Refinance Mega Thread

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zeal4thil
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Joined: Tue May 16, 2017 10:55 am

Re: Refinance Mega Thread

Post by zeal4thil »

Here is my Refinance history so far .
Started with 330K mortgage @ 4.5% (July 2018) - 30 year (Provident ) (paid 300/month extra in Principle )
Refinanced 322K @ 3.75% No Cost Mortgage (Feb 2019) -30 year (Caliber Homes then sold to Flagstar Bank) (Paid 500/Month extra in Principle )
Now about to close 312k @ 2.875% No Cost Mortgage ( Potentially March 2020) - 15 Year (With Caliber again but in the application itself they mentioned they intend to sell the loan as soon as its closed ).

So far it seem unbelievable as within 20 months i was able to reduce >1.5% in the interest rate without spending anything on closing cost . I am still thinking whether i should have kept it 30 Year @ 3.25% and paid extra every month ?.
Afty
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Re: Refinance Mega Thread

Post by Afty »

I’m considering a refinance and would like feedback from the Boglehead collective.

Current mortgage:
30-year fixed rate, 27.5 years remaining
3.625%
Currently paying extra on mortgage with goal of paying it off by 2035

Refinance:
15-year fixed rate
2.5%
$2000 closing costs
Requires transferring $500k in assets to Bank of America/Merrill Lynch. Loan officer states that there is no requirement to keep the assets there. I would move them back immediately after getting the quoted rate.

Here are the pros and cons as I see them.

Pros:
Significantly reduced interest over the life of the loan
Formalizes plan to have mortgage paid off by 2035. If that's the goal, we might as well get a lower rate.
Rate seems too good to pass up

Cons:
Reduces flexibility to pay less if we choose or our financial situation changes
Hassle of transferring assets, possibility of something going wrong

Should I go for it?
wilked
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Re: Refinance Mega Thread

Post by wilked »

p_haze wrote: Tue Feb 25, 2020 12:36 pm Thanks!
I did ask ~10 lenders to see if they could beat the LoanDepot offer but so far none can. Better does not serve MA. LenderFi was coming in worse than LoanDepot.
I am including a screenshot of my rate shopping so far in case it helps someone.

Image
Thanks!
I’m in MA and a few years into a 30@ 3.875. Am about to shop a refi myself
mervinj7
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Re: Refinance Mega Thread

Post by mervinj7 »

p_haze wrote: Tue Feb 25, 2020 12:36 pm Thanks!
I did ask ~10 lenders to see if they could beat the LoanDepot offer but so far none can. Better does not serve MA. LenderFi was coming in worse than LoanDepot.
I am including a screenshot of my rate shopping so far in case it helps someone.

Image
Great list. I ended up getting a quote from LoanDepot that ended up being the lowest but I know nothing about them. Still unsure if I should be concerned with who services the loan or if it doesn't matter for refinances. Did you have your credit pulled at each of the ten lenders?
p_haze
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Re: Refinance Mega Thread

Post by p_haze »

My experience so far with LoanDepot has been great. They were also rated highly in a couple of "best lenders" lists fwiw. Other reasons are that they do a ton more business than say LenderFi, USD 70 Billion vs. 3 Billion. And they have good JD Power satisfaction ratings. However, your concern about not knowing who they sell the mortgage to and how the loan service will be still stand. I decided that the offer was worth the risk.

I had a few of the lenders run the credit check, I think 4. From what I know, rate shopping within a certain period counts as a single inquiry. Everyone else, I just sent them the loan estimate and they told me whether they could beat it or not without a credit check.
sir_throckmorton
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Joined: Tue Dec 26, 2017 11:04 pm

Re: Refinance Mega Thread

Post by sir_throckmorton »

Currently talking with Blue Spot Loans, which I was connected with through Bankrate. They're currently offering me a 3.375% rate on a 30 year conventional 390k loan with $3000 lender credit at closing. About to lock it in. Currently have a 4.125% 30 year.
dangling
Posts: 29
Joined: Fri Apr 03, 2015 4:21 am

Re: Refinance Mega Thread

Post by dangling »

I am currently 2 yrs into original 30 yr fixed mortgage at 4.0% interest with P&I => $1607.

