Refi at this rate?
Refi at this rate?
800 k property
600 k purchase mortgage taken out last year as 10/1 at 3.875
Current payoff balance is 585
I have an opportunity to refi at the moment to a 5/1 at 3.44 with about $1k in fees. Saves me $150/month for next 5 years but also shortens my lock from 9 more years to 5. Break even for closing costs is 7 months.
Would you take the deal?
Right now I pay an extra 3k per year towards principal, if I keep payment the same it will be an extra 4800
600 k purchase mortgage taken out last year as 10/1 at 3.875
Current payoff balance is 585
I have an opportunity to refi at the moment to a 5/1 at 3.44 with about $1k in fees. Saves me $150/month for next 5 years but also shortens my lock from 9 more years to 5. Break even for closing costs is 7 months.
Would you take the deal?
Right now I pay an extra 3k per year towards principal, if I keep payment the same it will be an extra 4800
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Re: Refi at this rate?
No, I wouldn’t.
I just did a 30yr at 3.5%.
All that interest rate risk for 0.06%? Pass!
Search for the relationship mortgage thread.
I just did a 30yr at 3.5%.
All that interest rate risk for 0.06%? Pass!
Search for the relationship mortgage thread.
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Re: Refi at this rate?
How quickly are you planning to pay off the house?
Re: Refi at this rate?
30 year refinance for 3.5%? If so, which bank was that?DEBTINATOR wrote: ↑Fri Jul 05, 2019 12:19 pm No, I wouldn’t.
I just did a 30yr at 3.5%.
All that interest rate risk for 0.06%? Pass!
Search for the relationship mortgage thread.
Re: Refi at this rate?
I noticed that the Penfed 5/5 ARM Jumbo is 3.375% though the closing costs might not make it a great deal. I'm not sure if they do the closing costs promos any longer.
Re: Refi at this rate?
I’ve owned 4 houses and in each one I thought I would stay for 30 years but ended up moving within 5-7, so that’s my horizon.
penfed deals come with about 5 k in closing costs so not very attractive. Decided to hit the big 4 (BofA, Citi, wells, chase) private client groups to see if they can help based on the relationship mortgage thread if I move my investment accounts over
Anyone know any regional Fl banks that offer relationship based discounts?
penfed deals come with about 5 k in closing costs so not very attractive. Decided to hit the big 4 (BofA, Citi, wells, chase) private client groups to see if they can help based on the relationship mortgage thread if I move my investment accounts over
Anyone know any regional Fl banks that offer relationship based discounts?
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Re: Refi at this rate?
First Republic is in FL and I just closed a 5/1 ARM with them at 2.65%huai wrote: ↑Fri Jul 05, 2019 3:24 pm I’ve owned 4 houses and in each one I thought I would stay for 30 years but ended up moving within 5-7, so that’s my horizon.
penfed deals come with about 5 k in closing costs so not very attractive. Decided to hit the big 4 (BofA, Citi, wells, chase) private client groups to see if they can help based on the relationship mortgage thread if I move my investment accounts over
Anyone know any regional Fl banks that offer relationship based discounts?
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Re: Refi at this rate?
Rates are very location dependent. We are in process of 3.5% for 30yr as well, but ARMs are actually more here, not less.DEBTINATOR wrote: ↑Fri Jul 05, 2019 12:19 pm No, I wouldn’t.
I just did a 30yr at 3.5%.
All that interest rate risk for 0.06%? Pass!
Search for the relationship mortgage thread.
The general trend in my locale is local credit unions can do better than anybody. Also check better.com
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Re: Refi at this rate?
Yes. BofAmervinj7 wrote: ↑Fri Jul 05, 2019 1:43 pm30 year refinance for 3.5%? If so, which bank was that?DEBTINATOR wrote: ↑Fri Jul 05, 2019 12:19 pm No, I wouldn’t.
I just did a 30yr at 3.5%.
All that interest rate risk for 0.06%? Pass!
Search for the relationship mortgage thread.
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- Joined: Mon Aug 20, 2018 4:41 pm
Re: Refi at this rate?
What region are you in? My local credit union is offering 2.25% for 5/1 ARM. 2.125% for LTV under 75%.
