Refinance Mega Thread

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tarnation
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Re: Refinance Mega Thread

Post by tarnation »

Our 60 day rate lock at 3.5% for 30yr expires tomorrow. Now that we are at the final review then closing, they say we may have to wait until we are payed again (in two weeks) so that they can verify we are still employed; they said that is something they just implemented. What happens if we go past rate lock. Do we ask to reprice or will that delay closing?
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drk
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Location: Puget Sound

Re: Refinance Mega Thread

Post by drk »

tarnation wrote: Sun Apr 05, 2020 12:55 pm Our 60 day rate lock at 3.5% for 30yr expires tomorrow. Now that we are at the final review then closing, they say we may have to wait until we are payed again (in two weeks) so that they can verify we are still employed; they said that is something they just implemented. What happens if we go past rate lock. Do we ask to reprice or will that delay closing?
My mortgage banker quoted me 3.25% on a 30-year fixed yesterday, so you might come out ahead in the exchange. He also noted that rates are wonky right now, with ARMs a quarter of a point higher, so it could get better still if the MBS market settles down this week.
MTZ
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Re: Refinance Mega Thread

Post by MTZ »

gurusw wrote: Fri Apr 03, 2020 9:25 pm Hi,

Are people still getting their refinance requests served for jumbo?

I am looking for a jumbo loan. My current rate is 4.125%

I had a broker start the process, got a quote for 3.625% and appraisal was done. But now the broker says that no bank wants to give jumbo loan. However appraisal is good to get 80% loan w/o me having to spend anything out of the pocket.

If anyone is giving the jumbo loan, can I use the appraisal that was done on Mar 14?
I'm seeing something similar, refi rates aren't attractive for a jumbo refinance now. I guess the high cost conforming limit for the west coast/ northeast of 765,600 doesn't seem to apply anymore? Maybe this is more for purchase vs refi?

I'm pretty close on my current balance to the regular conforming limit of 510,400 but not quite there yet so planning to float for a little while hoping I get closer and rates drop some more..
Last edited by MTZ on Sun Apr 05, 2020 4:32 pm, edited 1 time in total.
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Gray
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Location: Virginia

Re: Refinance Mega Thread

Post by Gray »

I’m waiting. The stuff hasn’t fully hit the fan yet. Even then, businesses are not all going to resume exactly as before. Supply chains will be disrupted. Patterns of behavior prior may not resume right away. Folks may be more conservative spenders for a bit, and many may have to recover financially. There may be a supply glut with reduced demand. Who’s going to buy all those cars sitting on the lot?
csrx
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Re: Refinance Mega Thread

Post by csrx »

Just locked the rate with a local credit union. Live in CA.

Old loan: 30 year, 4.375% (with Better done 2/2019)
New loan: 30 year, 3.125%, lender credit $2,231.

We own a detached SFH, which is our primary residence, that has $446k remaining on the current loan. House was last appraised at ~512k.

Fees:
Origination charges: $850
Appraisal fee: $450
Credit report: $27
Flood cert: $11
Tax service fee: $83
Notary fee: $150
Title doc prep fee: $14
Title escrow fee: $475
Title lenders title policy: $530
Recording taxes and other taxes: $260
Mortgage insurance: $104
ma21n2
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Re: Refinance Mega Thread

Post by ma21n2 »

frankandbeans wrote: Fri Mar 27, 2020 1:16 pm
lepa71 wrote: Fri Mar 27, 2020 1:14 pm Is there a fee if I want to request a payout quote?
Thanks
No fee to request one, just a varying degree of hassle depending on your bank. One of my banks (Chase) lets me do it online and provides it instantly; the other (US Bank) requires me to call and then they'll process the request and send it within a day or two.
We had our first mortgage serviced by AmeriHome, and they charged a fee to get a payoff statement. Twice in fact. The title company requested a statement for the 2nd time right before closing to adjust the amount so we don't overpay AmeriHome. But AmeriHome took too long to provide the statement so we ended up overpaying them and had to wait for a refund. AmeriHome also had a wire cut off time of something ridiculous like 11AM PT, so they didn't credit the account until the next day, charging us another day's interest. So, it depends on your mortgage servicer.
yakk0
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Re: Refinance Mega Thread

Post by yakk0 »

csrx wrote: Sun Apr 05, 2020 6:46 pm Just locked the rate with a local credit union. Live in CA.

Old loan: 30 year, 4.375% (with Better done 2/2019)
New loan: 30 year, 3.125%, lender credit $2,231.

We own a detached SFH, which is our primary residence, that has $446k remaining on the current loan. House was last appraised at ~512k.

