30 year mortgage under 3%

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Admiral
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Re: 30 year mortgage under 3%

Post by Admiral »

jmann2380 wrote: Mon Mar 02, 2020 12:59 pm 1.5 years into a 30yr @ 4.44%. Just locked a 15yr @ 2.625% with negative points bringing the closing costs down to ~$800. Craziness. Lenderfi was the company and they handily beat AimLoan and significantly crushed my local banks I have relationships with.
Welcome to the sub-3% club. :sharebeer

What's amazing about these rates is how fast the principal builds and the interest disappears. I'm not yet 4 years in and 40% of the interest has been paid. When I'm ten years in, 88% will have been paid. Currently barely 22% of my monthly payment is interest
charis23
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Re: 30 year mortgage under 3%

Post by charis23 »

mister_sparkle wrote: Wed Feb 26, 2020 6:56 pm I have made literally one payment on my 3.625% 30-year mortgage.

Am I insane for even considering a re-fi?
In a similar boat. I did learn that you can't refi with the same lender in the first 6 months but you can with another lender.
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simplesimon
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Re: 30 year mortgage under 3%

Post by simplesimon »

Admiral wrote: Mon Mar 02, 2020 1:06 pm
jmann2380 wrote: Mon Mar 02, 2020 12:59 pm 1.5 years into a 30yr @ 4.44%. Just locked a 15yr @ 2.625% with negative points bringing the closing costs down to ~$800. Craziness. Lenderfi was the company and they handily beat AimLoan and significantly crushed my local banks I have relationships with.
Welcome to the sub-3% club. :sharebeer

What's amazing about these rates is how fast the principal builds and the interest disappears. I'm not yet 4 years in and 40% of the interest has been paid. When I'm ten years in, 88% will have been paid. Currently barely 22% of my monthly payment is interest
This has more to do with the term than the rate.
Admiral
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Re: 30 year mortgage under 3%

Post by Admiral »

simplesimon wrote: Mon Mar 02, 2020 1:16 pm
Admiral wrote: Mon Mar 02, 2020 1:06 pm
jmann2380 wrote: Mon Mar 02, 2020 12:59 pm 1.5 years into a 30yr @ 4.44%. Just locked a 15yr @ 2.625% with negative points bringing the closing costs down to ~$800. Craziness. Lenderfi was the company and they handily beat AimLoan and significantly crushed my local banks I have relationships with.
Welcome to the sub-3% club. :sharebeer

What's amazing about these rates is how fast the principal builds and the interest disappears. I'm not yet 4 years in and 40% of the interest has been paid. When I'm ten years in, 88% will have been paid. Currently barely 22% of my monthly payment is interest
This has more to do with the term than the rate.
Granted. The shorter term always builds principal faster. But the rate plays a role as well. The poster I was responding to went from 30 to 15 as I did.
softwaregeek
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Re: 30 year mortgage under 3%

Post by softwaregeek »

charis23 wrote: Mon Mar 02, 2020 1:13 pm
mister_sparkle wrote: Wed Feb 26, 2020 6:56 pm I have made literally one payment on my 3.625% 30-year mortgage.

Am I insane for even considering a re-fi?
In a similar boat. I did learn that you can't refi with the same lender in the first 6 months but you can with another lender.
Not true, at least with Bank of America. They are handling my refi again after four months. They beat everyone out by matching a Citi relationship rate.
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mister_sparkle
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Re: 30 year mortgage under 3%

Post by mister_sparkle »

Thanks for the LenderFi recommendation. I checked them out and they were offering a 30-year 3.125% re-fi with a net cost of $0 after lender credits, so I pulled the trigger and applied and was conditionally approved.

This will lop off about $48,000 in interest over the life of the loan and reduce my monthly payment by $133. Not too shabby for a cost of nothing.

:sharebeer
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batpot
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Re: 30 year mortgage under 3%

Post by batpot »

currently at 3.25% on a 30 year as of September.
lenderfi at 3% with negative points....tempting.
better than I could find at zillow or bankrate...thanks for the tip!
as9
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Re: 30 year mortgage under 3%

Post by as9 »

mister_sparkle wrote: Mon Mar 02, 2020 3:08 pm Thanks for the LenderFi recommendation. I checked them out and they were offering a 30-year 3.125% re-fi with a net cost of $0 after lender credits, so I pulled the trigger and applied and was conditionally approved.