I am considering LenderFi

Option 1:
  • 30 yr fixed
  • 3.0% interest (3.02% APR)
  • Closing costs $3800 (includes $300 lender fees & 3rd party services, excludes escrow)
  • Monthly P&I comes out to $1365, lifetime interest is also reduced.
Option 2:
0 closing costs ($3800 in credits), 3.25% interest and P&I of $1407.

Option 3:
Take option 1 and add on 3800$ to the loan amount. probably takes P&I to $1375.

Should I go with 1?
garomee
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Joined: Tue Jun 03, 2014 8:18 pm

Re: Refinance Mega Thread

Post by garomee »

I ended up locking in at 3.125 for 30 yr fixed with Keystone funding. This quote is with lender credit of ~ 0.5% of the loan amount to cover some closing costs.
BoomerSooner24
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Re: Refinance Mega Thread

Post by BoomerSooner24 »

Anyone with good lead on jumbo mortgage lender? Currently have 15 year at 3.625% with BBVA and now able to get 15 yr/3.25% with same lender with $250 CC. Not sure if under 3%/15 possible with jumbo. Thanks
somekevinguy
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Re: Refinance Mega Thread

Post by somekevinguy »

BoomerSooner24 wrote: Thu Feb 27, 2020 12:51 am Anyone with good lead on jumbo mortgage lender? Currently have 15 year at 3.625% with BBVA and now able to get 15 yr/3.25% with same lender with $250 CC. Not sure if under 3%/15 possible with jumbo. Thanks
Keybank gave me a jumbo physician loan (86% LTV) at 3.125% for 30 yr fixed so I’d guess <3% 15 year def possible...
daheld
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Location: Midwest US

Re: Refinance Mega Thread

Post by daheld »

Our refinance:
Loan origination in March 2018. Purchase price of $294,000 at 4.25% 30 year. 20% down payment, mortgage of $235,200. Put down a $40,000 lump sum payment after sale of previous home. Have been paying about $250 extra per month against principle since day 1.

After two years in home, we're down to $183,500 principle remaining. Refinancing the balance to 20 year at 3.25%. Continuing to pay the same dollar amount we're paying right now, we'll wind up saving about $27,00 versus our current mortgage.

Overall, we'll wind up saving about $112,000 versus if we'd have made minimum payments at 4.25% over 30 years.
boston85
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Re: Refinance Mega Thread

Post by boston85 »

Looking to lock in today a jumbo 10/1 ARM at 2.75% with around $4,700 in closing costs. APR is 3.25. Closing costs are high, but would only take about 11 months to make that back in the interest reduction. This is with a local credit union in Boston.
BoomerSooner24
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Re: Refinance Mega Thread

Post by BoomerSooner24 »

somekevinguy wrote: Thu Feb 27, 2020 1:15 am
BoomerSooner24 wrote: Thu Feb 27, 2020 12:51 am Anyone with good lead on jumbo mortgage lender? Currently have 15 year at 3.625% with BBVA and now able to get 15 yr/3.25% with same lender with $250 CC. Not sure if under 3%/15 possible with jumbo. Thanks
Keybank gave me a jumbo physician loan (86% LTV) at 3.125% for 30 yr fixed so I’d guess <3% 15 year def possible...
Wow that is a great rate! Too bad they don't service my state. Good to know a rate like that exists though. Thanks
apple44
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Re: Refinance Mega Thread

Post by apple44 »

I'm new to refinancing. Here's the proposal I received:
Current: 4.0% 30 year fixed since April 2017 (so will be 3 year in), have $251,728 of principal amount outstanding.
Proposal: 3.25% 30 year fixed starting now, for a $257,000 loan.

My question is why am I borrowing almost $5K more than what I currently owe? Is that the fee the lender is charging?
What should I do now? Negotiate with this lender that suggested this? And on what? Should I shop around?

Thank you for your advice!
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AerialWombat
Posts: 2016
Joined: Tue May 29, 2018 1:07 pm
Location: Cash Canyon / Cashville

Re: Refinance Mega Thread

Post by AerialWombat »

apple44 wrote: Fri Feb 28, 2020 5:01 pm I'm new to refinancing. Here's the proposal I received:
Current: 4.0% 30 year fixed since April 2017 (so will be 3 year in), have $251,728 of principal amount outstanding.
Proposal: 3.25% 30 year fixed starting now, for a $257,000 loan.