Fees:
Origination charges: $850
Appraisal fee: $450
Credit report: $27
Flood cert: $11
Tax service fee: $83
Notary fee: $150
Title doc prep fee: $14
Title escrow fee: $475
Title lenders title policy: $530
Recording taxes and other taxes: $260
Mortgage insurance: $104
Can you share what credit union this is? Thanks.
Renzi
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Re: Refinance Mega Thread

Post by Renzi »

Just locked a refi with Better. Shopped around a bit and they were able to beat the best offer (LenderFi) by over $1000. Should get the Amex credit as well. I missed the earlier refi window but I'm pleased. Rate reduced by 1.25% and break even period should be under a year factoring in the Amex credit. So far everything done online and very smooth

Old: 4.125% 30 year ($347k left, July 2019 origination)
New: 3.000% 30 year ($356k all costs rolled in)

Property: $420k TX.

In terms of fees:
Loan Costs: $3,200 (includes $450 in points)
Escrow/Prepaid: $5,200
Amex Credit: +$2,500
kski74
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Re: Refinance Mega Thread

Post by kski74 »

Renzi wrote: Mon Apr 06, 2020 5:59 pm Just locked a refi with Better. Shopped around a bit and they were able to beat the best offer (LenderFi) by over $1000. Should get the Amex credit as well. I missed the earlier refi window but I'm pleased. Rate reduced by 1.25% and break even period should be under a year factoring in the Amex credit. So far everything done online and very smooth

Old: 4.125% 30 year ($347k left, July 2019 origination)
New: 3.000% 30 year ($356k all costs rolled in)

Property: $420k TX.

In terms of fees:
Loan Costs: $3,200 (includes $450 in points)
Escrow/Prepaid: $5,200
Amex Credit: +$2,500
That's a great rate right now. Lenderfi is offering me 4.547% with similar pts and 3.278% from Aimloan. Better is not in MA.
PavlovsCat
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Re: Refinance Mega Thread

Post by PavlovsCat »

Just locked a 2.875% 15 year with Better. While not the best 15 year out there, there were zero points and I’m hopefully going to be receiving the $2500 Amex credit.

Loan cost: $914
Taxes/Prepaid/Escrow: $2201
Lender credit: $2066
Total out of pocket: $1049
Amex Credit (hopefully): $2500
mud_phud
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Re: Refinance Mega Thread

Post by mud_phud »

We closed today on a 15 yr refinance at 2.5% with no points (~$950 total for all closing costs). We started to look thanks in part to this forum!

Applied on 3/2 and locked on 3/3. Despite an appraisal waiver it still took over a month to close. Mortgage processor said they are hitting all time records for volume - everyone is working overtime but application files from 2-3 weeks ago haven't even been opened yet.
booboo1234
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Re: Refinance Mega Thread

Post by booboo1234 »

mud_phud wrote: Mon Apr 06, 2020 9:53 pm We closed today on a 15 yr refinance at 2.5% with no points (~$950 total for all closing costs). We started to look thanks in part to this forum!

Applied on 3/2 and locked on 3/3. Despite an appraisal waiver it still took over a month to close. Mortgage processor said they are hitting all time records for volume - everyone is working overtime but application files from 2-3 weeks ago haven't even been opened yet.
may i ask which lender?
csrx
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Re: Refinance Mega Thread

Post by csrx »

yakk0 wrote: Mon Apr 06, 2020 4:18 pm
csrx wrote: Sun Apr 05, 2020 6:46 pm Just locked the rate with a local credit union. Live in CA.

Old loan: 30 year, 4.375% (with Better done 2/2019)
New loan: 30 year, 3.125%, lender credit $2,231.

We own a detached SFH, which is our primary residence, that has $446k remaining on the current loan. House was last appraised at ~512k.

Fees:
Origination charges: $850
Appraisal fee: $450
Credit report: $27
Flood cert: $11
Tax service fee: $83
Notary fee: $150
Title doc prep fee: $14
Title escrow fee: $475
Title lenders title policy: $530
Recording taxes and other taxes: $260
Mortgage insurance: $104
Can you share what credit union this is? Thanks.
Travis Credit Union in Solano County. You can see rates without logging in via their website.
kski74
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Joined: Fri Mar 15, 2019 6:19 pm

Re: Refinance Mega Thread

Post by kski74 »

Anyone finding a no-cost (or close to it) 30-year or 20-year in MA with rates in the lower 3%? Qualified for 2.875% several weeks ago, but wasn't able to lock in time. I've seen people with similar rates in other States right now, but still coming up dry in Massachusetts. Best I've got is 3% on a 30-year with $7,200 in fees.
seawolf21
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Re: Refinance Mega Thread

Post by seawolf21 »

Mortgage industry still broken. Keystone offering me 3.25 30 year. Lenderfi went from 3.25 yesterday to 4 this morning for the exact same loan.
ig77
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Re: Refinance Mega Thread

Post by ig77 »

Ridiculous how the rates have gone up. On Friday, I applied for a 15 yr 2.75% when LenderFi quoted a $95 credit. They sat on the application for a few days and today the closing costs has gone up to $10k !! Lender says the rates are going up and I should lock it ASAP.

