Mortgage Refi Question

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

  1. legi

    legi Active Member

    Oct 31, 2008
    922
    63
    28
    Maple Grove, MN
    Ratings:
    +209 / 5 / -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
    33,629
    2,677
    113
    Ratings:
    +15,362 / 770 / -26
    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
    564
    150
    43
    Ratings:
    +660 / 19 / -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
    43,864
    6,060
    113
    Ames
    Ratings:
    +26,789 / 715 / -33
    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
    4,856
    438
    83
    Communication specialist
    Ames
    Ratings:
    +1,257 / 11 / -0
    Do they keep it in-house? And is there any early payoff penalty?
     
  6. alarson

    alarson Well-Known Member

    Mar 15, 2006
    34,912
    4,424
    113
    Male
    Ankeny
    Ratings:
    +24,117 / 829 / -23
    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
    43,864
    6,060
    113
    Ames
    Ratings:
    +26,789 / 715 / -33
    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
    1,871
    484
    83
    Male
    Finance/Sales
    Waukee
    Ratings:
    +2,477 / 94 / -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
    33,933
    5,255
    113
    Cheddar Production
    DSM
    Ratings:
    +26,402 / 1,433 / -36
    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
    5,133
    260
    83
    Ratings:
    +1,178 / 149 / -2
    Yes, I do it on all my rental investments. I'm not paying it out of my pocket
     

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