This will lop off about $48,000 in interest over the life of the loan and reduce my monthly payment by $133. Not too shabby for a cost of nothing.

:sharebeer
Got the same deal this morning from LenderFi -- conditionally approved for 30 year, 3.125. This is going to be a pretty huge difference for us (~$570/mo). Fully expecting something to go wrong here, but fingers crossed.
TarHeel2002
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Re: 30 year mortgage under 3%

Post by TarHeel2002 »

Penfed:

30 year 2.875% with points
15 year 2.5% with points

Crazy!?

I'm currently at 3.125% 30 year (with 22 years left) on my 30 year mortgage. I was doing some back of the envelope numbers and it still doesn't seem like the spread is worth it going through it all to refinance again..unless perhaps I wanted to bite on the 15 year ..which I don't. Thoughts?? :confused
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mister_sparkle
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Re: 30 year mortgage under 3%

Post by mister_sparkle »

mister_sparkle wrote: Mon Mar 02, 2020 3:08 pm Thanks for the LenderFi recommendation. I checked them out and they were offering a 30-year 3.125% re-fi with a net cost of $0 after lender credits, so I pulled the trigger and applied and was conditionally approved.

This will lop off about $48,000 in interest over the life of the loan and reduce my monthly payment by $133. Not too shabby for a cost of nothing.

:sharebeer
After my application, they came back with a 3.0% rate. It's not entirely "free" as I have to pay a chunk of change for an escrow deposit, but that's money I would have had to pay down the line anyway.

:sharebeer
rene
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Re: 30 year mortgage under 3%

Post by rene »

mister_sparkle wrote: Mon Mar 02, 2020 6:41 pm
mister_sparkle wrote: Mon Mar 02, 2020 3:08 pm Thanks for the LenderFi recommendation. I checked them out and they were offering a 30-year 3.125% re-fi with a net cost of $0 after lender credits, so I pulled the trigger and applied and was conditionally approved.

This will lop off about $48,000 in interest over the life of the loan and reduce my monthly payment by $133. Not too shabby for a cost of nothing.

:sharebeer
After my application, they came back with a 3.0% rate. It's not entirely "free" as I have to pay a chunk of change for an escrow deposit, but that's money I would have had to pay down the line anyway.

:sharebeer
Do people usually pay these escrow by rolling them into the loan or do they bring the funds to the mortgage company?
Hoosierdom
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Re: 30 year mortgage under 3%

Post by Hoosierdom »

TarHeel2002 wrote: Mon Mar 02, 2020 5:08 pm Penfed:

30 year 2.875% with points
15 year 2.5% with points

Crazy!?

I'm currently at 3.125% 30 year (with 22 years left) on my 30 year mortgage. I was doing some back of the envelope numbers and it still doesn't seem like the spread is worth it going through it all to refinance again..unless perhaps I wanted to bite on the 15 year ..which I don't. Thoughts?? :confused
I saw those numbers a little bit ago as well - they've already moved up .125%

I'm at 2.925 7 years into a 5/5. Was thinking about going into a 15, but not sure I really want to.
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Nate79
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Re: 30 year mortgage under 3%

Post by Nate79 »

Currently approved for a 2.875% no cost 15 year fixed for a refi.
Millennial
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Re: 30 year mortgage under 3%

Post by Millennial »

rene wrote: Mon Mar 02, 2020 9:49 pm
mister_sparkle wrote: Mon Mar 02, 2020 6:41 pm
mister_sparkle wrote: Mon Mar 02, 2020 3:08 pm Thanks for the LenderFi recommendation. I checked them out and they were offering a 30-year 3.125% re-fi with a net cost of $0 after lender credits, so I pulled the trigger and applied and was conditionally approved.

This will lop off about $48,000 in interest over the life of the loan and reduce my monthly payment by $133. Not too shabby for a cost of nothing.

:sharebeer
After my application, they came back with a 3.0% rate. It's not entirely "free" as I have to pay a chunk of change for an escrow deposit, but that's money I would have had to pay down the line anyway.

