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Home Refi... What's the best deal going?

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Home Refi... What's the best deal going?

Old 05-22-2020, 08:25 AM
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Default Home Refi... What's the best deal going?

I feel like I'm missing the boat. Bought our house in 2012 at rock bottom - 3.875% 30 yr fixed. Seems like I need to peruse some offers and refi to a 15.

A few friends have done Rocket Mortgage and seem happy. Opinions?
Old 05-22-2020, 08:30 AM
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I would start with your current lender. The mortgage on my lake house is with Chase; when I started the process of refinancing I received a letter from them offering to match that rate for no charge, they just sent me a form to modify the current interest rate, nothing else changed.
Old 05-22-2020, 08:31 AM
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I only deal with local lenders/small banks...but a buddy of mine did a 15 rear re-fi with them and it went really smoothly.

Rates are a little higher right now than I want to lock in at, but I'm in the same boat.
Old 05-22-2020, 08:31 AM
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Oh that's cool. Ours was with chase but got sold to Carrington. I have no real opinion on them - I pay my bill and they have my mortgage.

May see what our current lender would do. Our interest rate is already decent but a 15 yr is better suited to our goals.
Old 05-22-2020, 08:32 AM
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Go to your local credit union and speak with their finance rep. You'd be surprised what they can do when you are there to sign papers vs. shop rates. Rule of thumb that I've used is unless you can beat your rate by about .5% it might not make sense refinancing due to all the closing costs vs. just making additional payments towards the principle to pay off the loan quicker.

Also, if you have a lot of equity in the home, take a look at a Home Equity Line of Credit. Use a portion of the equity to pay off the first mortgage, have the flexability of being able to make different payment amounts depending on your finances for the month- usually paying it off much sooner than a traditional loan.
Old 05-22-2020, 08:35 AM
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3.875 on a 30 year isn't bad. couldn't you just make extra principal payments and pay off the remaining balance in 15 vs 30 years? it really just depends on what the 15 year rate is. when I did the math on my situation, it really wasn't worth dealing with the paperwork ($10kish savings after 25 years, whereas extra principal payment could easily 'beat' that). your experience may vary
Old 05-22-2020, 08:39 AM
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All good points...yeah most of the people around us refinancing have only been in their homes 5 years or less. we got lucky and bought last time the rates were stupid low and it may actually make more sense to just pay it as a 15 or use some of the home equity.

The payments are finally starting to put a bit of a dent in the principal, and we have about 150k of equity due to that and appreciation.

That's really why I've never considered a refi cause the numbers haven't made sense, just feels like we should do something lol. ​​​
Old 05-22-2020, 08:43 AM
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I was hell bent on refi, then when I started crunching the #s it just wasn't enough savings to be worth the hassle. I believe it needs to be closer to 1% lower rate to really be worth it. I was getting close to 0.75% then the rates climbed back up. I still have a few lenders waiting to see if it happens
Old 05-22-2020, 08:56 AM
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I highly recommend these guys. I have no idea what rates are right now though.

https://www.cimginc.com/
Old 05-22-2020, 08:59 AM
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Originally Posted by cfarmd View Post
I was hell bent on refi, then when I started crunching the #s it just wasn't enough savings to be worth the hassle. I believe it needs to be closer to 1% lower rate to really be worth it. I was getting close to 0.75% then the rates climbed back up. I still have a few lenders waiting to see if it happens
Agreed...needs to be a 1 point difference for me to pull the trigger.

I'll probably keep the 30, and just make extra payments throughout the year, and back them back to normal levels around Christmas and our "big" vacation months/times.

Last time I looked at the amortization schedule, it didn't make a ton of sense for me to make the leap.
Old 05-22-2020, 09:06 AM
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I am working on a refi now ... My guys said last week 3% on a 30 year... currently at 4.5% so its a no brainer for me ..... 760 credit score if that matters ...
Old 05-22-2020, 09:07 AM
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This doesn't help the refi folks but on a new buy PenFed is offering 2.875% on a 30 year. https://www.penfed.org/mortgage-center Need a 720 credit score and im sure 80% LTV.

refi's are at 3.375%
Old 05-22-2020, 09:10 AM
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Quicken just offered me 2.85 on a 15yr fixed. Not sure I want to go with a "Big Box Store" lender but the rate was interesting.
Old 05-22-2020, 09:11 AM
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Had a great experience with rocket when we went to a 15 from a 30.

don’t recall which ones, but evidently some good deals tied to investment accounts that can get you to sub 3%. Seem it mentioned in a few of the recent refi threads, but don’t know the specifics.
Old 05-22-2020, 09:14 AM
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Wait it out. Rates are going to drop further after reading a few articles earlier today. We close in a couple of weeks at 2.75 30 year VA loan. Going to payoff in 10 years.
Old 05-22-2020, 09:21 AM
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make sure you do a full analysis

as another poster said, look at the amortization table/schedule

you are 8 years in?

closing costs?

again, do a full analysis and it should be crystal clear what refi, if any, you should make.
Old 05-22-2020, 09:24 AM
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Another vote for checking with your current holder.

My local bank recast my mortgage, keeping the current duration of the term at the lower rate.
Old 05-22-2020, 09:25 AM
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Thanks for all the advice, analysis shows minimal savings. May still talk to a few just to see what they'll do for giggles. Credit is 820ish so should get whatever primo deal is going. Even still, not alot of room for us to save a bunch so it may be just doing something to do something.
Old 05-22-2020, 09:26 AM
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We used Miller Lending out of Cary for our last purchase. They were terrific to work with.
Old 05-22-2020, 09:26 AM
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We are 3.65 my broker said not worth it unless we can refi in the low 2s. The rates are going to drop the FED has promised not to do negative rates for fear of a run on banks.

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