Re: Refi at this rate?
Wow those are good rates. Which CU?SovereignInvestor wrote: ↑Sat Jul 06, 2019 6:26 am What region are you in? My local credit union is offering 2.25% for 5/1 ARM. 2.125% for LTV under 75%.
I am in FL. First republic doesn’t cover my city so still waiting their quote. Best so far is from fifth third bank
10/1 -3.500%
7/1 - 3.375%
5/1 - 3.250%
All without closing costs. Big banks are willing to match and give a relationship discount on top for an additional .250 off, so probably going that way.
How much premium do you all place on the ARM lock-in term? Would you go down a quarter point APR but lose a 5 years on the rate?
Re: Refi at this rate?
huai wrote: ↑Sat Jul 06, 2019 10:12 amWow those are good rates. Which CU?SovereignInvestor wrote: ↑Sat Jul 06, 2019 6:26 am What region are you in? My local credit union is offering 2.25% for 5/1 ARM. 2.125% for LTV under 75%.
I am in FL. First republic doesn’t cover my city so still waiting their quote. Best so far is from fifth third bank
10/1 -3.500%
7/1 - 3.375%
5/1 - 3.250%
All without closing costs. Big banks are willing to match and give a relationship discount on top for an additional .250 off, so probably going that way.
How much premium do you all place on the ARM lock-in term? Would you go down a quarter point APR but lose a 5 years on the rate guarantee?
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Re: Refi at this rate?
Try Raymond Jameshuai wrote: ↑Sat Jul 06, 2019 10:12 amWow those are good rates. Which CU?SovereignInvestor wrote: ↑Sat Jul 06, 2019 6:26 am What region are you in? My local credit union is offering 2.25% for 5/1 ARM. 2.125% for LTV under 75%.
I am in FL. First republic doesn’t cover my city so still waiting their quote. Best so far is from fifth third bank
10/1 -3.500%
7/1 - 3.375%
5/1 - 3.250%
All without closing costs. Big banks are willing to match and give a relationship discount on top for an additional .250 off, so probably going that way.
How much premium do you all place on the ARM lock-in term? Would you go down a quarter point APR but lose a 5 years on the rate?
https://www.raymondjames.com/mortgagerates
Re: Refi at this rate?
Waiting for RJ quote with no closing costs ... they are all manual so takes 3 days. I have a feeling by the time they add in closing costs offset they will be at or worse than the rate I got above (with relationship bonus)
Last edited by huai on Sat Jul 06, 2019 10:36 am, edited 1 time in total.
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Re: Refi at this rate?
Was it a no cost refi? Otherwise how much did you pay for points?DEBTINATOR wrote: ↑Sat Jul 06, 2019 3:24 amYes. BofAmervinj7 wrote: ↑Fri Jul 05, 2019 1:43 pm30 year refinance for 3.5%? If so, which bank was that?DEBTINATOR wrote: ↑Fri Jul 05, 2019 12:19 pm No, I wouldn’t.
I just did a 30yr at 3.5%.
All that interest rate risk for 0.06%? Pass!
Search for the relationship mortgage thread.
The most precious gift we can offer anyone is our attention. - Thich Nhat Hanh
Re: Refi at this rate?
In my opinion, ARMs are just not a good deal right now. Stick to 15 or 30 fixed. The spread on ARMs needs to be a lot bigger to be worth the risk.huai wrote: ↑Fri Jul 05, 2019 11:41 am 800 k property
600 k purchase mortgage taken out last year as 10/1 at 3.875
Current payoff balance is 585
I have an opportunity to refi at the moment to a 5/1 at 3.44 with about $1k in fees. Saves me $150/month for next 5 years but also shortens my lock from 9 more years to 5. Break even for closing costs is 7 months.
Would you take the deal?
Right now I pay an extra 3k per year towards principal, if I keep payment the same it will be an extra 4800
Re: Refi at this rate?
I don’t plan to owe this mortgage in 10 years one way or another
Re: Refi at this rate?
What is everyone's balance on the mortgage or percentage paid?
