Bacchus01 wrote: ↑
Fri Oct 11, 2019 7:25 pm
deikel wrote: ↑
Thu Sep 12, 2019 11:36 am
I searched multiple online sites and the offers seemed oddly high, I talked to Ally and the rates were downright silly ( around 4%), then I went to my local CFCU and got a great offer, refinancing from a 30 yr fixed at 4% (4.2 APR) to a 15 yr fixed 2.85 % no points and closing costs of about 1700 (TBD since some of the state tax will be saved, but unknown right this second).
Very smooth sailing so far, the originator was super organized, took 30 min to check all options and another 30 to bring all my paperwork to sign the application and lock the rate.
Just throwing in a plug for local brick and mortar banks (credit unions in particular), this was the best rate I found - by far.
I’m curious, did you just look at their rates online (CFCU) or did you have to call them up? I’m watching online rates of locals and they just aren’t that great.
Granted, I have a 15 year at 3.25% already, so I’m trying to get sub 3 with no costs or better yet a cash out refinance, but still.
In my case, I walked in the door on a Friday, just generally curious about refinancing and they gave me a good rate for the day (I recall it was like 3% at the time) and I wanted to pull the trigger. They send me home with some paperwork requests and I came back the next Tuesday (Monday was a holiday) and on that single day, the rate was 2.8 - this rate was also published online and was searchable - although a bit hidden by three clicks to get there (very clunky website)
I took it and made the application with a lock in. I then monitored the published rate for the next couple of weeks and I somehow was very lucky and this rate was not reached for the following weeks (it stayed around 3-3.25)...but their rates are online and updated daily. And they are constantly better then what I saw online in the meantime.
They had options for cash outs, and options for 'no closure costs', but those did not really apply to me.
Maybe my local Credit Union is special (although I doubt it), what I am saying is that people should consider their local CU and not just check online. I also heard bad things about the closing process of the very same CU, so maybe I just got a lucky combination - but my process was fast and without problems whatsoever, the gal working with me was whip smart and explained everything very well - I am very pleased with how this worked out.
Even if rates would drop down to 2.5%, I have no more need to refinance till this debt is gone.
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