Who's Refinancing? What are Rates Like?
11-20-2020, 11:45 AM
#1
Senior Member
Thread Starter
Who's Refinancing? What are Rates Like?
Looking to refi to 15 years. I keep seeing low teaser rates with lots of points from companies that don't seem all that legit. I looked on Bankrate but have reservations with sending personal info to "Southwest butt$#%^ Bank of North Dakota".
What are you all seeing from legit lenders?
Any recommendations?
Thanks
What are you all seeing from legit lenders?
Any recommendations?
Thanks
11-20-2020, 12:03 PM
#3
Senior Member
I just closed yesterday on a 20 yr but was quoted 2.375% on a 15 yr with no points a month ago. This was no cash out with >800 credit. I worked with a local broker. A majority of the internet ads are not very accurate and you can waste a lot of time dealing with that scum.
11-20-2020, 12:32 PM
#8
Senior Member
Join Date: Jan 2005
Location: Suburb of Sugar Tit SC
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Was quoted 2.65 from Quicken recently on a 8-15 year term fixed.
No improvement cost wise from our current 3.25 unfortunately once fees factored in.
No improvement cost wise from our current 3.25 unfortunately once fees factored in.
11-20-2020, 01:46 PM
#12
Senior Member
I am getting 2.75% fixed for 20 years and no points. Payment will go up $140 a month but will shave 5.5 years off the current loan.
My only hesitation is it takes 5 years to break even if I just send an extra $140 a month to my current mortgage. If I sell prior to 5 years I really didn't get anywhere by refinancing.
The real equity gain is 8-10 years from now.
I bought in 2016 at 4% fixed for 30 years and you know that those amortization schedules you pay mostly interest in the first 5-7 years.
What are you guys seeing as total closing costs? Mine are 9-10K in Florida which they roll back into the mortgage and it reduces my equity until I catch back up years later.
My only hesitation is it takes 5 years to break even if I just send an extra $140 a month to my current mortgage. If I sell prior to 5 years I really didn't get anywhere by refinancing.
The real equity gain is 8-10 years from now.
I bought in 2016 at 4% fixed for 30 years and you know that those amortization schedules you pay mostly interest in the first 5-7 years.
What are you guys seeing as total closing costs? Mine are 9-10K in Florida which they roll back into the mortgage and it reduces my equity until I catch back up years later.
11-20-2020, 04:58 PM
#17
Admirals Club 
Are these number all conforming?
>$765,000 in most of California is a jumbo and not hard to hit out here.
30 yr fixed - I was at 3.25% (Wells Fargo), was going to refi at 3.00% (Wells Fargo) and then Wells Fargo sends me letter for a loan modification at 2.875%. I couldn't sign fast enough, no closing costs and remaining term remained the same. I heard jumbo are tougher right now since the originator can't sell them (don't know if that's 100% true)
>$765,000 in most of California is a jumbo and not hard to hit out here.
30 yr fixed - I was at 3.25% (Wells Fargo), was going to refi at 3.00% (Wells Fargo) and then Wells Fargo sends me letter for a loan modification at 2.875%. I couldn't sign fast enough, no closing costs and remaining term remained the same. I heard jumbo are tougher right now since the originator can't sell them (don't know if that's 100% true)
Last edited by starbright55; 11-20-2020 at 05:29 PM.
11-20-2020, 05:24 PM
#18
Senior Member
Originally Posted by starbright55
Are these all conforming?
>$765,000 in most of California is a jumbo and not hard to hit out here.
300 yr fixed - I was at 3.25% (Wells Fargo), was going to refi at 3.00% (Wells Fargo) and then Wells Fargo sends me letter for a loan modification at 2.875%. I couldn't sign fast enough, no closing costs and remaining term remained the same. I heard jumbo are tougher right now since the originator can't sell them (don't know if that's 100% true)
>$765,000 in most of California is a jumbo and not hard to hit out here.
300 yr fixed - I was at 3.25% (Wells Fargo), was going to refi at 3.00% (Wells Fargo) and then Wells Fargo sends me letter for a loan modification at 2.875%. I couldn't sign fast enough, no closing costs and remaining term remained the same. I heard jumbo are tougher right now since the originator can't sell them (don't know if that's 100% true)
11-20-2020, 05:27 PM
#19
Admirals Club
Originally Posted by Lone Ranger
Damn,I want one of those 300 yr. Mortgages!! I'd make out like a Fat Rat.
Fixed
11-20-2020, 05:31 PM
#20
I have been seeing sub 2.25% for 15 year. Makes it tempting to buy something new but the wife wants to build a house next year, not if lumber prices don't come back down to earth.