My question is why am I borrowing almost $5K more than what I currently owe? Is that the fee the lender is charging?
What should I do now? Negotiate with this lender that suggested this? And on what? Should I shop around?

Thank you for your advice!
Is this a VA loan? Sounds like the right amount for rolling VA funding fee, points, and other closing costs into the principal.
For entertainment purposes only.
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AerialWombat
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Location: Cash Canyon / Cashville

Re: Refinance Mega Thread

Post by AerialWombat »

For those of you with rental properties, AimLoan is currently offering investor refi rates below 4%. Potentially worth looking at if you need to reposition equity.

Also, for anybody in Colorado or Arizona, First Bank is offering 5 and 7 year investor portfolio loans down to 3.5%, purchase or refi. The origination fee is steep, at $4500, but these kind of loans can be hard to find generally, so the numbers may work for you. I did one rental purchase through them in 2019 on such a loan, very happy with it.
For entertainment purposes only.
apple44
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Re: Refinance Mega Thread

Post by apple44 »

AerialWombat wrote: Fri Feb 28, 2020 5:06 pm
apple44 wrote: Fri Feb 28, 2020 5:01 pm I'm new to refinancing. Here's the proposal I received:
Current: 4.0% 30 year fixed since April 2017 (so will be 3 year in), have $251,728 of principal amount outstanding.
Proposal: 3.25% 30 year fixed starting now, for a $257,000 loan.

My question is why am I borrowing almost $5K more than what I currently owe? Is that the fee the lender is charging?
What should I do now? Negotiate with this lender that suggested this? And on what? Should I shop around?

Thank you for your advice!
Is this a VA loan? Sounds like the right amount for rolling VA funding fee, points, and other closing costs into the principal.
Wow you are good! Yes I have a VA loan. Lender says this is something called VA streamline program. He said because my credit score is 780 my rate is 3.25%; but if my credit score had been 800 or above, it would be 2.75%. CRAZY!!!

Seems you are very familiar with this type of loan. Do you think I should shop around or this is pretty decent and I should just go with this? Thanks!!!
User avatar
AerialWombat
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Location: Cash Canyon / Cashville

Re: Refinance Mega Thread

Post by AerialWombat »

apple44 wrote: Fri Feb 28, 2020 5:29 pm
AerialWombat wrote: Fri Feb 28, 2020 5:06 pm
apple44 wrote: Fri Feb 28, 2020 5:01 pm I'm new to refinancing. Here's the proposal I received:
Current: 4.0% 30 year fixed since April 2017 (so will be 3 year in), have $251,728 of principal amount outstanding.
Proposal: 3.25% 30 year fixed starting now, for a $257,000 loan.

My question is why am I borrowing almost $5K more than what I currently owe? Is that the fee the lender is charging?
What should I do now? Negotiate with this lender that suggested this? And on what? Should I shop around?

Thank you for your advice!
Is this a VA loan? Sounds like the right amount for rolling VA funding fee, points, and other closing costs into the principal.
Wow you are good! Yes I have a VA loan. Lender says this is something called VA streamline program. He said because my credit score is 780 my rate is 3.25%; but if my credit score had been 800 or above, it would be 2.75%. CRAZY!!!

Seems you are very familiar with this type of loan. Do you think I should shop around or this is pretty decent and I should just go with this? Thanks!!!
You might want to check with some different lenders, then. There are quite a few lenders that focus on serving those of us in the veteran community, obviously, and some offer better deals than others. I could be wrong, but I think both PenFed and NFCU have some really good deals right now. I spoke with USAA yesterday, and they're offering to eat many of the fees, at 3.25% for 30 year. I also spoke with AimLoan yesterday, and the conversation was at 3.0% with only about $2200 in fees for my situation (smaller loan than yours, about $175k refi). Veterans United was so far out in left field that I kinda want my 20 minutes back from them. So, definitely shop around.
For entertainment purposes only.
apple44
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Re: Refinance Mega Thread

Post by apple44 »

Thank you so much!
gougou
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Re: Refinance Mega Thread

Post by gougou »

Citibank has transparent rate quotes on their website without asking for your personal information. I find them pretty competitive in terms of jumbo loans. They also have a program where you can reduce your interest rate by up to 0.625% if you bring in up to $1M.
djheini
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Location: Boston area

Re: Refinance Mega Thread

Post by djheini »

Original: 3.875% ~$340k 30 year fixed from mid-2013 that I've been paying extra on recently (now down to about $275k after large payment from RSU vesting before I looked at rates/thought about refinancing)
New in progress and locked: 2.875% 15 year fixed from a local bank for ~$275k. Looking like $2500-3000 in closing costs after lender credit.

