Refinance

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CloneGuy8

Well-Known Member
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SuperFanatic T2
Mar 20, 2017
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Refinanced in Feb before **** hit the fan. Went from 4.25 to 3.25 on a 30 year, and was really happy with that. Now I'm pissed I didn't wait, lol.
 

BCClone

Well-Known Member
SuperFanatic
Sep 4, 2011
30,503
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North Iowa
Refinanced in Feb before **** hit the fan. Went from 4.25 to 3.25 on a 30 year, and was really happy with that. Now I'm pissed I didn't wait, lol.
Check with your same lender. The appraisal should still be good and the abstract work should be pretty solid still. Should be able to drop it for a couple hundred
 

mtowncyclone13

Well-Known Member
SuperFanatic
SuperFanatic T2
Oct 10, 2012
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grundy center
Debating if I should max out my cash out availability?

I owe 100k and can cash out 160k at 2.8% for only $450 more

Seems like cheap money to invest or just keep around.
 
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ZuriCyclone

Well-Known Member
Nov 10, 2019
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Just a heads' up the refinance rates now are really low. I've tried to refinance a few times and it was never low enough to make sense for us but this week I locked in a 2.6% 15 year rate with no points and only $1,300 in closing costs. It raises my monthly cost by $6 and saves about $22,000 in interest.

I was talking to my dad about it and he said "Even if you decide to move or lose your job the worst that could happen is you're down that $1,300." That sealed the deal for us.

Anyway, great rates out there now.
Who was your loan provider?
 

cyfan92

Well-Known Member
Sep 20, 2011
1,925
2,423
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Augusta National Golf Club
The Fed has said they expect to keep rates low thru at least 2022. Everyone (including myslef) who refi'd before it hit the fan this spring will have plenty of opportunity in the coming years. Powell really wants to see strong inflation and the rest of the globe is so much lower than US rates. Don't beat yourself up
 

Cyclonesrule91

Well-Known Member
Apr 10, 2006
5,244
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Waukee
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Lowest rates I've seen for a 15 yr fixed was Quicken at 1.99%. I considered that but they want 2% discount point fee plus $1,250 origination plus $1,500 is closing costs which in my case would have been $8,500.
 

Cyvilian

Active Member
Apr 15, 2006
467
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Papillion NE

ISUFB

Well-Known Member
Mar 6, 2009
6,530
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Mesa, AZ
Refinanced from 4.5% down to 3% saving around$200 per month. Just checked the rates this morning at the credit union we refinanced from... 2.65%. I'm pissed.
 

Cyvilian

Active Member
Apr 15, 2006
467
72
28
Papillion NE
Refinanced from 4.5% down to 3% saving around$200 per month. Just checked the rates this morning at the credit union we refinanced from... 2.65%. I'm pissed.
It might be worth a call to see if you can renegotiate. My lender told me if the rate dropped more than 1/4 point, they could renegotiate with the servicer. The wild card is the new federal fee.
 
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Fitzy

Sith Lord
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SuperFanatic T2
Apr 8, 2014
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Bump. Anyone actually know of a place with competitive rates that hasn't frozen new applications?
 

mj4cy

Asst. Regional Manager
Staff member
Mar 28, 2006
28,172
8,637
113
Iowa
We are looking at going from 3.625% to 2.625% - keeping 30 year fixed.

In any other time aka not Covid/uncertainty, we'd push to get the 15 year even better rate but that would increase our mortgage by $400/month. This one is going to lower it by $200/month. Can always refi again in a couple years after this one pays for itself.
 

Boxerdaddy

Well-Known Member
Oct 19, 2009
4,059
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Beaverdale, IA
Locked a refi last week at 2.5% for a 30 year. Old rate was 3.875.

This week the gov't stuck their hand in the cookie jar and announced a .5% fee on all refinance loans starting in September. Lenders are stuck with those in process and already locked (like me), but they are already pricing the federal fee into their rates.

https://www.housingwire.com/articles/new-fee-on-mortgage-refinances-could-cost-homeowners-1400/
That explains the gap between refi and new mortgages. Thanks and looks like I missed out!