Any thoughts?
kski74
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Joined: Fri Mar 15, 2019 6:19 pm

Re: Refinance Mega Thread

Post by kski74 »

ig77 wrote: Tue Apr 07, 2020 9:44 am Ridiculous how the rates have gone up. On Friday, I applied for a 15 yr 2.75% when LenderFi quoted a $95 credit. They sat on the application for a few days and today the closing costs has gone up to $10k !! Lender says the rates are going up and I should lock it ASAP.

Any thoughts?
Same thing happened to me 3 weeks ago. I'm waiting patiently. Not willing to pay exorbitant closing costs. They are asking for $19K in closing cost for me whereas 3 weeks ago it would have been a no cost or close to it.
mega317
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Re: Refinance Mega Thread

Post by mega317 »

ig77 wrote: Tue Apr 07, 2020 9:44 am Ridiculous how the rates have gone up. On Friday, I applied for a 15 yr 2.75% when LenderFi quoted a $95 credit. They sat on the application for a few days and today the closing costs has gone up to $10k !! Lender says the rates are going up and I should lock it ASAP.

Any thoughts?
It depends a lot on your current loan and break even but I would wait.
https://www.bogleheads.org/forum/viewtopic.php?t=6212
frankandbeans
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Re: Refinance Mega Thread

Post by frankandbeans »

ig77 wrote: Tue Apr 07, 2020 9:44 am Ridiculous how the rates have gone up. On Friday, I applied for a 15 yr 2.75% when LenderFi quoted a $95 credit. They sat on the application for a few days and today the closing costs has gone up to $10k !! Lender says the rates are going up and I should lock it ASAP.

Any thoughts?
I would wait or shop around. Banks with less of a pipeline crunch and that do portfolio lending (such as your local credit union) may be better right now given what's going on with the big banks and the GSEs.
Bogle_Bro
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Location: Frisco Texas, Mortgage Banker & Attorney

Re: Refinance Mega Thread

Post by Bogle_Bro »

:arrow:
tarnation wrote: Sun Apr 05, 2020 12:55 pm Our 60 day rate lock at 3.5% for 30yr expires tomorrow. Now that we are at the final review then closing, they say we may have to wait until we are payed again (in two weeks) so that they can verify we are still employed; they said that is something they just implemented. What happens if we go past rate lock. Do we ask to reprice or will that delay closing?
Usually a fee is assessed, but if there's no fault on the borrower, the bank generally covers it. Doubt they'll want to reprice it
limeyx
Posts: 308
Joined: Wed Sep 07, 2016 5:34 pm

Re: Refinance Mega Thread

Post by limeyx »

ig77 wrote: Tue Apr 07, 2020 9:44 am Ridiculous how the rates have gone up. On Friday, I applied for a 15 yr 2.75% when LenderFi quoted a $95 credit. They sat on the application for a few days and today the closing costs has gone up to $10k !! Lender says the rates are going up and I should lock it ASAP.

Any thoughts?
Yeah I am seeing the same thing. We have a 3.25%/20Yr with about 15 years left and were sniffing around for a new deal but right now it looks insane
ma21n2
Posts: 153
Joined: Fri Sep 28, 2018 9:25 pm

Re: Refinance Mega Thread

Post by ma21n2 »

MTZ wrote: Sun Apr 05, 2020 1:47 pm
gurusw wrote: Fri Apr 03, 2020 9:25 pm Hi,

Are people still getting their refinance requests served for jumbo?

I am looking for a jumbo loan. My current rate is 4.125%

I had a broker start the process, got a quote for 3.625% and appraisal was done. But now the broker says that no bank wants to give jumbo loan. However appraisal is good to get 80% loan w/o me having to spend anything out of the pocket.

If anyone is giving the jumbo loan, can I use the appraisal that was done on Mar 14?
I'm seeing something similar, refi rates aren't attractive for a jumbo refinance now. I guess the high cost conforming limit for the west coast/ northeast of 765,600 doesn't seem to apply anymore? Maybe this is more for purchase vs refi?