I'm looking to refi, but only have about 9 years left on a original 30 year (opened 1 year ago.) Most of my quotes for refinance aren't much lower than 4, while my current rate is 4.3. I'm wondering if higher balances give the lower rates.
I'm looking to refi, but only have about 9 years left on a original 30 year (opened 1 year ago.) Most of my quotes for refinance aren't much lower than 4, while my current rate is 4.3. I'm wondering if higher balances give the lower rates.
- McGilicutty
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Re: Refi at this rate?
I had a mortgage balance of a little over $100K at 4.5%. I was able to refinance it to a 15-year at 3.25% with $2500 in closing costs using a local bank. I called around to some of the outfits advertising on the Internet, but none of them gave me a quote for less than 4% for a 15-year refi.brianH wrote: ↑Sat Jul 06, 2019 1:32 pm What is everyone's balance on the mortgage or percentage paid?
I'm looking to refi, but only have about 9 years left on a original 30 year (opened 1 year ago.) Most of my quotes for refinance aren't much lower than 4, while my current rate is 4.3. I'm wondering if higher balances give the lower rates.
You might want to try your local banks/credit unions if you haven't done so already.
Re: Refi at this rate?
I’d youre paying down principal that fast, why do you even care about the rate?brianH wrote: ↑Sat Jul 06, 2019 1:32 pm What is everyone's balance on the mortgage or percentage paid?
I'm looking to refi, but only have about 9 years left on a original 30 year (opened 1 year ago.) Most of my quotes for refinance aren't much lower than 4, while my current rate is 4.3. I'm wondering if higher balances give the lower rates.
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Re: Refi at this rate?
Almost, about $800 out of pocket after lender credits. Breakeven in 2mos.finite_difference wrote: ↑Sat Jul 06, 2019 10:34 amWas it a no cost refi? Otherwise how much did you pay for points?DEBTINATOR wrote: ↑Sat Jul 06, 2019 3:24 amYes. BofAmervinj7 wrote: ↑Fri Jul 05, 2019 1:43 pm30 year refinance for 3.5%? If so, which bank was that?DEBTINATOR wrote: ↑Fri Jul 05, 2019 12:19 pm No, I wouldn’t.
I just did a 30yr at 3.5%.
All that interest rate risk for 0.06%? Pass!
Search for the relationship mortgage thread.
Re: Refi at this rate?
I will slow down now. A chunk of that was from the sale of our previous house, which we did after purchasing the new one. I may not keep a 15 for the full term, but it would be nice to have some flexibility in the monthly payment if I need it.
After some research, the best advertised rate I found (haven't negotiated with online banks yet) was at a local credit union: 15 year, 3.375% with about $2900 in closing costs. That would put breakeven at around 2-3 years, given my current balance. That just might be worth it.
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Re: Refi at this rate?
That’s pretty good.DEBTINATOR wrote: ↑Sun Jul 07, 2019 1:30 amAlmost, about $800 out of pocket after lender credits. Breakeven in 2mos.finite_difference wrote: ↑Sat Jul 06, 2019 10:34 amWas it a no cost refi? Otherwise how much did you pay for points?DEBTINATOR wrote: ↑Sat Jul 06, 2019 3:24 amYes. BofAmervinj7 wrote: ↑Fri Jul 05, 2019 1:43 pm30 year refinance for 3.5%? If so, which bank was that?DEBTINATOR wrote: ↑Fri Jul 05, 2019 12:19 pm No, I wouldn’t.
I just did a 30yr at 3.5%.
All that interest rate risk for 0.06%? Pass!
Search for the relationship mortgage thread.
The refi saved you $400/month in interest?
I have 3.625% so the break even would take years. Going to wait to see if the Fed drops rates.
The most precious gift we can offer anyone is our attention. - Thich Nhat Hanh
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Re: Refi at this rate?
Teachers FCU. It's NY based unfortunately I think they only lend in NY.huai wrote: ↑Sat Jul 06, 2019 10:12 amWow those are good rates. Which CU?SovereignInvestor wrote: ↑Sat Jul 06, 2019 6:26 am What region are you in? My local credit union is offering 2.25% for 5/1 ARM. 2.125% for LTV under 75%.
