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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- Thread starter SoapyCy
- Start date
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.
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 )
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
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.
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%.
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.
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.
I have also heard good things about Green State Credit union for low interest rates, but the last I heard Veridian and Green State were not accepting refis right now due to overwhelming number of requests. This may have changed recently, but not sure.
We refinanced last summer at Farmers State Bank - they were easy to work with. I was happy with them and would use again, however we went into a 10-year mortgage when we refinanced and have no intention of ever having to refinance again. They sell their loans to Iowa Bankers Mortgage so everything stays local.
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Veridian is a wonderful place to go for refinancing your mortgage. Although they currently have a hold on refinancing because of overwhelming demand, they are allowing each of their mortgage loan originators to do several a week, so each originators is keeping a waiting list.
Raccoon Valley State bank is where I am doing my refi with right now. Found out their rates advertised on their website aren't always up to date. When I filled out the online application a 15 year refi they had 2.5% with no points to buy down the rate on their site and the next day when the loan officer called me was told the current rate was 2.25% with no points and that they sometimes have a higher rate on their site intentionally when their application volume is high like it is right now so they don't get flooded with too many applications. When I was shopping around found a lot of places either didn't advertise their rates online or when you inquired I usually was quoted higher than what was on their site but that was probably due to the lower balance I have on my current loan because I have excellent credit.
I will tell you one thing unless you are serious about considering Quicken Loans DO NOT fill out a rate inquiry online! I made that mistake and regretted it. Within like a minute my phone rang and I let it go to VM. It was one of their agents wanting to talk to me about a loan. Then the next day they were calling about every other hour and I finally had to pick up and tell them I wasn't interested in a loan with them. Started getting emails from them too that I had to unsubscribe from as well. Annoying to say the least...
Is it worth considering refinancing from a 15 year to a 30 year if the interest rate is lower (going from 3.0/15yr to 2.875/30), but paying extra principle down to keep the monthly payments the same? Eventually my wife will stop working to stay home with kids and the flexibility to have a lower payment if needed seems like a nice option to have going from two to one income.
Guaranteed to come out ahead if you stay in the home long enough. I have a google spreadsheet that can tell you when the break even point is, and how much you will save over the life of the loan.
Refi-analysis - public
Sheet1 Use File-Make a Copy if you want to enter your own loan scenario Current primary mortgage Original primary mortgage amount,$175,000.00,<< Fill in the values in column B that have a green background. Values with a white background are calculated for you. Outstanding primary mortgage balanc...
Probably, but you can get even lower with a new 15 yr. Just calculate the difference in interest cost per month and decide if the flexibility is worth that amount. For the 1/4% difference you're going to see between 15 and 30, it shouldn't mean much per month unless you have a large mortgage.
That was the first thing we looked at, but we're only a year into our mortgage (another reason why we're debating if it's worth it), so the new 15 yr would save only about $90/month vs 30 year would have the flexibility to drop ~400/month if things are tight during that transition and figure out a new budget.