:sharebeer
Do people usually pay these escrow by rolling them into the loan or do they bring the funds to the mortgage company?
With a refi, you often get an escrow refund at your old lender that is around the same as the escrow deposit with your new lender. You have to float it for a bit, but it doesn't make much difference in the end. That said, at these rates I'd say roll in anything they will let you!
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mister_sparkle
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Re: 30 year mortgage under 3%

Post by mister_sparkle »

rene wrote: Mon Mar 02, 2020 9:49 pm
mister_sparkle wrote: Mon Mar 02, 2020 6:41 pm
mister_sparkle wrote: Mon Mar 02, 2020 3:08 pm Thanks for the LenderFi recommendation. I checked them out and they were offering a 30-year 3.125% re-fi with a net cost of $0 after lender credits, so I pulled the trigger and applied and was conditionally approved.

This will lop off about $48,000 in interest over the life of the loan and reduce my monthly payment by $133. Not too shabby for a cost of nothing.

:sharebeer
After my application, they came back with a 3.0% rate. It's not entirely "free" as I have to pay a chunk of change for an escrow deposit, but that's money I would have had to pay down the line anyway.

:sharebeer
Do people usually pay these escrow by rolling them into the loan or do they bring the funds to the mortgage company?
The escrow deposit factors in my "cash to close" figure so I'll be cutting a check for it.
BruDude
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Re: 30 year mortgage under 3%

Post by BruDude »

TarHeel2002 wrote: Mon Mar 02, 2020 5:08 pm Penfed:

30 year 2.875% with points
15 year 2.5% with points

Crazy!?

I'm currently at 3.125% 30 year (with 22 years left) on my 30 year mortgage. I was doing some back of the envelope numbers and it still doesn't seem like the spread is worth it going through it all to refinance again..unless perhaps I wanted to bite on the 15 year ..which I don't. Thoughts?? :confused
I just saw Nevada one credit union at 2.5% with no points on a 15 year
surfstar
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Re: 30 year mortgage under 3%

Post by surfstar »

whelp, I'm correcting myself - with fed rate cut, sure why not? Lets see 2.75% 30 yr mortgages!!!
TheDDC
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Re: 30 year mortgage under 3%

Post by TheDDC »

mortfree wrote: Thu Feb 27, 2020 3:27 am
chet96 wrote: Thu Feb 27, 2020 1:15 am
silverlitegs wrote: Wed Feb 26, 2020 6:09 am
mortfree wrote: Wed Feb 26, 2020 2:50 am I always like to give info from PSECU as a data point for others.

As of Feb 25, 2020
10-year: 2.625
15-year: 2.75
20-year: 3.125
30-year: 3.25

I am currently 2 years in on a 30-year at 3.875. 200k paid down to 180k with a few extra payments.

Refi would cost 3650 or so.
How is PSECU to deal with? They are one of the lenders I’m looking into.
PSECU actual rates after everything are almost .25 higher than posted above
I’ve been very happy with PSECU.

Did the mortgage in 2006, then refi in 2008 and 2013 with a payoff in 2016.

Then a new mortgage late 2017.

There is some effort involved with the refi and you may need to fax or mail documents instead of an upload (based on someone else’s recent experience).
This sounds similar to my experience. My original mortgage was originally with a different bank, then a refi with PSECU. I have a 20 year @ 3.5% which I am paying off early. The refi was easy and I could upload all required docs via web-based tool.

-TheDDC
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rene
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Re: 30 year mortgage under 3%

Post by rene »

surfstar wrote: Tue Mar 03, 2020 11:01 am
whelp, I'm correcting myself - with fed rate cut, sure why not? Lets see 2.75% 30 yr mortgages!!!
http://www.mortgagenewsdaily.com/mortga ... 37527.aspx
OrangeKiwi
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Re: 30 year mortgage under 3%

Post by OrangeKiwi »

A lender just offered me 3.125% for 30 year fixed, when 4 weeks ago it was 3.5%.
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willthrill81
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Re: 30 year mortgage under 3%

Post by willthrill81 »

surfstar wrote: Tue Mar 03, 2020 11:01 am
whelp, I'm correcting myself - with fed rate cut, sure why not? Lets see 2.75% 30 yr mortgages!!!
After today's rate cut, that's seems like a real possibility.
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schwank
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Re: 30 year mortgage under 3%

Post by schwank »

Really looking forward to rate changes after todays cut.

