Refinance

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Gunnerclone

Well-Known Member
Jul 16, 2010
42,164
33,511
113
DSM
About to get a new mortgage. Looks like we could buy it down to 2.875 for a 30 yr. anybody locked in recently on a buy?
 

spierceisu

Well-Known Member
Jan 28, 2007
547
405
63
37
Waukee
I am getting a new mortgage and one bank offered 2.875 with a lender credit to buy it down to 2.75. I am checking with Veridian because they list 2.5 on their website, but waiting to hear back from them after putting in a loan application. I guess worst case scenario it is 2.75 which is pretty darn good.
 

Cyvilian

Active Member
Apr 15, 2006
467
72
28
Papillion NE
That explains the gap between refi and new mortgages. Thanks and looks like I missed out!
As dtISU said, they dropped it and reinstated it. I think another reason for the difference between purchase and refi rates is that the loan writers are choking on the volume of refis they are getting. They raised the refi rates to try to cut down demand.
 
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spierceisu

Well-Known Member
Jan 28, 2007
547
405
63
37
Waukee
I am getting a new mortgage and one bank offered 2.875 with a lender credit to buy it down to 2.75. I am checking with Veridian because they list 2.5 on their website, but waiting to hear back from them after putting in a loan application. I guess worst case scenario it is 2.75 which is pretty darn good.
I was able to get 2.375 for a 30 year with Veridian with an October 29 close. I am super thrilled.
 

CYdTracked

Well-Known Member
Mar 23, 2006
13,299
3,558
113
Grimes, IA
I was able to get 2.375 for a 30 year with Veridian with an October 29 close. I am super thrilled.
Is that on a new or refi because Veridian's website currently says they are not accepting new applications for refinances right now due to high volume.

I just applied for a refi earlier this week and was able to lock in a 15 year at 2.25 which was actually 0.25 better than what this particular bank had advertised on their website. Knocking off over 2% interest and about 8 years of our current loan and monthly payment is going to be nearly the same if not less than what we pay now and maybe can pay it off quicker than 15 years too. Have been shopping my current 30 year mortgage around this summer and finding that no one wants to give you their best rates if your loan is around 100k or less, if you were over 200k loan seems to get better rates the more you still owe which obviously they will make more off you bigger loan.
 

ArgentCy

Well-Known Member
Jan 13, 2010
20,377
11,146
113
Is that on a new or refi because Veridian's website currently says they are not accepting new applications for refinances right now due to high volume.

I just applied for a refi earlier this week and was able to lock in a 15 year at 2.25 which was actually 0.25 better than what this particular bank had advertised on their website. Knocking off over 2% interest and about 8 years of our current loan and monthly payment is going to be nearly the same if not less than what we pay now and maybe can pay it off quicker than 15 years too. Have been shopping my current 30 year mortgage around this summer and finding that no one wants to give you their best rates if your loan is around 100k or less, if you were over 200k loan seems to get better rates the more you still owe which obviously they will make more off you bigger loan.
Lenders aren't going to make any money on a 100k loan at these rates. Especially since they figure its only going to last 5-7 years. They do have some costs they will have to make up. And this is why I haven't bothered even refinancing even though I'm at 4.5%, just not enough principal to make the hassle worthwhile.
 

CycloneDaddy

Well-Known Member
Sep 24, 2006
4,180
1,819
113
Johnston
Is that on a new or refi because Veridian's website currently says they are not accepting new applications for refinances right now due to high volume.

I just applied for a refi earlier this week and was able to lock in a 15 year at 2.25 which was actually 0.25 better than what this particular bank had advertised on their website. Knocking off over 2% interest and about 8 years of our current loan and monthly payment is going to be nearly the same if not less than what we pay now and maybe can pay it off quicker than 15 years too. Have been shopping my current 30 year mortgage around this summer and finding that no one wants to give you their best rates if your loan is around 100k or less, if you were over 200k loan seems to get better rates the more you still owe which obviously they will make more off you bigger loan.
Waiting to hear back from my banker but looks like Im getting 2.25% on a 15 year refi, no points and $2100 in closing cost.
 