I'm pretty close on my current balance to the regular conforming limit of 510,400 but not quite there yet so planning to float for a little while hoping I get closer and rates drop some more..
I was wondering why rates for jumbo loans were higher these days. Just read this article, which had a good explanation. Even with the 10 year T-note yield low, mortgage rates weren't dropping because institutions weren't purchasing mortgage-backed bonds, so banks had no one to sell new mortgages to. Once the Fed started buying mortgage-backed bonds, providing liquidity, mortgage rates started to come down. However, the Fed is buying only bonds backed by gov't agencies such as Fannie Mae and Freddie Mac. Jumbo loans aren't backed by those agencies, so they don't benefit from the Fed buying bonds. It also says ARMs are usually not backed by those government agencies so I guess that explains why 15/30 year fixed mortgages have lower rates than ARMs these days.
nyboogie
Posts: 3
Joined: Tue Apr 07, 2020 11:38 am

Re: Refinance Mega Thread

Post by nyboogie »

I'm 2 years into my 30 year fixed jumbo loan at 3.95% APR and have been calling around to see what refi rates are out there. Although I'm not getting they are not as low as some folks have mentioned, I had a few options and I wanted to run it by the folks here to make sure I'm making the right decision.

Option 1: Rate reduction at current lender
3.5% rate
Fee: $3000
Term: 28 years (balance of current loan)
Downside is that I'd have to move $125k into my bank account

Option 2: Chase Mortgage
3.25% rate
Prepayment Fee at current lender: $8500
Closing costs: $4300
Term: 30 years

Option 3: Wait it out to see if rates drop in 1/2 months

I think Option 1 is my better option now since payback period is 10 months. If i made minimum monthly payments, the total interest at the end of the loan would be about $4k more, but I'd finish 2 years sooner. However, come next April, I would no longer have to worry about the pre-payment penalty and can looking to refi again if rates are lower than the 3.5% I would currently have. Thoughts? Is there anything that I'm not thinking about?
frankandbeans
Posts: 161
Joined: Wed Feb 06, 2019 10:55 am

Re: Refinance Mega Thread

Post by frankandbeans »

nyboogie wrote: Tue Apr 07, 2020 11:56 am I'm 2 years into my 30 year fixed jumbo loan at 3.95% APR and have been calling around to see what refi rates are out there. Although I'm not getting they are not as low as some folks have mentioned, I had a few options and I wanted to run it by the folks here to make sure I'm making the right decision.

Option 1: Rate reduction at current lender
3.5% rate
Fee: $3000
Term: 28 years (balance of current loan)
Downside is that I'd have to move $125k into my bank account

Option 2: Chase Mortgage
3.25% rate
Prepayment Fee at current lender: $8500
Closing costs: $4300
Term: 30 years

Option 3: Wait it out to see if rates drop in 1/2 months

I think Option 1 is my better option now since payback period is 10 months. If i made minimum monthly payments, the total interest at the end of the loan would be about $4k more, but I'd finish 2 years sooner. However, come next April, I would no longer have to worry about the pre-payment penalty and can looking to refi again if rates are lower than the 3.5% I would currently have. Thoughts? Is there anything that I'm not thinking about?
I would either take the rate reduction with the current lender or just wait for the prepayment fee to drop off in a year. This is a close enough call that it probably comes down to whether you consider it a hassle to park the $125k with the bank. If it’s inconvenient or if the investing options are inferior at the bank that holds the mortgage, then it may not be worth it.

If you take the rate reduction, you should make 100 percent certain that doing so doesn’t extend the prepayment fee period—lenders have pulled this one before.
mud_phud
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Joined: Fri Feb 01, 2013 12:34 pm

Re: Refinance Mega Thread

Post by mud_phud »

booboo1234 wrote: Mon Apr 06, 2020 9:58 pm
mud_phud wrote: Mon Apr 06, 2020 9:53 pm We closed today on a 15 yr refinance at 2.5% with no points (~$950 total for all closing costs). We started to look thanks in part to this forum!

Applied on 3/2 and locked on 3/3. Despite an appraisal waiver it still took over a month to close. Mortgage processor said they are hitting all time records for volume - everyone is working overtime but application files from 2-3 weeks ago haven't even been opened yet.
may i ask which lender?
Based on some posts in this thread around the time we were looking, we went through Costco and ended up with Mutual of Omaha. We were very happy with them.
RobLyons
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Joined: Tue Oct 31, 2017 12:55 pm

Re: Refinance Mega Thread

Post by RobLyons »

Currently 22 years left in a 30 year conventional, and I was just quoted a 15 year refi at 2.375% from Northpointe Bank with no points. Quite tempting.
"Great parenting sets the foundation for a better world"
MTZ
Posts: 53
Joined: Sun Oct 07, 2018 11:38 pm

