Where are you finding refinance rate of <2.5%?

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Topic Author
hmw
Posts: 867
Joined: Sun Mar 02, 2014 11:44 am

Where are you finding refinance rate of <2.5%?

Post by 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
Posts: 94
Joined: Tue Jul 07, 2020 9:00 pm

Re: Where are you finding refinance rate of <2.5%?

Post by Ryzen »

Easy, take out a $500k loan at 50% LTV. With a $190k loan you won't get the best rates.
Lee_WSP
Posts: 3950
Joined: Fri Apr 19, 2019 5:15 pm
Location: Arizona

Re: Where are you finding refinance rate of <2.5%?

Post by Lee_WSP »

Rates vary greatly by state. +/- ~1%
User avatar
anon_investor
Posts: 5186
Joined: Mon Jun 03, 2019 1:43 pm

Re: Where are you finding refinance rate of <2.5%?

Post by anon_investor »

hmw wrote: Thu Aug 27, 2020 1:52 pm 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
Posts: 389
Joined: Fri Jun 17, 2016 9:20 am

Re: Where are you finding refinance rate of <2.5%?

Post by BlueCable »

Local credit unions in Iowa. Some banks here are advertising similar rates. There is a large difference between lenders.
shelanman
Posts: 616
Joined: Tue Feb 27, 2007 8:35 pm

Re: Where are you finding refinance rate of <2.5%?

Post by 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.
Topic Author
hmw
Posts: 867
Joined: Sun Mar 02, 2014 11:44 am

Re: Where are you finding refinance rate of <2.5%?

Post by hmw »

shelanman wrote: Thu Aug 27, 2020 3:52 pm 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
Posts: 612
Joined: Wed May 08, 2019 8:59 pm

Re: Where are you finding refinance rate of <2.5%?

Post by 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
Posts: 612
Joined: Wed May 08, 2019 8:59 pm

Re: Where are you finding refinance rate of <2.5%?

Post by softwaregeek »

softwaregeek wrote: Thu Aug 27, 2020 9:09 pm 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
Posts: 431
Joined: Wed May 06, 2020 11:42 am

Re: Where are you finding refinance rate of <2.5%?

Post by 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
Posts: 34
Joined: Tue Aug 04, 2020 7:18 pm

Re: Where are you finding refinance rate of <2.5%?

Post by 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
Posts: 7546
Joined: Wed Jul 26, 2017 12:46 pm

Re: Where are you finding refinance rate of <2.5%?

Post by JBTX »

hmw wrote: Thu Aug 27, 2020 1:52 pm 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
Posts: 193
Joined: Mon Dec 03, 2018 4:17 pm
Location: No matter where you go, there you are.....

Re: Where are you finding refinance rate of <2.5%?

Post by Bronko »

I just did a 30 year VA IRRL with Lakeview loan at 2.25. It was an in house refi FYI.
Never let a little bit of money get in the way of a real good time.
shelanman
Posts: 616
Joined: Tue Feb 27, 2007 8:35 pm

Re: Where are you finding refinance rate of <2.5%?

Post by shelanman »

hmw wrote: Thu Aug 27, 2020 4:25 pm
shelanman wrote: Thu Aug 27, 2020 3:52 pm 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.
Topic Author
hmw
Posts: 867
Joined: Sun Mar 02, 2014 11:44 am

Re: Where are you finding refinance rate of <2.5%?

Post by hmw »

OP here.

Thanks for all the replies.

It appears that I shouldn't bother with my small loan remaining.
confused1
Posts: 56
Joined: Mon Jul 27, 2015 12:03 am

Re: Where are you finding refinance rate of <2.5%?

Post by confused1 »

Just seen owning.com has a quoted 2.125% rate (no fees)
Topic Author
hmw
Posts: 867
Joined: Sun Mar 02, 2014 11:44 am

Re: Where are you finding refinance rate of <2.5%?

Post by hmw »

confused1 wrote: Sat Aug 29, 2020 8:12 pm Just seen owning.com has a quoted 2.125% rate (no fees)
I think Owning.com only does business in California.
rsilver41
Posts: 10
Joined: Fri Jul 24, 2020 10:42 am

Re: Where are you finding refinance rate of <2.5%?

Post by rsilver41 »

JBTX wrote: Fri Aug 28, 2020 11:04 am
hmw wrote: Thu Aug 27, 2020 1:52 pm 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
Posts: 10
Joined: Fri Jul 24, 2020 10:42 am

Re: Where are you finding refinance rate of <2.5%?

Post by rsilver41 »

rsilver41 wrote: Mon Aug 31, 2020 9:00 pm
JBTX wrote: Fri Aug 28, 2020 11:04 am
hmw wrote: Thu Aug 27, 2020 1:52 pm 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.
Topic Author
hmw
Posts: 867
Joined: Sun Mar 02, 2014 11:44 am

Re: Where are you finding refinance rate of <2.5%?

Post by hmw »

rsilver41 wrote: Mon Aug 31, 2020 9:00 pm
JBTX wrote: Fri Aug 28, 2020 11:04 am
hmw wrote: Thu Aug 27, 2020 1:52 pm 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
Posts: 10
Joined: Fri Jul 24, 2020 10:42 am

Re: Where are you finding refinance rate of <2.5%?

Post by rsilver41 »

hmw wrote: Mon Aug 31, 2020 10:41 pm
rsilver41 wrote: Mon Aug 31, 2020 9:00 pm
JBTX wrote: Fri Aug 28, 2020 11:04 am
hmw wrote: Thu Aug 27, 2020 1:52 pm 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
Posts: 29
Joined: Thu Aug 27, 2020 6:40 pm

Re: Where are you finding refinance rate of <2.5%?

Post by Rocky77 »

rsilver41 wrote: Mon Aug 31, 2020 9:00 pm
rsilver41 wrote: Mon Aug 31, 2020 9:00 pm
JBTX wrote: Fri Aug 28, 2020 11:04 am
hmw wrote: Thu Aug 27, 2020 1:52 pm 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
Posts: 107
Joined: Wed Dec 06, 2017 2:14 pm

Re: Where are you finding refinance rate of <2.5%?

Post by 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
Posts: 613
Joined: Thu Jan 06, 2011 11:36 pm

Re: Where are you finding refinance rate of <2.5%?

Post by 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
Posts: 10
Joined: Fri Jul 24, 2020 10:42 am

Re: Where are you finding refinance rate of <2.5%?

Post by 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
Posts: 225
Joined: Tue Apr 12, 2016 9:18 pm

Re: Where are you finding refinance rate of <2.5%?

Post by momvesting »

rsilver41 wrote: Fri Sep 04, 2020 8:36 pm 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
Posts: 10
Joined: Fri Jul 24, 2020 10:42 am

Re: Where are you finding refinance rate of <2.5%?

Post by rsilver41 »

momvesting wrote: Fri Sep 04, 2020 9:58 pm
rsilver41 wrote: Fri Sep 04, 2020 8:36 pm 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.
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