Mortgage Refi Question

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legi

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Oct 31, 2008
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Maple Grove, MN
I am closing on a new house purchase on 11/27, and can lock in the rate anytime before then. The mortgage company that works with the builder is offering 3.75% for 30 yr loan.

Does this seem reasonable or is anyone seeing significantly better rates?
 

Rabbuk

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Mar 1, 2011
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I am closing on a new house purchase on 11/27, and can lock in the rate anytime before then. The mortgage company that works with the builder is offering 3.75% for 30 yr loan.

Does this seem reasonable or is anyone seeing significantly better rates?
That seems in line with a quick perusal of my credit union, without knowing anything about your history or mortgage requirements
 
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Pat

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Oct 20, 2011
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I am closing on a new house purchase on 11/27, and can lock in the rate anytime before then. The mortgage company that works with the builder is offering 3.75% for 30 yr loan.

Does this seem reasonable or is anyone seeing significantly better rates?

That seems high, but even if it didn’t: shop. Always shop, and make sure you’re comparing apples to apples.
 
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3TrueFans

Just a Happily Married Man
Sep 10, 2009
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I ended up refinancing through Greater Iowa at 3.5% 30 years and they're running a no closing costs promo right now.
 

Ms3r4ISU

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I ended up refinancing through Greater Iowa at 3.5% 30 years and they're running a no closing costs promo right now.
Do they keep it in-house? And is there any early payoff penalty?
 

alarson

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I ended up refinancing through Greater Iowa at 3.5% 30 years and they're running a no closing costs promo right now.

Ended up refi-ing with them as well. 3.625, but that was with some cash out so the rate was a bit higher (Would have been 3.375 with no cash out)
 

ClonesFTW

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Do people do this? Pay ~3% interest for 30 years on money you should have available? I mean if you can't come up with $2500 maybe you should rethink your financial strategy.

I've originated hundreds of refi's and less than 5% of applicants pay that out of pocket.
 

Gunnerclone

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Jul 16, 2010
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Might want to shop around for a couple weeks I don’t think you would get anything worse than that in the near future. Still a good rate though if you just want to be done with it and you aren’t a penny counter.
 
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2forISU

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Oct 8, 2008
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Do people do this? Pay ~3% interest for 30 years on money you should have available? I mean if you can't come up with $2500 maybe you should rethink your financial strategy.
Yes, I do it on all my rental investments. I'm not paying it out of my pocket
 

Gunnerclone

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Jul 16, 2010
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Just a heads up, rates are still low. I am refinancing w/ a 30 year at 3.25%

Same. I want to wait but a couple more quarters but then I have to check myself. Glad I waited this long though. I almost pulled the trigger the last time this thread was active.
 
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VeloClone

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Jan 19, 2010
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We completed a re-fi the end of December locking in a 3.5% rate on a 30 year. Dropped our payment a couple hundred a month.
Last time we refinanced we were far enough into our mortgage that we opted to increase our payment slightly and go from a 30 year to a 15 year. Best decision we have ever made. We got an even lower interest rate and we are well on our way to paying it off.
 
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Tailg8er

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Feb 25, 2011
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Do they keep it in-house? And is there any early payoff penalty?

I've seen several people concerned with 'keeping it in-house' - any reason why? Think just about every mortgage I've had has been sold, and I've never significantly been affected by it. New place processes my auto-pay the same as the old?

Do people do this? Pay ~3% interest for 30 years on money you should have available? I mean if you can't come up with $2500 maybe you should rethink your financial strategy.

Not sure I follow your logic - if that piece of the transaction is money you should have available, why not put 25% down instead of 20%? Why even take a loan at all? It's not crazy to think you could get a 5+% return on that money for 30 years, as opposed to paying 3% to borrow it?