Re: Refinance Mega Thread

Post by MTZ »

gurusw wrote: Fri Apr 03, 2020 9:25 pm I was wondering why rates for jumbo loans were higher these days. Just read this article, which had a good explanation. Even with the 10 year T-note yield low, mortgage rates weren't dropping because institutions weren't purchasing mortgage-backed bonds, so banks had no one to sell new mortgages to. Once the Fed started buying mortgage-backed bonds, providing liquidity, mortgage rates started to come down. However, the Fed is buying only bonds backed by gov't agencies such as Fannie Mae and Freddie Mac. Jumbo loans aren't backed by those agencies, so they don't benefit from the Fed buying bonds. It also says ARMs are usually not backed by those government agencies so I guess that explains why 15/30 year fixed mortgages have lower rates than ARMs these days.
thanks for that article. My loan is actually considered "high balance" which is for loans between the conforming limit (510,400) and Jumbo threshold (765,600). Rates for high balance also are not very attractive at the moment.. I got offered 3.125 yesterday for 30-year fixed (if I bring in cash to get out of high balance territory).

Still on the fence.
nyboogie
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Joined: Tue Apr 07, 2020 11:38 am

Re: Refinance Mega Thread

Post by nyboogie »

frankandbeans wrote: Tue Apr 07, 2020 12:47 pm
nyboogie wrote: Tue Apr 07, 2020 11:56 am I'm 2 years into my 30 year fixed jumbo loan at 3.95% APR and have been calling around to see what refi rates are out there. Although I'm not getting they are not as low as some folks have mentioned, I had a few options and I wanted to run it by the folks here to make sure I'm making the right decision.

Option 1: Rate reduction at current lender
3.5% rate
Fee: $3000
Term: 28 years (balance of current loan)
Downside is that I'd have to move $125k into my bank account

Option 2: Chase Mortgage
3.25% rate
Prepayment Fee at current lender: $8500
Closing costs: $4300
Term: 30 years

Option 3: Wait it out to see if rates drop in 1/2 months

I think Option 1 is my better option now since payback period is 10 months. If i made minimum monthly payments, the total interest at the end of the loan would be about $4k more, but I'd finish 2 years sooner. However, come next April, I would no longer have to worry about the pre-payment penalty and can looking to refi again if rates are lower than the 3.5% I would currently have. Thoughts? Is there anything that I'm not thinking about?
I would either take the rate reduction with the current lender or just wait for the prepayment fee to drop off in a year. This is a close enough call that it probably comes down to whether you consider it a hassle to park the $125k with the bank. If it’s inconvenient or if the investing options are inferior at the bank that holds the mortgage, then it may not be worth it.

If you take the rate reduction, you should make 100 percent certain that doing so doesn’t extend the prepayment fee period—lenders have pulled this one before.
Good call - I’ll check with them. Thanks!
kd2008
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Re: Refinance Mega Thread

Post by kd2008 »

RobLyons wrote: Tue Apr 07, 2020 4:12 pm Currently 22 years left in a 30 year conventional, and I was just quoted a 15 year refi at 2.375% from Northpointe Bank with no points. Quite tempting.
Are there any points or origination fee associated with it? If not, then go for it ...
Topic Author
AZAttorney11
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Re: Refinance Mega Thread

Post by AZAttorney11 »

PenFed has great rates at the moment. 15 year fixed at 2.875% with 0 points and 30 year fixed at 3.125% with 0 points. Dropped about 50 basis points for each overnight. Both rates are for conforming loans. Rates are higher for jumbos.

Edit - Nevermind, that's for purchase loans. Refi rates are 3.125% for 15 year fixed conforming and 3.5% for 30 year fixed conforming.
BruDude
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Location: Las Vegas

Re: Refinance Mega Thread

Post by BruDude »

RobLyons wrote: Tue Apr 07, 2020 4:12 pm Currently 22 years left in a 30 year conventional, and I was just quoted a 15 year refi at 2.375% from Northpointe Bank with no points. Quite tempting.
Their website shows 2.75%. How did you get the 2.375% offer? I'm going to guess they don't offer mortgages in my state unfortunately...
inspiredinvestor
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Joined: Sat Dec 23, 2017 7:09 am

Re: Refinance Mega Thread

Post by inspiredinvestor »

We're evaluating 3 options from Chase for a 30-year fixed refinance and would love feedback.

Current mortgage: $5000/month (P&I) at 4.25% fixed interest. 27.5 out of 30 years remaining.
Principal remaining: ~$980K out of ~1.01M loan.
Property value is around $1.6M. Paid ~$1.3M in 2017.
State: CA

Refinance options from Chase:
1. $5322/month at 3.625% interest. $4K in closing fees. 0.06 points.
2. $5041/month at 3.125% interest. $13K in closing fees. 1 point.
3. $4938/month at 2.875% interest. $20K in closing fees. 2 points.

