Time to refinance?

[mysticsvt]

Got a 3.125 4 years ago on 349K. Was a pretty good % back then. Not sure it would be worth refinancing now, maybe.

 

[nickf2005]

Got a 3.125 4 years ago on 349K. Was a pretty good % back then. Not sure it would be worth refinancing now, maybe.

We re-fi'd in October of 19 and again March of this year because it still made sense after closing costs.

The March closed at 2.25% 15-year for $350,000. The October had us at 2.75 15-year.

We're not going to sell because this is our forever house, but with the market hot like it is, and the equity we have, it's hard not to think about it. I think I could get above appraisal for what we have right now.

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[jrandy]

I just locked at 2.875% for 30 year fixed with zero points and a credit for half the closing costs. I'm going to do an analysis today to see if we can buy down the point further and if it makes sense.

These rates are nuts right now.

 

[smitty2919]

I'm expecting to do the same going from a 5.25% (first house bought 6yrs ago) to 3% and a cash out option to do some house upgrades and pay off debt.

Refi will save us almost $100/mo. The debt we will pay off totals almost $350/mo (not to mention interest we don't pay by paying off the bills). We already put $300/mo on top of min. bill payment (Dave Ramsey snowball debt payoff method). Once it's all said and done after some odds/ends we may have $1300 "liquid income" that isn't tied to any bill/debt. Toss that on top of next bill in line and we can be debt free (aside from mortgage) in 4 years.

 

[Turkey_Lurker03]

VA IRRRL rates are 2.25% for 30 yr fixed.

Conventional 30 yr fixed are floating around 2.75 & the 15 yr is still around 2.5.

No apprasial

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[Blk04L]

Dealing with Freedom had been smooth till recently.

Submitted some simple responses 2 weeks ago for some questions they had. This week I get a call from a rep that I need to get those responses in within 24 hours. I sent it to 3 different people working on my loan.

Supposedly she updated the system to show I responded to it.

We'll see.

 

[Turkey_Lurker03]

Freedom has the lowest VA rates with a 680+ credit score but their turn times are running almost 60 days. Other lenders hedge their rate pricing up and down to control their volume (got a conventional purchase loan closed in less than 2 weeks)

Crazy times

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[04YellowGT]

We close on our refi Monday. 30 year @ 2.75% for $176k. Closing costs are $1800.

A 15 year was available for %2.25

 

[boost88]

We locked in our 30 at 3% back in july. This 2020 has been great for me lol. We upped our buying power a ton.

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[Junior00]

Lock it in now boys, September 1st a .5% loan fee goes into effect as recently approved by the FHFA. They see all these people refinancing and the banks marking up the rates .5% over 1st time purchases and figured they’d take a little for themselves. While it technically applies to the bank as they’re the one who has to pay that bill, don’t think for one second that the consumers won’t be the ones who are footing it.

P.S. I’ll be closing on the 25th.

 

[Turkey_Lurker03]

True story, I did sign a petition to vote against this in congress but not sure if it will help at all.

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