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

[fryjack2]

Jul 26, 2021 22:21:10 GMT -5 RockNVoll said:

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

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.

We got a lender credit and some of the fees were reimbursed, but we chose to pay the fees to get the lower rate.

I’ll take a name and see if they can beat what our broker can offer

[Pilsy]

We refinanced to 15 years at 2.75% in March 2020, and I swore I wouldn't refinance again, because that was the third time since buying in 2010. I'm tempted again.

[aspentosh]

Heard back from our guy and he offered a 15 year at 2.265% which just isn't worth it. Oh well.

[lessel]

We're about to lock in a 1.99 on a 15y. I emailed the guy I've worked with on our 2019 purchase and 2020 refi and he's not responding, so we're going with one we found via Costco.

[noodleoo]

Jul 27, 2021 13:42:22 GMT -5 Pilsy said:

We refinanced to 15 years at 2.75% in March 2020, and I swore I wouldn't refinance again, because that was the third time since buying in 2010. I'm tempted again.

We did the exact same, locked in right before everything shut down. It cut 3 years off our term for the same payment so it was worth it.  I’m tempted again too if we could get 2.00%, but I can never seem to get the best rates people post here. I’ve played around with some calculators and while it would be a savings, I’m not sure it’s enough to be worth the hassle and closing costs again. I was debating trying to drop to a 10 year term to pay the house off sooner, but that would raise out payments a bit. We’d probably be better off putting the extra money into the kids 529s. 

We’ve refinanced 4x since 2009. 

ETA: never mind, I just submitted requests for rate quotes after running the numbers again. 🤦🏽‍♀️🤦🏽‍♀️🤦🏽‍♀️

[konapoppy]

We just closed on our refi. God even the easy ones annoy the crap out of me 🤣

[noodleoo]

Jul 25, 2021 8:10:22 GMT -5 krystee said:

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!

That's awesome!  Are you a Costco Member?  I submitted for quote from Strong as well through Costco, but I'm not a member so I'm curious how the fees compare vs. with a membership.  It might be worth buying a membership to save on the closing costs, even though we'd never use it.  Waiting for him to call back.

lessel, did you go with Strong too?

[lessel]

Jul 29, 2021 8:26:28 GMT -5 noodleoo said:

Jul 25, 2021 8:10:22 GMT -5 krystee said:

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!

That's awesome!  Are you a Costco Member?  I submitted for quote from Strong as well through Costco, but I'm not a member so I'm curious how the fees compare vs. with a membership.  It might be worth buying a membership to save on the closing costs, even though we'd never use it.  Waiting for him to call back.

lessel , did you go with Strong too?

Strong didn't come up as an option for us. Not sure if they do work in GA or whatnot. We're going with Cross Country.

[noodleoo]

Update: I just locked in 2.125% on a 15 year with no closing costs! I'm kind of shocked. I went through Costco Financial even though I'm not currently a member. They gave me a full quote of all the costs and I'm going to buy a membership for $120 that will save me $530 on the loan fees (totally worth it). I ended up going with Consumer Direct as they have slightly lower closing costs than Strong and the loan person I spoke to was awesome. I'm so happy! I think this will be our last refi, but I said that last time so who knows!

Thx simpsongal for posting this thread otherwise a refi wasn't even on my radar and this will save us about $200 a month!

[katieb4tom]

Lurker, but had to share because I am so excited! Locked 20 year at 2.5%. My payment stays the same, I shaved five years off the loan, and I’ll save $45k over the life of the loan! Thanks for posting this, it’s never been worth it for me, but this one was. I went through Costco as well.

[whitemerlot]

Jul 29, 2021 8:26:28 GMT -5 noodleoo said:

Jul 25, 2021 8:10:22 GMT -5 krystee said:

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!

That's awesome!  Are you a Costco Member?  I submitted for quote from Strong as well through Costco, but I'm not a member so I'm curious how the fees compare vs. with a membership.  It might be worth buying a membership to save on the closing costs, even though we'd never use it.  Waiting for him to call back.

lessel, did you go with Strong too?

We went with the Costco and Strong was our best. It was 1.99% for a 10 year with no appraisal needed and the fee was I think $275 plus the title and all that came to $1335 and we are getting a $455 lender credit on the loan. We are financing $190k on a $500k property that we have been in for 8 years. We started the process Monday and close Aug 12.

[Pilsy]

I have a broker I've worked with multiple times, and while I didn't invite her to my wedding, she attended as someone's guest so you could say there's a social connection there.