With all 3 options, Chase says only $500 of the closing fees is paid out of pocket at closing. The rest is included in the new loan amount.

We would use the lower rate as an opportunity to buy out the ~10% equity from a family member who helped us with the down payment in the original loan. The new loan would be 1.164M.

Leaning towards the 2.875% interest option but we're a bit hesitant because of the points. With this low interest rate, we think it makes sense though since we expert to earn more than 3% annually over the long term with our three-fund portfolio. We see ourselves staying in this home for at least another 5 years and possibly 20+ years.

As others recently mentioned, we need to check if taking the rate reduction would extend the prepayment fee period. Chase didn't provide that in the loan worksheet they sent.
dailo
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Joined: Fri Apr 03, 2020 9:52 pm

Re: Refinance Mega Thread

Post by dailo »

inspiredinvestor wrote: Wed Apr 08, 2020 11:24 am We're evaluating 3 options from Chase for a 30-year fixed refinance and would love feedback.

Current mortgage: $5000/month (P&I) at 4.25% fixed interest. 27.5 out of 30 years remaining.
Principal remaining: ~$980K out of ~1.01M loan.
Property value is around $1.6M. Paid ~$1.3M in 2017.
State: CA

Refinance options from Chase:
1. $5322/month at 3.625% interest. $4K in closing fees. 0.06 points.
2. $5041/month at 3.125% interest. $13K in closing fees. 1 point.
3. $4938/month at 2.875% interest. $20K in closing fees. 2 points.

With all 3 options, Chase says only $500 of the closing fees is paid out of pocket at closing. The rest is included in the new loan amount.

We would use the lower rate as an opportunity to buy out the ~10% equity from a family member who helped us with the down payment in the original loan. The new loan would be 1.164M.

Leaning towards the 2.875% interest option but we're a bit hesitant because of the points. With this low interest rate, we think it makes sense though since we expert to earn more than 3% annually over the long term with our three-fund portfolio. We see ourselves staying in this home for at least another 5 years and possibly 20+ years.

As others recently mentioned, we need to check if taking the rate reduction would extend the prepayment fee period. Chase didn't provide that in the loan worksheet they sent.
2 points is a lot in my opinion, but if you think you won't be staying in your house for the life of the loan it may be worth it. Have you already shopped around? I am currently refinancing with similar terms as you, but locked last month at 3% with no points. If you have assets you can move over, you can probably do even better with a relationship discount.
RobLyons
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Joined: Tue Oct 31, 2017 12:55 pm

Re: Refinance Mega Thread

Post by RobLyons »

kd2008 wrote: Tue Apr 07, 2020 4:40 pm
RobLyons wrote: Tue Apr 07, 2020 4:12 pm Currently 22 years left in a 30 year conventional, and I was just quoted a 15 year refi at 2.375% from Northpointe Bank with no points. Quite tempting.
Are there any points or origination fee associated with it? If not, then go for it ...

Origination fee $1,195
Discount fee (points) 0.074 - $164.65

Still worth it?
"Great parenting sets the foundation for a better world"
RobLyons
Posts: 855
Joined: Tue Oct 31, 2017 12:55 pm

Re: Refinance Mega Thread

Post by RobLyons »

BruDude wrote: Wed Apr 08, 2020 10:08 am
RobLyons wrote: Tue Apr 07, 2020 4:12 pm Currently 22 years left in a 30 year conventional, and I was just quoted a 15 year refi at 2.375% from Northpointe Bank with no points. Quite tempting.
Their website shows 2.75%. How did you get the 2.375% offer? I'm going to guess they don't offer mortgages in my state unfortunately...

I made an inquiry on the site and was contacted by phone by a loan officer. After some questions, he emailed me the quote.
"Great parenting sets the foundation for a better world"
frankandbeans
Posts: 161
Joined: Wed Feb 06, 2019 10:55 am

Re: Refinance Mega Thread

Post by frankandbeans »

RobLyons wrote: Wed Apr 08, 2020 1:44 pm
kd2008 wrote: Tue Apr 07, 2020 4:40 pm
RobLyons wrote: Tue Apr 07, 2020 4:12 pm Currently 22 years left in a 30 year conventional, and I was just quoted a 15 year refi at 2.375% from Northpointe Bank with no points. Quite tempting.
Are there any points or origination fee associated with it? If not, then go for it ...

