Mortgage Refi Question

Discussion in 'Real Estate' started by cyfan92, Aug 5, 2019.

  1. legi

    legi Active Member

    Oct 31, 2008
    934
    63
    28
    Maple Grove, MN
    Ratings:
    +219 / 6 / -1
    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?
     
  2. Rabbuk

    Rabbuk Well-Known Member

    Mar 1, 2011
    34,847
    2,871
    113
    Ratings:
    +17,122 / 837 / -32
    That seems in line with a quick perusal of my credit union, without knowing anything about your history or mortgage requirements
     
    • Like Like x 1
  3. Pat

    Pat Active Member

    Oct 20, 2011
    605
    157
    43
    Ratings:
    +709 / 28 / -0
    That seems high, but even if it didn’t: shop. Always shop, and make sure you’re comparing apples to apples.
     
    • Agree Agree x 1
  4. 3TrueFans

    3TrueFans Just a Man in the Middle
    SuperFanatic

    Sep 10, 2009
    44,276
    6,195
    113
    Ames
    Ratings:
    +27,662 / 756 / -37
    I ended up refinancing through Greater Iowa at 3.5% 30 years and they're running a no closing costs promo right now.
     
  5. Ms3r4ISU

    Ms3r4ISU Well-Known Member

    May 7, 2008
    5,002
    485
    83
    Communication specialist
    Ames
    Ratings:
    +1,394 / 12 / -0
    Do they keep it in-house? And is there any early payoff penalty?
     
  6. alarson

    alarson Well-Known Member

    Mar 15, 2006
    35,583
    4,586
    113
    Male
    Ankeny
    Ratings:
    +25,699 / 880 / -26
    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)
     
  7. 3TrueFans

    3TrueFans Just a Man in the Middle
    SuperFanatic

    Sep 10, 2009
    44,276
    6,195
    113
    Ames
    Ratings:
    +27,662 / 756 / -37
    Yes they keep it in house and no there isn't an early payoff penalty.
     
  8. ClonesFTW

    ClonesFTW Well-Known Member
    SuperFanatic

    Nov 13, 2013
    2,026
    540
    113
    Male
    Finance/Sales
    Waukee
    Ratings:
    +2,811 / 107 / -4
    I've originated hundreds of refi's and less than 5% of applicants pay that out of pocket.
     
  9. Gunnerclone

    Gunnerclone Well-Known Member

    Jul 16, 2010
    35,184
    5,533
    113
    Cheddar Production
    DSM
    Ratings:
    +28,303 / 1,503 / -37
    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.
     
    • Like Like x 1
  10. 2forISU

    2forISU Well-Known Member

    Oct 8, 2008
    5,174
    272
    83
    Ratings:
    +1,241 / 158 / -2
    Yes, I do it on all my rental investments. I'm not paying it out of my pocket
     

Share This Page