Bought the condo for $379k in 2013, redfin and zillow now both estimate it in the mid-$500s so put estimated value of $500k on the paperwork (waiting for official appraisal)
wilked
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Joined: Thu Mar 24, 2011 1:50 pm

Re: Refinance Mega Thread

Post by wilked »

djheini wrote: Fri Feb 28, 2020 6:47 pm Original: 3.875% ~$340k 30 year fixed from mid-2013 that I've been paying extra on recently (now down to about $275k after large payment from RSU vesting before I looked at rates/thought about refinancing)
New in progress and locked: 2.875% 15 year fixed from a local bank for ~$275k. Looking like $2500-3000 in closing costs after lender credit.

Bought the condo for $379k in 2013, redfin and zillow now both estimate it in the mid-$500s so put estimated value of $500k on the paperwork (waiting for official appraisal)
Which bank?
djheini
Posts: 119
Joined: Fri Jul 29, 2016 5:53 pm
Location: Boston area

Re: Refinance Mega Thread

Post by djheini »

wilked wrote: Fri Feb 28, 2020 9:29 pm
djheini wrote: Fri Feb 28, 2020 6:47 pm Original: 3.875% ~$340k 30 year fixed from mid-2013 that I've been paying extra on recently (now down to about $275k after large payment from RSU vesting before I looked at rates/thought about refinancing)
New in progress and locked: 2.875% 15 year fixed from a local bank for ~$275k. Looking like $2500-3000 in closing costs after lender credit.

Bought the condo for $379k in 2013, redfin and zillow now both estimate it in the mid-$500s so put estimated value of $500k on the paperwork (waiting for official appraisal)
Which bank?
East Boston Savings Bank
SEAworld9
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Re: Refinance Mega Thread

Post by SEAworld9 »

Been shopping around a bunch for our refinance. Currently at 4% with 634k remaining on the loan. 75% LTV. Excellent credit.

Best i can find for a 30-year is lenderfi at 3.25% with a $2299 credit that wipes out all costs. Anyone find anything better so far in your searches?
somekevinguy
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Re: Refinance Mega Thread

Post by somekevinguy »

SEAworld9 wrote: Sun Mar 01, 2020 7:50 pm Been shopping around a bunch for our refinance. Currently at 4% with 634k remaining on the loan. 75% LTV. Excellent credit.

Best i can find for a 30-year is lenderfi at 3.25% with a $2299 credit that wipes out all costs. Anyone find anything better so far in your searches?
Keybank gave me a jumbo loan (86% LTV) at 3.125% for 30 yr fixed, minimal costs (ie ~$800)-this was for CA and was rate locked a week ago...who knows which direction rates might go.
SEAworld9
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Re: Refinance Mega Thread

Post by SEAworld9 »

somekevinguy wrote: Sun Mar 01, 2020 7:55 pm
SEAworld9 wrote: Sun Mar 01, 2020 7:50 pm Been shopping around a bunch for our refinance. Currently at 4% with 634k remaining on the loan. 75% LTV. Excellent credit.

Best i can find for a 30-year is lenderfi at 3.25% with a $2299 credit that wipes out all costs. Anyone find anything better so far in your searches?
Keybank gave me a jumbo loan (86% LTV) at 3.125% for 30 yr fixed, minimal costs (ie ~$800)-this was for CA and was rate locked a week ago...who knows which direction rates might go.
Thanks a bunch. Hadn’t checked Key yet so will give them a call tomorrow. :sharebeer
SEAworld9
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Post by SEAworld9 »

Delete
Tdubs
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Post by Tdubs »

SEAworld9 wrote: Sun Mar 01, 2020 8:01 pm
somekevinguy wrote: Sun Mar 01, 2020 7:55 pm
SEAworld9 wrote: Sun Mar 01, 2020 7:50 pm Been shopping around a bunch for our refinance. Currently at 4% with 634k remaining on the loan. 75% LTV. Excellent credit.