Origination fee $1,195
Discount fee (points) 0.074 - $164.65

Still worth it?
That’s a pretty high lender fee, but at 2.375 I’d still do it.
mega317
Posts: 4582
Joined: Tue Apr 19, 2016 10:55 am

Re: Refinance Mega Thread

Post by mega317 »

inspiredinvestor wrote: Wed Apr 08, 2020 11:24 am We're evaluating 3 options from Chase for a 30-year fixed refinance and would love feedback.
It's mostly just doing the math on your break-even point. Lot of good online calculators for that. Don't get so caught up in getting the lowest rate.
https://www.bogleheads.org/forum/viewtopic.php?t=6212
ChrisLA
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Joined: Mon Jan 23, 2017 1:55 pm

Re: Refinance Mega Thread

Post by ChrisLA »

We applied for a refi with Wells Fargo 10 weeks ago, locked 9 weeks ago and were "conditionally approved" 8 weeks ago. They keep coming up with new excuses for not closing. Horrible experience.
nolesrule
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Joined: Thu Feb 26, 2015 10:59 am

Re: Refinance Mega Thread

Post by nolesrule »

We're scheduled to close on a 15 year at 2.625% in 2 weeks. Could have been as early as Friday but our work schedules didn't allow for it. Just waiting on the loan payoff info so we can get our cash to close figure. Break-even on closing costs is 11 months compared to our current 3.5% 20 year mortgage.

When rates plummeted I shot an email to my purchase Mortgage coordinator from the mortgage branch of our relocation service provider from when we moved last summer. Since they had all our old info on file, most of it was still usable. We did need a new appraisal though. We got through underwriting quickly. No fees, no points, but no credits to offset costs. The only downside is we missed locking in at 2.5% by a day, but really I can't complain. We're planning to stay in the house at least to the end of the original loan term, so this will save us about $50k in interest.
MattE
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Joined: Sun Mar 04, 2012 8:44 pm

Re: Refinance Mega Thread

Post by MattE »

Just locked with Better for 2.5% on a $285K 15 year fixed with $4800 in total closing costs, $550 of which will get refunded at settlement since we didn't need an appraisal. The online rate quote originally came back with $5800 in closing costs, but the mortgage agent assigned to me got another $1K knocked off almost instantly when I told him my tripwire for moving forward with anything was 2.5% with < $5K in closing costs. Aimloan had them slightly beat prior to that ($5600 in closing costs on 2.5% 15 year fixed) but was not willing to negotiate on points or fees to lower that.
PavlovsCat
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Joined: Thu Aug 15, 2019 11:57 pm

Re: Refinance Mega Thread

Post by PavlovsCat »

MattE wrote: Wed Apr 08, 2020 9:52 pm Just locked with Better for 2.5% on a $285K 15 year fixed with $4800 in total closing costs, $550 of which will get refunded at settlement since we didn't need an appraisal. The online rate quote originally came back with $5800 in closing costs, but the mortgage agent assigned to me got another $1K knocked off almost instantly when I told him my tripwire for moving forward with anything was 2.5% with < $5K in closing costs. Aimloan had them slightly beat prior to that ($5600 in closing costs on 2.5% 15 year fixed) but was not willing to negotiate on points or fees to lower that.
If they were going to charge you for the appraisal, it sounds like maybe you didn’t use the Amex link? Also, how much of those closing costs are A+B+C?
MattE
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Joined: Sun Mar 04, 2012 8:44 pm

Re: Refinance Mega Thread

Post by MattE »

Didn't know anything about the Amex offer till you said that -- don't have one and wouldn't have opened one just for the credit anyway. A+B+C total was 100% of that. Total cash to close is a $110 recording fee, 8 months tax escrow, 2 months insurance escrow, 15 days prepaid interest on top of that.
PavlovsCat
Posts: 43
Joined: Thu Aug 15, 2019 11:57 pm

Re: Refinance Mega Thread

Post by PavlovsCat »

MattE wrote: Wed Apr 08, 2020 11:04 pm Didn't know anything about the Amex offer till you said that -- don't have one and wouldn't have opened one just for the credit anyway. A+B+C total was 100% of that. Total cash to close is a $110 recording fee, 8 months tax escrow, 2 months insurance escrow, 15 days prepaid interest on top of that.
Oh, they’re doing a significant amount of lender credit then? It just seemed a bit high. How much are they charging you for points? I locked with them yesterday for $914 A+B+C and $2000+ lender credit on top of the $2500 from AMEX.
MattE
Posts: 144
Joined: Sun Mar 04, 2012 8:44 pm

Re: Refinance Mega Thread

Post by MattE »

1.1 points, ~$3100 on that size loan. Could have done 2.875 with no points but needed the lower rate to make it worth my while since our existing mortgage was already only 3.25% and we pre-pay it fairly aggressively.
slickrick2
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Joined: Sun Dec 20, 2015 7:54 pm