LenderFi showing 2.5% 15yr refi with about 3k due at closing. Nice savings from my 10/1 ARM from October 2018!
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1789
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Re: 30 year mortgage under 3%

Post by 1789 »

schwank wrote: Tue Mar 03, 2020 5:28 pm Really looking forward to rate changes after todays cut.

LenderFi showing 2.5% 15yr refi with about 3k due at closing. Nice savings from my 10/1 ARM from October 2018!
Good numbers. I am somewhere choosing between %2.75 on 15 year with 1k due at closing or 2.875% with no closing fees on 205k mortgage. Which one is better?
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MortgageOnBlack
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Re: 30 year mortgage under 3%

Post by MortgageOnBlack »

Perhaps it's my zipcode, but I'm not seeing anything close to these super-low rates everyone is posting on Lenderfi, Bankrate, or AimLoan. Denver-Area market. I'm currently in the refinance process (closing on Friday) on 20-year 3.375%.
DB2
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Re: 30 year mortgage under 3%

Post by DB2 »

MortgageOnBlack wrote: Tue Mar 03, 2020 5:43 pm Perhaps it's my zipcode, but I'm not seeing anything close to these super-low rates everyone is posting on Lenderfi, Bankrate, or AimLoan. Denver-Area market. I'm currently in the refinance process (closing on Friday) on 20-year 3.375%.
Try Loandepot.
UnLearnYourself
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Re: 30 year mortgage under 3%

Post by UnLearnYourself »

MortgageOnBlack wrote: Tue Mar 03, 2020 5:43 pm Perhaps it's my zipcode, but I'm not seeing anything close to these super-low rates everyone is posting on Lenderfi, Bankrate, or AimLoan. Denver-Area market. I'm currently in the refinance process (closing on Friday) on 20-year 3.375%.
I bet most of the super low ones are Jumbo.

I'm locked into a non jumbo 15yr @ 2.765% for my owner occ 3-fam, which I locked over the weekend before the fed slashed the rate. But I have a no-fee float down mechanism where I can re-lock after it clears underwriting if rates are .125% less or greater than when I locked. Gave me confidence to capture the great rate while still having a shot at improving it before closing.
UnLearnYourself
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Re: 30 year mortgage under 3%

Post by UnLearnYourself »

schwank wrote: Tue Mar 03, 2020 5:28 pm Really looking forward to rate changes after todays cut.

LenderFi showing 2.5% 15yr refi with about 3k due at closing. Nice savings from my 10/1 ARM from October 2018!
Is that $3k closing costs total or $3k in points/origination fees above your standard closing costs + prepaid and per diem?
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1130Super
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Re: 30 year mortgage under 3%

Post by 1130Super »

US 10 year at .96% so now I ask the what is the likelihood of 30 year fixed mortgage at 2%
mjb
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Re: 30 year mortgage under 3%

Post by mjb »

So the average 10 year treasury to 30 year mortgage spread is around 1.6% with a range of 1 to 2.1.

I have a conforming loan and have put out feelers. The no point 30 year refi resulted in a low of 3.001% and a high of 4.750% . All the budget companies shot way up and traditional were giving a good deal.

Several commentators mentioned that due to high volume of requests, some lenders and originators were likely to not drop their rates until requests died down.

I already have a low rate and my break even is actually 3.0. so I am going to hold off to see if they drop more
nolesrule
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Re: 30 year mortgage under 3%

Post by nolesrule »

DB2 wrote: Tue Mar 03, 2020 6:30 pm
MortgageOnBlack wrote: Tue Mar 03, 2020 5:43 pm Perhaps it's my zipcode, but I'm not seeing anything close to these super-low rates everyone is posting on Lenderfi, Bankrate, or AimLoan. Denver-Area market. I'm currently in the refinance process (closing on Friday) on 20-year 3.375%.
Try Loandepot.
Can you get a quote without having to fill out their loan application?
DB2
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Re: 30 year mortgage under 3%

Post by DB2 »

nolesrule wrote: Wed Mar 04, 2020 8:19 am
DB2 wrote: Tue Mar 03, 2020 6:30 pm
MortgageOnBlack wrote: Tue Mar 03, 2020 5:43 pm Perhaps it's my zipcode, but I'm not seeing anything close to these super-low rates everyone is posting on Lenderfi, Bankrate, or AimLoan. Denver-Area market. I'm currently in the refinance process (closing on Friday) on 20-year 3.375%.
Try Loandepot.
Can you get a quote without having to fill out their loan application?
I'm not 100% sure. I had contacted them, started talking, and ended up locking in.
dukeblue219
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Re: 30 year mortgage under 3%

Post by dukeblue219 »

Last night Lenderfi offered me 30 years 2.875% with a small credit. I took the 3.000% with a big credit because A) no cost at all to us out of pocket and B) the breakeven difference between the two was 7 years.

