madringal said:

I am a LO - the rate sheet I just got has 1.75 for 15 year. I can't wait to see the update in the morning! I think I will have a lot of calls to make to lock in some rates!

What do you have for a 20 year 🤔

[madringal]

Jul 26, 2021 16:01:41 GMT -5 shamrockshake said:

Jul 25, 2021 22:47:11 GMT -5 madringal said:

I am a LO - the rate sheet I just got has 1.75 for 15 year. I can't wait to see the update in the morning! I think I will have a lot of calls to make to lock in some rates!

What do you have for a 20 year 🤔

Pm me the details I commented above and I’ll check!

[idahome]

We did a cash-out refi that closed March 2020 at 4%. On a whim last Thursday I contacted our mortgage company to see what they could do:
-conventional, 30-year mortgage at 2.89% and I locked it last Friday.

High point: finally getting rid of the PMI we’ve been paying because our original mortgage and 2 other refi’s were FHA loans.

I’m ready to close this and be done for a bit.

[fryjack2]

Jul 25, 2021 23:50:36 GMT -5 RockNVoll said:

Jul 25, 2021 22:47:11 GMT -5 madringal said:

I am a LO - the rate sheet I just got has 1.75 for 15 year. I can't wait to see the update in the morning! I think I will have a lot of calls to make to lock in some rates!

Uh, do you do loans in MA?

To piggyback- jumbo loans in MA?madringal. We are at 3.0% for 30 year fixed now after a refi last year. We paid almost 10k in closings costs though and would rather not do that again.

[RockNVoll]

Jul 26, 2021 21:58:14 GMT -5 fryjack2 said:

Jul 25, 2021 23:50:36 GMT -5 RockNVoll said:

Uh, do you do loans in MA?

To piggyback- jumbo loans in MA?madringal . We are at 3.0% for 30 year fixed now after a refi last year. We paid almost 10k in closings costs though and would rather not do that again.

Ouch on those costs! 

She has limited areas in which she can do jumbo loans, and mine is not one of them.  Maybe you'll have more luck, even though you're in the same general area as me.  FWIW, we did just lock a 2.75% 30-year jumbo a couple of days ago with a small local bank, but I think that rate might be gone now.  Happy to pass you the guy's info if you like though.

[tacom]

thanks for the push to check in with our LO.

Just locked in today 30 year conventional at 2.85% - should save us about $275 a month. we need to bring about $100 to close since the lender credit pretty much washed out the costs.

We bought in 2019 and this will be our second refinance.