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Who's Refinancing? What are Rates Like?

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Who's Refinancing? What are Rates Like?

Old 11-20-2020, 11:45 AM
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Default 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
Old 11-20-2020, 11:46 AM
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Not refinancing but looking at buying and my rate was 2.65%.
Old 11-20-2020, 12:03 PM
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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.
Old 11-20-2020, 12:06 PM
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Following along, seeing 2.625-3%
Old 11-20-2020, 12:08 PM
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Most legit one I'm seeing is Garden State Home Loans at about 2.5%, 0 points. Reviews look good..
Old 11-20-2020, 12:12 PM
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I am in process at 2.375% for 30yr cash out refi. 1pt in fees.
Old 11-20-2020, 12:14 PM
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Originally Posted by ndb8fxe View Post
I am in process at 2.375% for 30yr cash out refi. 1pt in fees.
With who?
Old 11-20-2020, 12:32 PM
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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.
Old 11-20-2020, 01:03 PM
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Just spoke with a rep at Garden State Home Loans.
15 year refi with cashout: 2.49%
No cashout: 2.374%
No points on either.. ~$2800 3rd party fees.
Old 11-20-2020, 01:17 PM
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Son just refinanced from a 5.? % to 2.65 % and believe with no points added also on the refi....
Old 11-20-2020, 01:18 PM
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cash out refi, 10 yr fixed, 2.25%. Thru my brother the mortgage broker.
Old 11-20-2020, 01:46 PM
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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.
Old 11-20-2020, 01:57 PM
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I was just quoted $2800 in closing costs.. Plus another 3k for 6 months escrow, but we'll get that back from previous lender.
Old 11-20-2020, 02:37 PM
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We just closed yesterday on 2.19 for 15 year. Closing costs were about $6k after some negotiating, including 40 days of prepaid interest.

Old 11-20-2020, 03:50 PM
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15 year @ 2.5% Cash out refi.
Old 11-20-2020, 04:46 PM
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In Process of closing 20 year @2.5.
Old 11-20-2020, 04:58 PM
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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)

Last edited by starbright55; 11-20-2020 at 05:29 PM.
Old 11-20-2020, 05:24 PM
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Originally Posted by starbright55 View Post
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)
Damn,I want one of those 300 yr. Mortgages!! I'd make out like a Fat Rat.
Old 11-20-2020, 05:27 PM
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Originally Posted by Lone Ranger View Post
Damn,I want one of those 300 yr. Mortgages!! I'd make out like a Fat Rat.
...wouldn't that be nice

Fixed
Old 11-20-2020, 05:31 PM
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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.

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