Edit - Approx $500k loan with about 40% equity.
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Re: 30 year mortgage under 3%

Post by TheOscarGuy »

mister_sparkle wrote: Wed Feb 26, 2020 6:56 pm I have made literally one payment on my 3.625% 30-year mortgage.

Am I insane for even considering a re-fi?
lenderfi is showing 3% ~0 closing costs today morning. I would not call you insane.
dukeblue219
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Re: 30 year mortgage under 3%

Post by dukeblue219 »

mister_sparkle wrote: Wed Feb 26, 2020 6:56 pm I have made literally one payment on my 3.625% 30-year mortgage.

Am I insane for even considering a re-fi?
No. If it's no cost out of pocket and you don't mind the hassle then you could save many tens of thousands for a typical loan.
Admiral
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Re: 30 year mortgage under 3%

Post by Admiral »

Interesting piece on why mortgage rates are not lower, and how they could become lower.

https://www.marketwatch.com/story/the-f ... 2020-03-04
Indeed, since 2019 the Fed has been easing through a combination of rate cuts and balance-sheet expansion via purchases of short-maturity Treasurys. Offsetting some of this easing, the Fed has been simultaneously tightening by selling (running off) $20 billion of mortgages per month. We believe this monetary policy “tool” of directing the size of the Fed’s balance sheet is potentially more powerful than cutting the policy rate, and with a far lower likelihood of unintended consequences.

The Fed can end the runoff of mortgage paydowns from its balance sheet, reducing an unnecessary headwind to mortgage rates and allowing homeowners to benefit from the all-time lows in rates being realized in the Treasury market. While it is true that Treasury yields have reached all-time lows, the mortgage rate to homeowners remains well above the lows of 2016. Mortgage rates are not falling as quickly, likely in part because the Federal Reserve is selling.
rascott
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Re: 30 year mortgage under 3%

Post by rascott »

I am holding off..... mortgage rates have not come close to catching up with the drop in the 10 year. There isn't much risk to waiting......
dukeblue219
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Re: 30 year mortgage under 3%

Post by dukeblue219 »

rascott wrote: Wed Mar 04, 2020 11:22 am I am holding off..... mortgage rates have not come close to catching up with the drop in the 10 year. There isn't much risk to waiting......
Fair enough to hold off, but what makes you say they haven't caught up? 10 year treasury just under 1% and 30 year fixed mortgages are going for 2.875-3.000% with no points at the online vendors. Sounds about right doesn't it?
rascott
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Re: 30 year mortgage under 3%

Post by rascott »

dukeblue219 wrote: Wed Mar 04, 2020 11:56 am
rascott wrote: Wed Mar 04, 2020 11:22 am I am holding off..... mortgage rates have not come close to catching up with the drop in the 10 year. There isn't much risk to waiting......
Fair enough to hold off, but what makes you say they haven't caught up? 10 year treasury just under 1% and 30 year fixed mortgages are going for 2.875-3.000% with no points at the online vendors. Sounds about right doesn't it?

Spreads are typically closer to 1.5% over the ten year.. that would be closer to 2.5%
surfstar
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Re: 30 year mortgage under 3%

Post by surfstar »

Also there's certain people (person) wanting negative rates ASAP - who knows, in two weeks the FOMC might drop another 1/4% and then we'll see what happens when the supply-chain effects and lowered earnings start hitting in a few months. The summer might prove lower yet.

Could give us 2.5% 30-yr loans! That'd make me rethink a cash-out refi...
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OAG
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Re: 30 year mortgage under 3%

Post by OAG »

NFCU has 10/15/30 Mortgages below 3% today.
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RobLyons
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Re: 30 year mortgage under 3%

Post by RobLyons »

OAG wrote: Wed Mar 04, 2020 1:43 pm NFCU has 10/15/30 Mortgages below 3% today.