She's offering me 2.25% on a 15, whereas Strong via Costco can do 1.90%. Am I a huge jerk if I just go with the better rate? I can't believe I'm asking that. I want to be loyal, but that's a significant difference!

[RockNVoll]

Jul 30, 2021 14:10:25 GMT -5 Pilsy said:

I have a broker I've worked with multiple times, and while I didn't invite her to my wedding, she attended as someone's guest so you could say there's a social connection there.

She's offering me 2.25% on a 15, whereas Strong via Costco can do 1.90%. Am I a huge jerk if I just go with the better rate? I can't believe I'm asking that. I want to be loyal, but that's a significant difference!

Ask her if she can match. If not, go with the better rate. I bet she would totally understand.

[pearls]

I don't post often, but we're currently doing a refinance (our first). We built and closed in December 2018 at 4.625 for a 30 yr conventional loan.

Now we're doing another 30 year, currently have a rate of 2.75 which will save us about 420 dollars a month (we're working with our financial planner and monthly savings is our goal for this refi).

I got rates via Costco and we've asked if they'll match to those, the lowest being 2.5 for 30 yr. The mortgage person told me they'd submit it but didn't give any further indication yet if it might have a shot at getting approved. Fingers crossed they do. Does anyone have experience with matching, do the larger places often do that? I'm impatient waiting for them to come back about it, ha.

[RockNVoll]

pearls, yes, I've had competitors match in the past. Alternatively, why not just go with the Costco lender?

[dr.girlfriend]

Jul 31, 2021 9:28:39 GMT -5 pearls said:

I don't post often, but we're currently doing a refinance (our first). We built and closed in December 2018 at 4.625 for a 30 yr conventional loan.

Now we're doing another 30 year, currently have a rate of 2.75 which will save us about 420 dollars a month (we're working with our financial planner and monthly savings is our goal for this refi).

I got rates via Costco and we've asked if they'll match to those, the lowest being 2.5 for 30 yr. The mortgage person told me they'd submit it but didn't give any further indication yet if it might have a shot at getting approved. Fingers crossed they do. Does anyone have experience with matching, do the larger places often do that? I'm impatient waiting for them to come back about it, ha.

IDK about now.  Previously my mortgages were with Wells Fargo.  I liked that because they service their own loans.  They matched my rates (but with fewer fees) back when we bought the house in 2008 and with our first refinance a few years later.  With our last refinance (2.75% for a 15-year in 2012) they couldn't match and we went with a new lender.  Our loan got sold around which was a bit of a headache, until finally once again it's with someone who services their own mortgages.

[sadlebred]

I did the numbers, and a refi wouldn't work for me right now. Bummer!

[heygrey]

Jul 30, 2021 14:10:25 GMT -5 Pilsy said:

I have a broker I've worked with multiple times, and while I didn't invite her to my wedding, she attended as someone's guest so you could say there's a social connection there.

She's offering me 2.25% on a 15, whereas Strong via Costco can do 1.90%. Am I a huge jerk if I just go with the better rate? I can't believe I'm asking that. I want to be loyal, but that's a significant difference!

Ask if she can match and if not, go with Strong. 

I'm in Canada so different mortgage stuff, but we asked our credit union where love doing business to match the rate a big bank gave us on our mortgage last fall. The lady we work with at the CU couldn't match it and told us she wouldn't stay loyal when we were getting a better deal elsewhere. 

[Pilsy]

heygrey, RockNVoll

She couldn't match it; but she met me in the middle, pointed out the small difference per month, and reminded me of her great customer service. Argh! I'm frustrated, because I feel obligated to stay with her, but that small monthly amount and higher closing costs add up to $3,800 total. Small in the scheme of a mortgage, but big compared to the amount I'm saving now. I spent some time yesterday with an amortization calculator and am wishing I hadn't even started down this road, because the paperwork feels like a pain in the ass to save a few grand over 15 years. Lowering my monthly payment is nice, but it's not a hardship the way it is, and I'm really focused on total payments.

Oh, well. Thanks for letting me vent!

[melmel48]

Pilsy, For some reason, her pointing out her great customer service annoys me. But, I am cranky today, so there's that. Lol.

I think $3,800 is significant enough to say no to her. I understand why you feel obligated to stay though.

[Pilsy]

Aug 2, 2021 8:57:39 GMT -5 melmel48 said:

Pilsy , For some reason, her pointing out her great customer service annoys me. But, I am cranky today, so there's that. Lol.

I think $3,800 is significant enough to say no to her. I understand why you feel obligated to stay though.

