Where are you finding refinance rate of <2.5%?

[hmw]

I am asking for your opinion if I should bother getting into the refinance game.

House value: approximately 500k
Loan remaining: $190k at 2.875%, 15 year note
State: TX

Likely to live in the current house for another 3 years.

I have seen some people getting <2.5% rate with no fees in the refinance mega thread.

I did a search on Aimloan, Loan cabin, Lenderfi, and ally. I don't see anything close 2.5% with no fees.

Did I search at the wrong lenders? Did the rate go up? Or people are getting lower rates than the published rates after submitting their application?

Thanks

[Ryzen]

Easy, take out a $500k loan at 50% LTV. With a $190k loan you won't get the best rates.

[Lee_WSP]

Rates vary greatly by state. +/- ~1%

[anon_investor]

I am asking for your opinion if I should bother getting into the refinance game.

House value: approximately 500k
Loan remaining: $190k at 2.875%, 15 year note
State: TX

Likely to live in the current house for another 3 years.

I have seen some people getting <2.5% rate with no fees in the refinance mega thread.

I did a search on Aimloan, Loan cabin, Lenderfi, and ally. I don't see anything close 2.5% with no fees.

Did I search at the wrong lenders? Did the rate go up? Or people are getting lower rates than the published rates after submitting their application?

Thanks

If you plan to stay in the home only another 3 years, with that small of a balance and a pretty decent existing rate, I probably would not bother.

[BlueCable]

Local credit unions in Iowa. Some banks here are advertising similar rates. There is a large difference between lenders.

[shelanman]

I am seeing lots of no cost refinance offers in the 2.375-2.625 range, and absolutely all of them have been for loan amounts between $300k and the $510k ceiling.

There are some 2.50 rates available for under $300k, but are shorter terms or high fees or both.

[hmw]

I am seeing lots of no cost refinance offers in the 2.375-2.625 range, and absolutely all of them have been for loan amounts between $300k and the $510k ceiling.

There are some 2.50 rates available for under $300k, but are shorter terms or high fees or both.

What is shorter term? I am looking for 15-year loan.

thanks

[softwaregeek]

Many are for ARM's of 3/1,5/1 or 7/1. Also, many have relationship rates. eg. move 250k to my bank's brokerage and we'll lower your rate.

[softwaregeek]

Many are for ARM's of 3/1,5/1 or 7/1. Also, many have relationship rates. eg. move 250k to my bank's brokerage and we'll lower your rate.

Example: Schwab bank with over $1M in Schwab brokerage accounts will give you a 10/1 ARM refi for 2.5% with paying half a point.

[MrJedi]

You're not going to get the same amazing rates with that low of a loan balance. I believe the reason is less commission for the lender when they eventually sell your loan, so the rates/credits offered aren't as good.

[texascrane]

Your loan amount is too small. I am closing on Tuesday on a refi in Texas with lenderfi on a 2.375 30-year with no points and about $1900 in closing costs, but my ltv is 60% on a 420k loan.

[JBTX]

I am asking for your opinion if I should bother getting into the refinance game.

House value: approximately 500k
Loan remaining: $190k at 2.875%, 15 year note
State: TX

Likely to live in the current house for another 3 years.

I have seen some people getting <2.5% rate with no fees in the refinance mega thread.

I did a search on Aimloan, Loan cabin, Lenderfi, and ally. I don't see anything close 2.5% with no fees.

Did I search at the wrong lenders? Did the rate go up? Or people are getting lower rates than the published rates after submitting their application?

Thanks

With only 3 years before you move I wouldn't bother with your current rate.

I'm also in TX, with only $140k left on mortgage. For that low balance refi just doesn't pay, especially in TX where fees tend to be higher. Best I could find was about 2.75 on a 15 with $5k fees. No fee was 3.25, which is my current rate.

If I can cash out, which could get me up to $250k at 80% LTV, and get 2.75% or lower with reasonable fees, I may pull the trigger.

[Bronko]

I just did a 30 year VA IRRL with Lakeview loan at 2.25. It was an in house refi FYI.

[shelanman]

I am seeing lots of no cost refinance offers in the 2.375-2.625 range, and absolutely all of them have been for loan amounts between $300k and the $510k ceiling.

There are some 2.50 rates available for under $300k, but are shorter terms or high fees or both.

What is shorter term? I am looking for 15-year loan.

thanks

15-year loans are in that range.

An example was owning.com who was claiming to offer 2.375%, but they were very particular about the balance being at least $300k or else they weren't interested.

