They’re so bombarded with refi’s they’re not even taking new applications. Damn
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They’re so bombarded with refi’s they’re not even taking new applications. Damn
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Yeah, I'm thinking of doing this too. I'm presently at 3.875% and only little over 4 years but if I can get close to about 3.25% for a 30 year loan I will take it. I might even cash out a little since my house value has risen a lot. I do plan to move to Florida I think in the next 5 years or so.Closing costs are high. If you're going through a bank consider an independent mortgage guy. If you are using a broker already ask them what the costs would be for an 1/8 of a point higher.
I have always (5 or 6 times) done a "no cost" refi where I probably sacrificed the lowest rate but have never had to come out of pocket or with a higher loan amount.
Refinanced in April. Went from 4.125 to 3.125 on a 30 year. Was 2.5 years into, bank actually owed me $2K at closing. I’m putting $200 a month extra into it which is coming out roughly to what our monthly payment was before the refinance - except I’ll have it paid off in 23 years instead of 30 and save about $38K in interest by paying it off in 23 years and that’s not even counting the interest I’m saving off the refinance.
before you refi and possibly incur thousands of closing costs, ask the current lender if a rate modification is possible. if so, usually only a modest fee. lenders are motivated to keep the loan than lose it to another lender.
This is basically the same scenario I'm in, although I have no idea how they owed you money at closing. Either way, it's hard for this to be a bad deal.
I hear what you and others are saying -- the 5K closing costs seem exorbitant for what should be a trivial process. However, I'm not as concerned about minimizing closing costs (I have cash to spare) as about maximizing the total savings over 20 years.
- If I get a no-cost refinance, but only to 3.25%, I would save 18K in interest over 20 years.
- If I pay 5K to re-finance, but get 3%, I would save 36K in interest over 20 years.
Maybe the 5K now is worth more than the extra 18K spread over 20 years, but it's not obvious that that's the case.
You would need to get little over 7% interest over those 20 years to make hanging on to that $5K work it.
Be careful with them... they have a history of treating their clients poorly.They farmed mine out to Wells Fargo. Haven't had a problem with them.
This is basically the same scenario I'm in, although I have no idea how they owed you money at closing. Either way, it's hard for this to be a bad deal.
I hear what you and others are saying -- the 5K closing costs seem exorbitant for what should be a trivial process. However, I'm not as concerned about minimizing closing costs (I have cash to spare) as about maximizing the total savings over 20 years.
- If I get a no-cost refinance, but only to 3.25%, I would save 18K in interest over 20 years.
- If I pay 5K to re-finance, but get 3%, I would save 36K in interest over 20 years.
Maybe the 5K now is worth more than the extra 18K spread over 20 years, but it's not obvious that that's the case.
I got paid to refinance by Better.com. Took a worse rate than the lowest rate offered.where the heck do you get no cost refinance?
'I knew that guy was trouble when we walked into my home looking like Gomer.'I just finished mine this week.
I have a multi-unit which we reside in.
Initially, I got .5 points at 3.125%.
But the jackarse appraiser from rural east bum-youknowwhat came to the city and appraised at $200k below my City Assessment! Which is well below value!
So, even though loan-to-value was still good, they jacked me up to 2.125 points a week before close. LOL.
The bank was so motivated at that point that they brought me up to 3.5% at .75 points, and then took a charge against most of the points, giving me effectively .25 points.
Ridiculous, but still well worth lowering my 4.875% current mortgage.
I knew that guy was trouble when we walked into my home looking like Gomer.
where the heck do you get no cost refinance?
This is basically the same scenario I'm in, although I have no idea how they owed you money at closing. Either way, it's hard for this to be a bad deal.
I hear what you and others are saying -- the 5K closing costs seem exorbitant for what should be a trivial process. However, I'm not as concerned about minimizing closing costs (I have cash to spare) as about maximizing the total savings over 20 years.
- If I get a no-cost refinance, but only to 3.25%, I would save 18K in interest over 20 years.
- If I pay 5K to re-finance, but get 3%, I would save 36K in interest over 20 years.
Maybe the 5K now is worth more than the extra 18K spread over 20 years, but it's not obvious that that's the case.
For me, they owed me $2000 bc I built in closing costs and they overestimated.
LenderFi is who I got mine from. Better, RateRabbit and LoanDepot also offer no cost refinancing, from what I’ve seen, but I have no personal experience with them.
Are these legit? I’m seriously considering it.I got paid to refinance by Better.com. Took a worse rate than the lowest rate offered.
Yep totally legit. You can also change your rate after you lock on Better. So once you lock, you lock all the rates available to you. If you decide you want the lowest rate with out of pocket costs you can go with that. If you decide you want a higher rate with no out of pocket costs you can do that.Are these legit? I’m seriously considering it.
Are these legit? I’m seriously considering it.