Best i can find for a 30-year is lenderfi at 3.25% with a $2299 credit that wipes out all costs. Anyone find anything better so far in your searches?
Keybank gave me a jumbo loan (86% LTV) at 3.125% for 30 yr fixed, minimal costs (ie ~$800)-this was for CA and was rate locked a week ago...who knows which direction rates might go.
Thanks a bunch. Hadn’t checked Key yet so will give them a call tomorrow. :sharebeer
Is there any direction but down? Is it worth it to hold off a couple weeks?
wilked
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Re: Refinance Mega Thread

Post by wilked »

What is the lowest rate one would have and still make 'general' sense to pursue a ReFi today?

For instance, if you had a 3.25% rate and were trying to find a 3% rate, that probably doesn't makes sense. And if you are carrying a 4.5% rate you should definitely seek a ReFi.

Where do people suppose the breakeven is (say for 15 yr mortgages and 30 yr mortgages)
akpk
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Re: Refinance Mega Thread

Post by akpk »

All,
I need some advice. I locked rate with lenderfi couple of weeks back at 3.375 rate and closing costs of $1500. Now i noticed they are offering 3.125 with same cost. What are my options? Should i look elsewhere if can find a better rate or just go with 3.375 rate i locked with Lenderfi. Difference of 0.25% seems very significant to ignore.
seawolf21
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Re: Refinance Mega Thread

Post by seawolf21 »

Anybody know how soon after closing on a refi can another refi be done? I just closed last week 15 year 3%; today is last day for recission. Rate this morning is 2.5 %. Monthly payment is $140 less.
mervinj7
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Re: Refinance Mega Thread

Post by mervinj7 »

seawolf21 wrote: Mon Mar 02, 2020 11:32 am Anybody know how soon after closing on a refi can another refi be done? I just closed last week 15 year 3%; today is last day for recission. Rate this morning is 2.5 %. Monthly payment is $140 less.
I believe that depends on the lender. The two I'm working with right now only require that the first payment be done before a refinance is started. LenderFi, as some folks have mentioned, may require 6 payments before clawing back lender credits but I have no personal experience with them.
regularguy455
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Re: Refinance Mega Thread

Post by regularguy455 »

Just got a quote from American Federal Mortgage Corp (via mtgprofessor.com).

3.0% 30 year - no points, no lender fees.

This must be close to, if not, the lowest 30 year in history.
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9-5 Suited
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Re: Refinance Mega Thread

Post by 9-5 Suited »

Progressing down the path on a 2.99% | 15 year fixed | no closing cost, no points refinance for a high-rise condo unit. Currently at 3.5% on a 30 year fixed, but paying it off in 7 years. Because of the pre-payments already made to-date, the monthly required payment is only a few hundred bucks more. This is projected to save a little over $5,000 over our planned payback period. Lender is Guaranteed Rate. Have done business with their team twice and had a great experience, and I'm not really the type to spend a lot of time scouring for the best deal possible. This was good enough for me.
manatee2005
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Re: Refinance Mega Thread

Post by manatee2005 »

akpk wrote: Mon Mar 02, 2020 11:15 am All,
I need some advice. I locked rate with lenderfi couple of weeks back at 3.375 rate and closing costs of $1500. Now i noticed they are offering 3.125 with same cost. What are my options? Should i look elsewhere if can find a better rate or just go with 3.375 rate i locked with Lenderfi. Difference of 0.25% seems very significant to ignore.
Contact lenderfi and tell them to cancel the original locked rate and to start again.
akpk
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Re: Refinance Mega Thread

Post by akpk »

manatee2005 wrote: Mon Mar 02, 2020 12:53 pm
akpk wrote: Mon Mar 02, 2020 11:15 am All,
I need some advice. I locked rate with lenderfi couple of weeks back at 3.375 rate and closing costs of $1500. Now i noticed they are offering 3.125 with same cost. What are my options? Should i look elsewhere if can find a better rate or just go with 3.375 rate i locked with Lenderfi. Difference of 0.25% seems very significant to ignore.
Contact lenderfi and tell them to cancel the original locked rate and to start again.
Thanks... I contacted them and got a polite no.
d0gerz
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Re: Refinance Mega Thread

Post by d0gerz »

I’m about 5 months in on a 30-yr fixed 3.75% loan of 350k. Lender contacted me today offering a no fee refinance at 3.375%. I’m in MA.