Quicken Loans is hanging around 2.5% with low but nonzero fees, or was a week or so ago. I don't know if they have the same 300k minimum for that.

[hmw]

OP here.

Thanks for all the replies.

It appears that I shouldn't bother with my small loan remaining.

[confused1]

Just seen owning.com has a quoted 2.125% rate (no fees)

[hmw]

Just seen owning.com has a quoted 2.125% rate (no fees)

I think Owning.com only does business in California.

[rsilver41]

I am asking for your opinion if I should bother getting into the refinance game.

House value: approximately 500k
Loan remaining: $190k at 2.875%, 15 year note
State: TX

Likely to live in the current house for another 3 years.

I have seen some people getting <2.5% rate with no fees in the refinance mega thread.

I did a search on Aimloan, Loan cabin, Lenderfi, and ally. I don't see anything close 2.5% with no fees.

Did I search at the wrong lenders? Did the rate go up? Or people are getting lower rates than the published rates after submitting their application?

Thanks

With only 3 years before you move I wouldn't bother with your current rate.

I'm also in TX, with only $140k left on mortgage. For that low balance refi just doesn't pay, especially in TX where fees tend to be higher. Best I could find was about 2.75 on a 15 with $5k fees. No fee was 3.25, which is my current rate.

If I can cash out, which could get me up to $250k at 80% LTV, and get 2.75% or lower with reasonable fees, I may pull the trigger.

I'm in Texas and just refi $175k on a 30 year at %2.85 with only $130 dollars out of pocket. Used provident. Well worth it.

[rsilver41]

I am asking for your opinion if I should bother getting into the refinance game.

House value: approximately 500k
Loan remaining: $190k at 2.875%, 15 year note
State: TX

Likely to live in the current house for another 3 years.

I have seen some people getting <2.5% rate with no fees in the refinance mega thread.

I did a search on Aimloan, Loan cabin, Lenderfi, and ally. I don't see anything close 2.5% with no fees.

Did I search at the wrong lenders? Did the rate go up? Or people are getting lower rates than the published rates after submitting their application?

Thanks

With only 3 years before you move I wouldn't bother with your current rate.

I'm also in TX, with only $140k left on mortgage. For that low balance refi just doesn't pay, especially in TX where fees tend to be higher. Best I could find was about 2.75 on a 15 with $5k fees. No fee was 3.25, which is my current rate.

If I can cash out, which could get me up to $250k at 80% LTV, and get 2.75% or lower with reasonable fees, I may pull the trigger.

I'm in Texas and just refi $175k on a 30 year at 2.85% with only $130 dollars out of pocket. Used provident. Well worth it.

[hmw]

I am asking for your opinion if I should bother getting into the refinance game.

House value: approximately 500k
Loan remaining: $190k at 2.875%, 15 year note
State: TX

Likely to live in the current house for another 3 years.

I have seen some people getting <2.5% rate with no fees in the refinance mega thread.

I did a search on Aimloan, Loan cabin, Lenderfi, and ally. I don't see anything close 2.5% with no fees.

Did I search at the wrong lenders? Did the rate go up? Or people are getting lower rates than the published rates after submitting their application?

Thanks

With only 3 years before you move I wouldn't bother with your current rate.

I'm also in TX, with only $140k left on mortgage. For that low balance refi just doesn't pay, especially in TX where fees tend to be higher. Best I could find was about 2.75 on a 15 with $5k fees. No fee was 3.25, which is my current rate.

If I can cash out, which could get me up to $250k at 80% LTV, and get 2.75% or lower with reasonable fees, I may pull the trigger.

I'm in Texas and just refi $175k on a 30 year at %2.85 with only $130 dollars out of pocket. Used provident. Well worth it.

That’s a really good rate. What was your closing cost? Did they waive appraisal or tittle insurance? Thanks

[rsilver41]

I am asking for your opinion if I should bother getting into the refinance game.

House value: approximately 500k
Loan remaining: $190k at 2.875%, 15 year note
State: TX

Likely to live in the current house for another 3 years.

I have seen some people getting <2.5% rate with no fees in the refinance mega thread.

I did a search on Aimloan, Loan cabin, Lenderfi, and ally. I don't see anything close 2.5% with no fees.

Did I search at the wrong lenders? Did the rate go up? Or people are getting lower rates than the published rates after submitting their application?

Thanks

With only 3 years before you move I wouldn't bother with your current rate.