I am in FL. First republic doesn’t cover my city so still waiting their quote. Best so far is from fifth third bank
10/1 -3.500%
7/1 - 3.375%
5/1 - 3.250%
All without closing costs. Big banks are willing to match and give a relationship discount on top for an additional .250 off, so probably going that way.
How much premium do you all place on the ARM lock-in term? Would you go down a quarter point APR but lose a 5 years on the rate?
Just locked 7/1 ARM at 2.375%. 5/1 is 2.125% and 10/1 is 2.625%.
That's for under 75% LTV....if at 75-80% LTV..rates are 1/8 pt higher.
Re: Refi at this rate?
Thank you for the tip on Teachers FCU 1 very attractive rates but unfortunately they don’t offer closing cost credit in exchange for higher rates on jumbo loans
Re: Refi at this rate?
huai wrote: ↑Fri Jul 05, 2019 11:41 am 800 k property
600 k purchase mortgage taken out last year as 10/1 at 3.875
Current payoff balance is 585
I have an opportunity to refi at the moment to a 5/1 at 3.44 with about $1k in fees. Saves me $150/month for next 5 years but also shortens my lock from 9 more years to 5. Break even for closing costs is 7 months.
Would you take the deal?
Right now I pay an extra 3k per year towards principal, if I keep payment the same it will be an extra 4800
I would not take out an ARM right now. If Fed cuts as expected those ARM rates will drop.
Right now the savings of an ARM vs Fixed is not worth the interest rate risk. I'd look again later this year.
Re: Refi at this rate?
SovereignInvestor wrote: ↑Thu Jul 11, 2019 7:52 amTeachers FCU. It's NY based unfortunately I think they only lend in NY.huai wrote: ↑Sat Jul 06, 2019 10:12 amWow those are good rates. Which CU?SovereignInvestor wrote: ↑Sat Jul 06, 2019 6:26 am What region are you in? My local credit union is offering 2.25% for 5/1 ARM. 2.125% for LTV under 75%.
I am in FL. First republic doesn’t cover my city so still waiting their quote. Best so far is from fifth third bank
10/1 -3.500%
7/1 - 3.375%
5/1 - 3.250%
All without closing costs. Big banks are willing to match and give a relationship discount on top for an additional .250 off, so probably going that way.
How much premium do you all place on the ARM lock-in term? Would you go down a quarter point APR but lose a 5 years on the rate?
Just locked 7/1 ARM at 2.375%. 5/1 is 2.125% and 10/1 is 2.625%.
That's for under 75% LTV....if at 75-80% LTV..rates are 1/8 pt higher.
Those are crazy good, well below market rates.
Re: Refi at this rate?
They went up by about .2 pts since the other poster posted, but still crazy good as you say. They in fact cover all 50 states, but the catch is for jumbo loans they don't give an option to drive up the rate to avoid closing costs. I have no interest to shell out $12k to shave off a point of interest given that I'm not trying to catch a falling knife.
Has anyone had luck getting a big bank to match rate & terms and THEN adjust up to give credit for closing costs?
Has anyone had luck getting a big bank to match rate & terms and THEN adjust up to give credit for closing costs?
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Re: Refi at this rate?
Yeah what's crazy about TFCU is they keep same ARM rate all month so July rate is what I cited but if rates fall by end of month on market like 10Y yield..I'd wait until August for new lower rate..if rates rise then just lock in july rate. Not only is rate so low but they hold it for entire month to give you some hinsight benefit. I didn't lock in June for that reason because by late June the market rates were lower than June 1.
Realized can't look a gift horse and not take it so didn't wait until end of July to lock that. There's other NY CU's offering 3% or lower for ARMs.
Realized can't look a gift horse and not take it so didn't wait until end of July to lock that. There's other NY CU's offering 3% or lower for ARMs.
Re: Refi at this rate?
What are those other CUs?
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Re: Refi at this rate?
TFCU, Island FCU, Suffolk FCU.
Re: Refi at this rate?
Ok down to my final offer - 3.250 for a 10/1 or 3.625 for a 30 y fixed?
Thoughts?
Thoughts?