Mortgage Refi Question

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

  1. legi

    legi Active Member

    Oct 31, 2008
    975
    78
    28
    Maple Grove, MN
    Ratings:
    +276 / 9 / -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
    38,047
    3,364
    113
    Ratings:
    +21,575 / 1,095 / -61
    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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  3. Pat

    Pat Active Member

    Oct 20, 2011
    736
    200
    43
    Ratings:
    +893 / 35 / -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
    45,599
    6,603
    113
    Ames
    Ratings:
    +30,425 / 830 / -65
    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
    5,489
    622
    113
    Communication specialist
    Ames
    Ratings:
    +1,848 / 16 / -0
    Do they keep it in-house? And is there any early payoff penalty?
     
  6. alarson

    alarson Well-Known Member

    Mar 15, 2006
    37,697
    5,081
    113
    Male
    Ankeny
    Ratings:
    +30,588 / 1,128 / -61
    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
    45,599
    6,603
    113
    Ames
    Ratings:
    +30,425 / 830 / -65
    Yes they keep it in house and no there isn't an early payoff penalty.
     
  8. ClonesFTW

    ClonesFTW Well-Known Member
    SuperFanatic SuperFanatic T2

    Nov 13, 2013
    2,231
    616
    113
    Male
    Finance/Sales
    Waukee
    Ratings:
    +3,208 / 128 / -5
    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
    39,272
    6,471
    113
    Cheddar Production
    DSM
    Ratings:
    +34,173 / 1,767 / -114
    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
    5,235
    293
    83
    Ratings:
    +1,314 / 164 / -2
    Yes, I do it on all my rental investments. I'm not paying it out of my pocket
     
  11. CloneGuy8

    CloneGuy8 Well-Known Member
    SuperFanatic SuperFanatic T2

    Mar 20, 2017
    6,618
    3,209
    113
    Ratings:
    +12,812 / 305 / -3
    Just a heads up, rates are still low. I am refinancing w/ a 30 year at 3.25%
     
    • Like Like x 1
  12. Gunnerclone

    Gunnerclone Well-Known Member

    Jul 16, 2010
    39,272
    6,471
    113
    Cheddar Production
    DSM
    Ratings:
    +34,173 / 1,767 / -114
    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.
     
    • Agree Agree x 1
  13. mdk2isu

    mdk2isu Well-Known Member

    Jan 30, 2013
    4,701
    954
    113
    Male
    Not of this World
    Ratings:
    +4,062 / 147 / -10
    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.
     
  14. Pat

    Pat Active Member

    Oct 20, 2011
    736
    200
    43
    Ratings:
    +893 / 35 / -0
    Where?
     
  15. VeloClone

    VeloClone Well-Known Member

    Jan 19, 2010
    34,781
    5,519
    113
    Male
    Brooklyn Park, MN
    Ratings:
    +19,645 / 297 / -4
    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.
     
    • Like Like x 1
  16. CloneGuy8

    CloneGuy8 Well-Known Member
    SuperFanatic SuperFanatic T2

    Mar 20, 2017
    6,618
    3,209
    113
    Ratings:
    +12,812 / 305 / -3
    Greenstate Credit Union
     
  17. Tailg8er

    Tailg8er Well-Known Member

    Feb 25, 2011
    5,907
    700
    113
    Male
    Accountant
    Johnston
    Ratings:
    +2,068 / 97 / -9
    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?

    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?
     
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    • Informative Informative x 1
  18. CycloneDaddy

    CycloneDaddy Well-Known Member

    Sep 24, 2006
    4,020
    380
    83
    Johnston
    Ratings:
    +1,865 / 79 / -21
    Dang Veridian has a 30 year VA for 2.75%, will have to crunch #s this weekend.
     
  19. cyfan92

    cyfan92 Well-Known Member

    Sep 20, 2011
    1,694
    569
    113
    Male
    Augusta National Golf Club
    Ratings:
    +2,434 / 216 / -12
    I pulled the trigger at 3.25 on a 30yr with Veridian. Original loan is 4.375% from summer 2018.
     
  20. Pat

    Pat Active Member

    Oct 20, 2011
    736
    200
    43
    Ratings:
    +893 / 35 / -0
    Low rate VA mortgages never backfire.
     

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