They have great rates! Even better than PenFed, LenderFi, etc...
2.375% 15 year (2.553 APR) However their rates are with paying 1.25% points.
I still might have to become a member!
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TheOscarGuy
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Re: 30 year mortgage under 3%

Post by TheOscarGuy »

RobLyons wrote: Wed Mar 04, 2020 3:28 pm
OAG wrote: Wed Mar 04, 2020 1:43 pm NFCU has 10/15/30 Mortgages below 3% today.

They have great rates! Even better than PenFed, LenderFi, etc...
2.375% 15 year (2.553 APR) However their rates are with paying 1.25% points.
I still might have to become a member!
I am not sure how much that translates to for me, but I do see same rate for 15 years for me, with $1816 in points (and additional third party costs like recording fee, title insu. etc.)
atxll
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Re: 30 year mortgage under 3%

Post by atxll »

I have a 15 yr at 2.75% currently. When I try some of these websites with a TX zip code I am getting way higher rates. I'm thinking to look at refinancing if I can get something closer to 2% with minimal closing costs. I would be fine with a 10 year as well. Is this doable in TX?
manatee2005
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Re: 30 year mortgage under 3%

Post by manatee2005 »

It’s amazing to me that it’s 2020 and only lenderfi is able to give good quotes without having to talk to anyone.
I would think this would have been commoditized long time ago.
regularguy455
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Re: 30 year mortgage under 3%

Post by regularguy455 »

manatee2005 wrote: Wed Mar 04, 2020 8:20 pm It’s amazing to me that it’s 2020 and only lenderfi is able to give good quotes without having to talk to anyone.
I would think this would have been commoditized long time ago.
American Federal Mortgage has been great. All contact through email. Very user friendly application and documentation process. The only downer is they require a $750 lock fee that is reimbursed at closing. I guess this is to prevent people from getting cold feet.
jibantik
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Re: 30 year mortgage under 3%

Post by jibantik »

How is property value determined for LTV? Is it based on tax assessment, straight equity from the mortgage, outside appraisal?
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Nate79
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Re: 30 year mortgage under 3%

Post by Nate79 »

regularguy455 wrote: Wed Mar 04, 2020 8:30 pm
manatee2005 wrote: Wed Mar 04, 2020 8:20 pm It’s amazing to me that it’s 2020 and only lenderfi is able to give good quotes without having to talk to anyone.
I would think this would have been commoditized long time ago.
American Federal Mortgage has been great. All contact through email. Very user friendly application and documentation process. The only downer is they require a $750 lock fee that is reimbursed at closing. I guess this is to prevent people from getting cold feet.
I'm also working with American Federal Mortgage and if you find them thru Mortgage Professor you are not required to do a lock fee.
regularguy455
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Re: 30 year mortgage under 3%

Post by regularguy455 »

Nate79 wrote: Wed Mar 04, 2020 9:07 pm
regularguy455 wrote: Wed Mar 04, 2020 8:30 pm
manatee2005 wrote: Wed Mar 04, 2020 8:20 pm It’s amazing to me that it’s 2020 and only lenderfi is able to give good quotes without having to talk to anyone.
I would think this would have been commoditized long time ago.
American Federal Mortgage has been great. All contact through email. Very user friendly application and documentation process. The only downer is they require a $750 lock fee that is reimbursed at closing. I guess this is to prevent people from getting cold feet.
I'm also working with American Federal Mortgage and if you find them thru Mortgage Professor you are not required to do a lock fee.
I guess I’m a sucker then. I found them through mortgage professor and they required a lock fee. Small price to pay I suppose.
nolesrule
Posts: 1759
Joined: Thu Feb 26, 2015 10:59 am

Re: 30 year mortgage under 3%

Post by nolesrule »

I did a refinance with American Federal via Mortgage Professor in 2016. Would not hesitate to use them again if the rate is right. They were very easy to work with.
Hyperchicken
Posts: 509
Joined: Mon Mar 02, 2020 5:33 pm

Re: 30 year mortgage under 3%

Post by Hyperchicken »

Are these rates dependent on location?

I'm running the numbers on LenderFi - refinance, $200K loan on a $500K house, SoCal ZIP code, 800+ credit score.

I'm getting 3.375-3.5% on a 30 year loan, 3.25-3.375% on 15 years, with +/- few hundred dollars in points.

It takes $3K in points to get to 3% on 30 years and 2.625% on 15 years.
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