It rubbed me the wrong way, too!  lol  But I'm also cranky and was all weekend, too, so you're not alone! 

I know she wants to keep the business, and she is easy to work with, but blah!  At the end of the day, it was my choice to stick with her. Guilty conscience, I guess, but I can only blame myself. 

[RockNVoll]

Aug 2, 2021 10:12:57 GMT -5 Pilsy said:

Aug 2, 2021 8:57:39 GMT -5 melmel48 said:

Pilsy , For some reason, her pointing out her great customer service annoys me. But, I am cranky today, so there's that. Lol.

I think $3,800 is significant enough to say no to her. I understand why you feel obligated to stay though.

It rubbed me the wrong way, too!  lol  But I'm also cranky and was all weekend, too, so you're not alone! 

I know she wants to keep the business, and she is easy to work with, but blah!  At the end of the day, it was my choice to stick with her. Guilty conscience, I guess, but I can only blame myself.

I agree with both of you that her customer service point doesn't hold much merit.  That's basic table stakes for her as a broker, and you are 100% justified to move on to someone providing a superior rate for the same product--guilting someone into working with you doesn't exactly create a strong customer experience. 

I'm a strong supporter of changing your mind here and going with the new lender.

[mlkgls]

I can never seem to find the same rock bottom rates as some of you, but it looks like I’ll be refinancing again too after less than a year, courtesy of a new Costco membership. Assuming nothing changes I’ll continue with the same payment, but shave 9 yrs off the loan. 

[sandandsea]

We locked 2.25% today in a 15 year fixed. We could have shopped around more but the time investment didn’t seem worth it and we aren’t changing lenders so ease of use is worth something.

[mlkgls]

simpsongal - I had to circle back to say thank you for starting this thread. I refinanced 9mo ago and it was not even on my radar to do so again, but this is one more forward step in Operation Retire Earlyish. Thank you!

I’m kind of kicking myself for doing it last year due to the fees. Oh well.

[lilac05]

Thanks for this post! Our bank has no cost refinancing, so we’re going from 2.25% on a 15 year to 2.00%. We could have gotten 1.875 if we paid $1700 in closing costs, but it would have only saved a few hundred dollars over the life of the loan…and we’re not sure we will be in the house another 15 years.

[RockNVoll]

Aug 3, 2021 10:04:37 GMT -5 lilac05 said:

Thanks for this post! Our bank has no cost refinancing, so we’re going from 2.25% on a 15 year to 2.00%. We could have gotten 1.875 if we paid $1700 in closing costs, but it would have only saved a few hundred dollars over the life of the loan…and we’re not sure we will be in the house another 15 years.

Curious what bank this is since I think you're local?

And congrats!

[buckeyegirl]

Thanks to this post I found a bank through Costco and had 2 companies competing for my business. I locked in at 1.99% for 15 years. We had a 3.625 for 30 years that is 8 years old. We will shave 60,000 and 7 years off for a minimal monthly increase.

[wildrice]

So, how do you decide which loan term to go with?

We could do 2.75 with no net closing costs (or maybe about $500 if they have to do an appraisal) and pay $1,041 per month on a 30 year.

Or we could do 2.5% with about 1k in closing costs and pay $1351 on a 20 year, or 1.99% and $1500 in closing costs and pay $1640 on a 15 year.

Technically we can afford any of them. Right now our payment has been comparable to the payment we'd have on the 20 year.

With an eye on retirement, is it better to pay off our mortgage faster or put that extra $300-600 a month into an investment account? We are behind on retirement (probably around 180k saved and we're both 39). My H only started saving 2 years ago, which is why we're not on target. We are both putting away 15% of our gross salary each month already so we should start getting somewhat caught up in the next few years.

I kind of doubt we'll actually stay in our house through retirement (too many stairs!) but it is obviously a significant portion of our monthly financial obligation, so in theory we should have to save less for retirement if we own a house outright.

Maybe this should be another thread...

[simpsongal]

wildrice it’s so personal. At your ages, I probably wouldn’t do a 30 yr even though you think you’ll move. I’d consider your current payment and the delta between your options. Some might take a lowest monthly payment and be disciplined enough to save extra in retirement or make extra principal payments. I’d probably do the 20 yr if I were you as it lines up nicely with ideal retirement age. But if the 15 yr payment isn’t a stretch relative to your current budget then go for it.

So glad this post was helpful. Thanks to all for confirming we’re not crazy to do another refi. I should thank my broker for the text