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CYdTracked

Well-Known Member
Mar 23, 2006
13,299
3,558
113
Grimes, IA
Lenders aren't going to make any money on a 100k loan at these rates. Especially since they figure its only going to last 5-7 years. They do have some costs they will have to make up. And this is why I haven't bothered even refinancing even though I'm at 4.5%, just not enough principal to make the hassle worthwhile.
Without asking specifics on your loan why wouldn't you try to refinance if you are currently at 4.5%? I was at 4.3% on a 30 year I am almost 7 years into now and knocking off over 2% interest and 8 years off the term is well worth the hassle to me. Even the "worst" rates I have seen right now you should be able to knock off at least 1-1.5% off your loan unless you feel you are going to pay it off soon enough that the closing costs are going to make your potential savings in interest a wash.
 

Snydes

Member
May 16, 2006
78
47
18
Ames
We locked in a month ago for 2.62% for 30yrs w 0 pts 0 orig and $1400 closing. We shopped around... Lots of orgs out there trying to charge $$$ for any and all of the latter 3 (my wife’s current lender wanted $7k to close and the rate was half a % higher )
 

cyfan92

Well-Known Member
Sep 20, 2011
1,925
2,423
113
Augusta National Golf Club
Seems like shops are starting to reopen their refinance lending. Lowest 30 yr I was offered is 2.65% with no points and about $1700 in CC's for a $250K no cash out refi in the western suburbs of DSM
 

CYdTracked

Well-Known Member
Mar 23, 2006
13,299
3,558
113
Grimes, IA
We locked in a month ago for 2.62% for 30yrs w 0 pts 0 orig and $1400 closing. We shopped around... Lots of orgs out there trying to charge $$$ for any and all of the latter 3 (my wife’s current lender wanted $7k to close and the rate was half a % higher )
We had to read through all the costs with the lending estimate we received because they can be deceiving if you don't know what you are looking for. Luckily my wife has been dealing with mortgages for a living her entire career so she is very familiar with all the specifics. There are some basic closing costs you can't get around like origination fee and the fees involved with updating the title unless your lender offers to cover them but if you escrow your taxes and insurance into your mortgage then you likely will have to front some money into the escrow fund as a closing "cost" but if you have funds in your current escrow that will get refunded when you close your current mortgage it's essentially a wash. For instance we have just over $2000 in escrow funds currently, they just paid property taxes the other month but have home owners insurance due next month so essentially on the new mortgage once we get close to closing likely the insurance will be paid for on the current loan so all we'll really wind up paying into it is a couple months of property tax funds. We figured actual closing costs not involving the escrow funds probably is around $1500 or less so while we may have closing costs that include escrow funds we're going to get refunded what we already have in escrow funds with our current lender.
 

spierceisu

Well-Known Member
Jan 28, 2007
547
405
63
37
Waukee
Is that on a new or refi because Veridian's website currently says they are not accepting new applications for refinances right now due to high volume.

I just applied for a refi earlier this week and was able to lock in a 15 year at 2.25 which was actually 0.25 better than what this particular bank had advertised on their website. Knocking off over 2% interest and about 8 years of our current loan and monthly payment is going to be nearly the same if not less than what we pay now and maybe can pay it off quicker than 15 years too. Have been shopping my current 30 year mortgage around this summer and finding that no one wants to give you their best rates if your loan is around 100k or less, if you were over 200k loan seems to get better rates the more you still owe which obviously they will make more off you bigger loan.
This is on a new mortgage.
 
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Tri4Cy

Well-Known Member
SuperFanatic
SuperFanatic T2
Apr 4, 2012
1,125
837
113
Des Moines
This is on a new mortgage.
That's awesome. The fiance and I were planning on waiting until after we get married next year (one thing at a time) but the rates are just too damn tempting. I was pre-approved at 2.6 on a 30 year but hope to shop around a bit. Unfortunately I think we are going to build so we won't be able to lock in a rate for months. I'd still be stupid excited if we can lock in sub 3%.
 

Trigger

Member
Dec 30, 2011
88
58
18
51
Closed this past Monday on a 15 year refi. 2.175% and exactly $1,441 in closing costs. Midwest Heritage (HyVee). Had never thought of doing business with them but saw the flyer at HyVee back in August and just decided to apply online. Couple weeks later they locked me in at that rate. Took a little longer to close than I expected but we made it within the 60 day window.
 

cycloneworld

Facebook Knows All
Mar 20, 2006
22,172
3,215
113
Urbandale, IA
Looking around at going from our existing 3.25%, 30 year to a 15 year, especially if we can get into the low or mid 2s%. We are also paying PMI which will fall off after a new appraisal so I'm thinking our payment would only go up like $200. Anyone have any local DSM recommendations? I've reached out to Veridian (who originated our initial mortgage) but haven't heard anything in a few days.