This is a no-brainer right? Sure I could hold off to see if rates drop more but I already stand to save ~$75 a month. At the cost of a credit pull and extending loan term by a few months.

Are there any other considerations when refinancing? This is my first time going through the process so appreciate any help, guidance.
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hand
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Post by hand »

d0gerz wrote: Mon Mar 02, 2020 1:52 pm I’m about 5 months in on a 30-yr fixed 3.75% loan of 350k. Lender contacted me today offering a no fee refinance at 3.375%. I’m in MA.

This is a no-brainer right? Sure I could hold off to see if rates drop more but I already stand to save ~$75 a month. At the cost of a credit pull and extending loan term by a few months.

Are there any other considerations when refinancing? This is my first time going through the process so appreciate any help, guidance.
It is a no brainer that what they are offering is better than what you currently have.
They may not be giving you the best offer possible.

It seems likely you could get an even better rate than 3.375% by shopping around. 3.125% at no cost seems likely assuming you are good credit risk and have a decent amount of equity in your house.
wilked
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Re: Refinance Mega Thread

Post by wilked »

d0gerz wrote: Mon Mar 02, 2020 1:52 pm I’m about 5 months in on a 30-yr fixed 3.75% loan of 350k. Lender contacted me today offering a no fee refinance at 3.375%. I’m in MA.

This is a no-brainer right? Sure I could hold off to see if rates drop more but I already stand to save ~$75 a month. At the cost of a credit pull and extending loan term by a few months.

Are there any other considerations when refinancing? This is my first time going through the process so appreciate any help, guidance.
I am in MA, similar dollars.

I got offered 3.0% no fee from American Federal Mortgage 1 hr ago (30 yr)
manuvns
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Post by manuvns »

d0gerz wrote: Mon Mar 02, 2020 1:52 pm I’m about 5 months in on a 30-yr fixed 3.75% loan of 350k. Lender contacted me today offering a no fee refinance at 3.375%. I’m in MA.

This is a no-brainer right? Sure I could hold off to see if rates drop more but I already stand to save ~$75 a month. At the cost of a credit pull and extending loan term by a few months.

Are there any other considerations when refinancing? This is my first time going through the process so appreciate any help, guidance.
my local credit union is offering 2.75% but 1% in fees apply .
manatee2005
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Post by manatee2005 »

akpk wrote: Mon Mar 02, 2020 1:06 pm
manatee2005 wrote: Mon Mar 02, 2020 12:53 pm
akpk wrote: Mon Mar 02, 2020 11:15 am All,
I need some advice. I locked rate with lenderfi couple of weeks back at 3.375 rate and closing costs of $1500. Now i noticed they are offering 3.125 with same cost. What are my options? Should i look elsewhere if can find a better rate or just go with 3.375 rate i locked with Lenderfi. Difference of 0.25% seems very significant to ignore.
Contact lenderfi and tell them to cancel the original locked rate and to start again.
Thanks... I contacted them and got a polite no.
Ok, then you can go with some other lender and tell them you won’t sign the closing with lenderfi.
manatee2005
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Post by manatee2005 »

I got 30 year 3.0% with closing costs covered from lenderfi
seawolf21
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Post by seawolf21 »

mervinj7 wrote: Mon Mar 02, 2020 11:35 am
seawolf21 wrote: Mon Mar 02, 2020 11:32 am Anybody know how soon after closing on a refi can another refi be done? I just closed last week 15 year 3%; today is last day for recission. Rate this morning is 2.5 %. Monthly payment is $140 less.
I believe that depends on the lender. The two I'm working with right now only require that the first payment be done before a refinance is started. LenderFi, as some folks have mentioned, may require 6 payments before clawing back lender credits but I have no personal experience with them.
Wasn’t sure if there was some government rule for minimum time frame. Since my loan is not with lender fi, their 6 month timeframe is n/a for me.
manatee2005
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Post by manatee2005 »