I'm also in TX, with only $140k left on mortgage. For that low balance refi just doesn't pay, especially in TX where fees tend to be higher. Best I could find was about 2.75 on a 15 with $5k fees. No fee was 3.25, which is my current rate.

If I can cash out, which could get me up to $250k at 80% LTV, and get 2.75% or lower with reasonable fees, I may pull the trigger.

I'm in Texas and just refi $175k on a 30 year at %2.85 with only $130 dollars out of pocket. Used provident. Well worth it.

That’s a really good rate. What was your closing cost? Did they waive appraisal or tittle insurance? Thanks

They post their rates on their site and let you choose between a few based on if you want to pay any closing costs. They waived the appraisal as my LTV was about 50%. As I said above it cost me just $130 bucks out of pocket for everything. I got a credit for the rest and still ended with a 2.85% rate. I had a really hard time finding great deals for Texas as well so I know the frustration there.

[Rocky77]

I am asking for your opinion if I should bother getting into the refinance game.

House value: approximately 500k
Loan remaining: $190k at 2.875%, 15 year note
State: TX

Likely to live in the current house for another 3 years.

I have seen some people getting <2.5% rate with no fees in the refinance mega thread.

I did a search on Aimloan, Loan cabin, Lenderfi, and ally. I don't see anything close 2.5% with no fees.

Did I search at the wrong lenders? Did the rate go up? Or people are getting lower rates than the published rates after submitting their application?

Thanks

With only 3 years before you move I wouldn't bother with your current rate.

I'm also in TX, with only $140k left on mortgage. For that low balance refi just doesn't pay, especially in TX where fees tend to be higher. Best I could find was about 2.75 on a 15 with $5k fees. No fee was 3.25, which is my current rate.

If I can cash out, which could get me up to $250k at 80% LTV, and get 2.75% or lower with reasonable fees, I may pull the trigger.

I'm in Texas and just refi $175k on a 30 year at 2.85% with only $130 dollars out of pocket. Used provident. Well worth it.

I am in TX too, do you mean Provident funding? Was your original loan with them? I am looking for good rates on 10 year refinance with low closing costs on a 250k balance loan. They quoted me 2.375% with closing cost of1k.

[djeayzonne]

I just closed a month ago with Keystone, a local lender in DFW area.

Loan of 187k, 15-year @ 2.375.
They gave me a credit and waived appraisal, but I still had to pay some closing costs, which was around 2500.

http://www.mykeystoneloan.com/

If you are interested, PM and I'll give you the name and contact of the particular guy I was working with. He has been very responsive and quick in action.

[jimmyrules712]

Some of the people you see posting 2.5% and below are doing 20 year or 15 year loans. Some are using Owning which is CA only and has been offering no cost 2.5% off and on over the last 2 months. LenderFI has been offering 2.5% close to no cost 30 years for the most ideal situations.

I am in TX and I got a quote from Loan Cabin in early August, no cost for 2.625% or $1,500 of closing costs for 2.5%. I went with the 2.625% but some other people are going for the lower rates with some closing costs.

I saw one guy post that he got a "no closing cost" 15 year for 1.99%. When I pressed him for details he said it was "no closing costs except for title insurance, escrow, prepaids, and taxes". I had to explain to him that "no closing costs" means you aren't paying the title insurance or taxes out of pocket. So some people are just flat out posting incorrect information.

[rsilver41]

Getting ready to buy another house in the next couple of months and think I'm going to go with box home loans. Just got off the phone with them and I can get a 1.9% on a 15 yr here in Texas. I have to pay some but its an incredible deal.

[momvesting]

Getting ready to buy another house in the next couple of months and think I'm going to go with box home loans. Just got off the phone with them and I can get a 1.9% on a 15 yr here in Texas. I have to pay some but its an incredible deal.

Be careful, Box is swamped and continues to miss deadlines. I locked with them in late May and now I have a tentative closing in late September, but a few other of my tentative closing dates have come and gone. I'm just a refi, so hopefully they are treating the purchases better but 120+ days to close is a little crazy.

[rsilver41]

Getting ready to buy another house in the next couple of months and think I'm going to go with box home loans. Just got off the phone with them and I can get a 1.9% on a 15 yr here in Texas. I have to pay some but its an incredible deal.

Be careful, Box is swamped and continues to miss deadlines. I locked with them in late May and now I have a tentative closing in late September, but a few other of my tentative closing dates have come and gone. I'm just a refi, so hopefully they are treating the purchases better but 120+ days to close is a little crazy.

Wow. That is super good to know. I might need to re-think going with them.