Re: Refinance Mega Thread

Post by slickrick2 »

Lurker here but wanted to humble brag about the refinance rate I landed in connecticut. 2.875% on a 345k note for 30 years. $1800 in loan costs (lawyers, title ins, etc). Also got rid of my escrow... pretty excited about that! We have only been in the house 1.5 years and this is our second refinance. Original rate was 4.6,we refinanced to a 3.875 with garden state home loans (awesome company btw) and now into a 2.875 which will close tomorrow fingers crossed. We went through mutual of omaha via costco. Communication has been less than desired but sufficient given their workload at the moment.
MDfan
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Joined: Tue Oct 18, 2016 7:32 am

Re: Refinance Mega Thread

Post by MDfan »

RobLyons wrote: Tue Apr 07, 2020 4:12 pm Currently 22 years left in a 30 year conventional, and I was just quoted a 15 year refi at 2.375% from Northpointe Bank with no points. Quite tempting.
I would jump on that if it's legit. We just closed on a 15-year 2.625% rate with no points.
TheOscarGuy
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Location: Where I wanna be.

Re: Refinance Mega Thread

Post by TheOscarGuy »

nolesrule wrote: Wed Apr 08, 2020 8:55 pm We're scheduled to close on a 15 year at 2.625% in 2 weeks. Could have been as early as Friday but our work schedules didn't allow for it. Just waiting on the loan payoff info so we can get our cash to close figure. Break-even on closing costs is 11 months compared to our current 3.5% 20 year mortgage.

When rates plummeted I shot an email to my purchase Mortgage coordinator from the mortgage branch of our relocation service provider from when we moved last summer. Since they had all our old info on file, most of it was still usable. We did need a new appraisal though. We got through underwriting quickly. No fees, no points, but no credits to offset costs. The only downside is we missed locking in at 2.5% by a day, but really I can't complain. We're planning to stay in the house at least to the end of the original loan term, so this will save us about $50k in interest.
Where did you get that rate? I am seeing over 4 everywhere, I am kicking myself for not biting the bullet in early march when they quoted me something similar for 15 year note.
SeanmScully
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Joined: Thu Apr 09, 2020 9:52 am

Re: Refinance Mega Thread

Post by SeanmScully »

20 year fixed 3.25% Mutual of Omaha through Costco Executive Membership. $275,000 loan including $48,000 cash. Trying to figure out if they are charging any extra fees or if there are fees I can ask them to waive.

Underwriting Fee $175.00
Credit Report $37.50
Tax Service Fee $8.50
Closing Fee $255.00
Lender's Title Insurance $560.00
Closing Protection Letter $20.00
Recording Fee Recording Fees - Deed: $0; Mortgage: $61.00
City/County/Stamps Silk Title & Escrow $217.00
State Tax/Stamps Silk Title & Escrow $650.00

Total $1,984.00
nolesrule
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Joined: Thu Feb 26, 2015 10:59 am

Re: Refinance Mega Thread

Post by nolesrule »

TheOscarGuy wrote: Thu Apr 09, 2020 7:40 am
nolesrule wrote: Wed Apr 08, 2020 8:55 pm We're scheduled to close on a 15 year at 2.625% in 2 weeks. Could have been as early as Friday but our work schedules didn't allow for it. Just waiting on the loan payoff info so we can get our cash to close figure. Break-even on closing costs is 11 months compared to our current 3.5% 20 year mortgage.

When rates plummeted I shot an email to my purchase Mortgage coordinator from the mortgage branch of our relocation service provider from when we moved last summer. Since they had all our old info on file, most of it was still usable. We did need a new appraisal though. We got through underwriting quickly. No fees, no points, but no credits to offset costs. The only downside is we missed locking in at 2.5% by a day, but really I can't complain. We're planning to stay in the house at least to the end of the original loan term, so this will save us about $50k in interest.
Where did you get that rate? I am seeing over 4 everywhere, I am kicking myself for not biting the bullet in early march when they quoted me something similar for 15 year note.
It's not available now. We locked back on March 10. The delay was the appraisal.
kski74
Posts: 74
Joined: Fri Mar 15, 2019 6:19 pm

Re: Refinance Mega Thread

Post by kski74 »

After missing a 2.875% several weeks ago on a 20-year, I'm looking at a 3.125% with no points on a 30-year refinance and a $2,565 lender credit.

Origination Fee $1,195
Appraisal Fee $400
Credit Report $60
Flood Cert $8.75
Closing Fee $595
Lender's Title Insurance $1,045
Recording Fee $205
Lender Credit $2,565.5

Does this seem fair?
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