Well you still did, im interested to see how long this stays this way. I may consider a 2nd home somewhere with these amazing rates!I thought I did good with my 15yr at 2.5% with 1800 in costs a few weeks back
Well you still did, im interested to see how long this stays this way. I may consider a 2nd home somewhere with these amazing rates!I thought I did good with my 15yr at 2.5% with 1800 in costs a few weeks back
I locked in juuuuust before they dropped again so I'm 15 yr at 2.625%I thought I did good with my 15yr at 2.5% with 1800 in costs a few weeks back
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.
How many years are you current into your 30 year? As someone else said you should be able to do much better than 2.8 right now on a 15 year. I'm fortunate that my wife knows the loan process inside and out from having been an underwriter to now auditing the underwriting process in her occupation so I have leaned on her when I shopped around for rates. You need a decent drop in interest rate to make a refi save you money because you still will have some closing costs involved. Also if you consider buying down the points you have to do the math on if what you pay upfront to buy down the rate if you actually are going to come out ahead on interest saved over the long haul.
For knocking off 0.2% or less in rate and some years off your loan term probably not worth doing a refi as you would be better off just paying down on the principal and paying it off sooner. If you can find a rate closer to 2% it may make sense to do a refi. There are so many factors to consider as how many years are you into on your 30 year term, how much balance is left, what kind of monthly payment can you afford, etc. For us is was a no brainer going from a 30 year loan currently at 4.375% almost 7 years into it to a 15 year at 2.25% we are reducing our term by 8 years and rate by 2.125% while staying almost exactly at and possibly slightly less of a monthly payment.
These are uncertain times considering Covid, the political environment, etc. I would refi and invest the difference, even if conservatively. Better to have savings versus equity that might be hard to tap.We're just over a year into our 15 year mortgage at 3% from last summer, which we thought was a great deal then. It looks like the 15 year rate is about 2.375% (through GICU), but refinance to a 30 year at a slightly lower rate (2.875%) than our current 15-year mortgage would be mostly for the flexibility to save on our monthly payments as eventually go from two incomes to one. Ideally, even with a 30 year mortgage, we would pay extra to pay down the principal and try to keep our monthly payments similar to stay on a 15 year schedule, but if things are tight or if there's a major repair coming up, it wouldn't hurt to be able to save more.
Midwest Heritage Bank at 2.25% for 15 years, no points, $2,000 in closing fees.I'm not sure if this is frowned upon so please don't respond if it is, but people who have refinanced, can you name who you went through. I'm looking at refinancing, but honestly I'm not sure of what lenders are accepting a refinance. Currently my mortgage is through Wells Fargo.
I'm not sure if this is frowned upon so please don't respond if it is, but people who have refinanced, can you name who you went through. I'm looking at refinancing, but honestly I'm not sure of what lenders are accepting a refinance. Currently my mortgage is through Wells Fargo.
Land Home Financial Services 15yr 2.5% approx $1800 in closing. Can provide broker info through PM if desired.I'm not sure if this is frowned upon so please don't respond if it is, but people who have refinanced, can you name who you went through. I'm looking at refinancing, but honestly I'm not sure of what lenders are accepting a refinance. Currently my mortgage is through Wells Fargo.
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...docs.google.com
I'm not sure if this is frowned upon so please don't respond if it is, but people who have refinanced, can you name who you went through. I'm looking at refinancing, but honestly I'm not sure of what lenders are accepting a refinance. Currently my mortgage is through Wells Fargo.
The closing costs are ridiculously cheap in this thread.
Idk, but do these numbers include the escrow amount?Really? What do you think are normal closing costs? We did our refi with $700 in closing costs
Vision Bank, 30 yr @ 2.62%, 0 pts/0 orig just under $1400 closing costs.
Escrow I would consider a pre pay and not a closing cost.Idk, but do these numbers include the escrow amount?
My closing costs were 2,800 but included 1,000 in escrow, plus an unexpected $250 assessment after the derecho. Dumb