seawolf21 wrote: Mon Mar 02, 2020 5:32 pm
mervinj7 wrote: Mon Mar 02, 2020 11:35 am
seawolf21 wrote: Mon Mar 02, 2020 11:32 am Anybody know how soon after closing on a refi can another refi be done? I just closed last week 15 year 3%; today is last day for recission. Rate this morning is 2.5 %. Monthly payment is $140 less.
I believe that depends on the lender. The two I'm working with right now only require that the first payment be done before a refinance is started. LenderFi, as some folks have mentioned, may require 6 payments before clawing back lender credits but I have no personal experience with them.
Wasn’t sure if there was some government rule for minimum time frame. Since my loan is not with lender fi, their 6 month timeframe is n/a for me.
It has nothing to do with government. Most places have a rule that if the loan is refinanced out within 6 months, the mortgage lender that made the loan loses commission they made. Back in 2010s out of professional curtesy some places wouldn’t touch a loan from a different company if it hasn’t been 6 months yet, but now it seems that most companies don’t care.
blackholescion
Posts: 166
Joined: Fri Mar 22, 2019 6:41 pm

Re: Refinance Mega Thread

Post by blackholescion »

Current: 395k @ 4.125. 315 months remaining. Both options below save at least 40k in total costs over this.

20 year at 3% 2600 closing versus 15 year 2.625% 2000 closing. Mortgage professor tells me the difference is some 11k in total costs after 20 years and extra payments of $500 a month. Max difference if we paid minimums is 24k.

Payment difference is $500. We are having a second kid and could use that toward flexibility and/or taxable account. Plan is to pay extra into the 20 (essentially make the 15 year payment which puts payoff 6 months after the 15 year) and scale back as needed for costs mount for daycare and the like.


Thoughts?
Last edited by blackholescion on Mon Mar 02, 2020 9:50 pm, edited 3 times in total.
Millennial
Posts: 379
Joined: Tue Mar 25, 2014 4:46 pm

Re: Refinance Mega Thread

Post by Millennial »

I was just able to lock a 30-yr at 3.25%, $1.05MM loan on a multifamily, $1.4MM value, with a regional bank in MA. Need to move $250k in for this rate, would have been $3.375 without.

Thanks to all who have posted in this thread - I was able to get quotes from a number of lenders that you mentioned and got this rate by getting the best ones to compete.
amindu
Posts: 168
Joined: Thu Aug 04, 2016 11:59 am

Re: Refinance Mega Thread

Post by amindu »

blackholescion wrote: Mon Mar 02, 2020 9:31 pm Current: 395k @ 4.125. 315 months remaining. Both options below save at least 40k in total costs over this.

20 year at 3% 2600 closing versus 15 year 2.625% 2000 closing. Mortgage professor tells me the difference is some 11k in total costs after 20 years and extra payments of $500 a month. Max difference if we paid minimums is 24k.

Payment difference is $500. We are having a second kid and could use that toward flexibility and/or taxable account. Plan is to pay extra into the 20 (essentially make the 15 year payment which puts payoff 6 months after the 15 year) and scale back as needed for costs mount for daycare and the like.


Thoughts?
Hi do you mind sharing where you are getting a 15 year at 2.625%? Thanks
Hoosierdom
Posts: 41
Joined: Mon May 08, 2017 6:06 pm

Re: Refinance Mega Thread

Post by Hoosierdom »

Penfed has that. They had 2.5 a few hours ago, but it's gone now.
AlphaLess
Posts: 2706
Joined: Fri Sep 29, 2017 11:38 pm
Location: Kentucky

Re: Refinance Mega Thread

Post by AlphaLess »

gougou wrote: Fri Feb 28, 2020 6:14 pm Citibank has transparent rate quotes on their website without asking for your personal information. I find them pretty competitive in terms of jumbo loans. They also have a program where you can reduce your interest rate by up to 0.625% if you bring in up to $1M.
Do you have a link to the rates page, please? TIA
"A Republic, if you can keep it". Benjamin Franklin. 1787. | Party affiliation: Vanguard. Religion: low-cost investing.
gougou
Posts: 352
Joined: Thu Sep 28, 2017 7:42 pm

Re: Refinance Mega Thread

Post by gougou »

AlphaLess wrote: Tue Mar 03, 2020 1:06 am
gougou wrote: Fri Feb 28, 2020 6:14 pm Citibank has transparent rate quotes on their website without asking for your personal information. I find them pretty competitive in terms of jumbo loans. They also have a program where you can reduce your interest rate by up to 0.625% if you bring in up to $1M.
Do you have a link to the rates page, please? TIA
https://online.citi.com/US/nccmi/refina ... nceLanding
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