FYI I have connections for great rates in Florida, I am a real estate attorney here. I do the closings and can run title at a Sigforum discount.

Just send me a PM to get the ball rolling. No purchase necessary of course.

quote:

Originally posted by archerman:
To all of you people who are smarter than i am about this, if my loan is at 5.25% and I have 18 years left on my loan, would it be worth doing a refinance to 3.25% on a 20 year loan, or would it be even better to do to a 15 year at 3,25%?

I would venture to say YES. Check what closing costs are and other fees. You can look on any mort. calculator and get the results for yourself. It is amazing the difference.

Whats a Mortgage? Just asking...

quote:

Originally posted by Timdogg6:
FYI I have connections for great rates in Florida, I am a real estate attorney here. I do the closings and can run title at a Sigforum discount.

Just send me a PM to get the ball rolling. No purchase necessary of course.

Email sent but kicked back. Please contact me at my email in profile

I got a 2.75 on a 30yr VA a few weeks back. Seems like I did pretty well. Now all I have to do is move and fix the old place up to sell.

Looking at a 2.625 on a 15 year fixed, purchase not refi. Does the forum wise see the rates going any lower or are we are rock bottom?

New market Houses here in tiny town
Are averaging at 12 day turn around time

Last year at this time, it was a month,

Spoke to a seller yesterday,
He put a f.s.b.o. sign in the front yard and had four " I will take it's" in 12 hours

Seattle area- 2 weeks ago a coworker sold his house in 1 day. He was planning on selling before the corona hit and got his pre-corona price.

quote:

Originally posted by creedbratton2:
Looking at a 2.625 on a 15 year fixed, purchase not refi. Does the forum wise see the rates going any lower or are we are rock bottom?

No, I dod not see the 15 year breaking through 2.5%. I doubt we ever see a 30 year conventional (unsubsidized) fall below 2.875%

Here locally, refi's are running 1/4 over original, but the fees have been creeping up. I refinanced in May of 2019 to 4% happily, but I paid .45 points. Now, I can refinance to 3.5%, but the points are .78. It pushes the cross over (breakeven) past 18 months.

My advise is to watch the rates and points for the APY. 15 year APY under 2.7% is a great deal, and even if it does go down, it will be negligible.

quote:

Originally posted by 280nosler:

quote:

Originally posted by creedbratton2:
Looking at a 2.625 on a 15 year fixed, purchase not refi. Does the forum wise see the rates going any lower or are we are rock bottom?

No, I dod not see the 15 year breaking through 2.5%. I doubt we ever see a 30 year conventional (unsubsidized) fall below 2.875%

Here locally, refi's are running 1/4 over original, but the fees have been creeping up. I refinanced in May of 2019 to 4% happily, but I paid .45 points. Now, I can refinance to 3.5%, but the points are .78. It pushes the cross over (breakeven) past 18 months.

My advise is to watch the rates and points for the APY. 15 year APY under 2.7% is a great deal, and even if it does go down, it will be negligible.

I just went over it with my loan guy and I'm at 4.125. He said it'd be $3,500 no matter what then we discussed how long I planned on being here, how many years I have left on the loan, etc. His advice, fuck a refi. Keep making that extra 1-2 payments per year and leave it alone. And this is coming from a guy that does this all day everyday and has for decades.

I am definitely going to do a HELOC at some point this summer and get the rest of my remodeling done. I want to be living in a liquid, ready to sell at any time property. I'll get to enjoy the remodeling for 5 or so years then cut bait and move out to the country in another state where I have 2 areas picked out.

Spoke with Chase today and rates were higher than expected. They said the rates were lower 2 weeks ago.

Must be slow as they called me 5 min after I electronically submitted the form.

quote:

Originally posted by archerman:
To all of you people who are smarter than i am about this, if my loan is at 5.25% and I have 18 years left on my loan, would it be worth doing a refinance to 3.25% on a 20 year loan, or would it be even better to do to a 15 year at 3,25%?

Yes. Refinance. You’ll get a much lower rate. Go 15 years. You can probably make the same payments if you want. Or much less.

Rates continue to trend downward.

I'm getting a 30 year USDA RD loan for my new house at 2.25%.

Back in March when the rates first dropped and I had just started working with my lender and looking for a home to buy, it was at 3.0. Then 2.875 shortly after. Then 2.75 several weeks later. Then 2.5. Last week it was 2.375. And now 2.25.

There may still be room for rates to continue to go slightly lower, but there's a certain point where the lender still has to make money off it, so it probably doesn't have much further to go before leveling off (or climbing again).

Navy Federal has been holding pretty steady around 2.75%.

If they drop another .25+ I’ll probably try a refi.

Boss

Just closed on a 15yr at 2.65%

We were on a 30yr at 3.8 I want to say.

We're closing Monday. No appraisal and this process has dragged on so long that we've made three mortgage payments since we started this. So our payoff statement will be way off. We'll get a lot of money back that we really didn't want, but we'll throw it at taxes or principal or something that will make life easier in the future.

We are refinancing our 2nd home...locked in 2.875 for 15 years....love it.

quote:

Originally posted by rburg:
Whats a Mortgage? Just asking...

the thought of a 30 year mortgage makes me throw up in my mouth. Yeah yeah I’ll pay it off in 15 sure.

Last year we took on a 30 year at 4%.
Wells Fargo has offered 3% to stay with them. It appears closing costs will be minimal, 2%. I have asked for the appraisal fees to be waived which will get it down to the 1.5% range. The monthly savings will pay off the closing costs in 16 months.
I think I’ll take the 3% even though I wish I could score a 2.5.

quote:

Originally posted by archerman:
To all of you people who are smarter than i am about this, if my loan is at 5.25% and I have 18 years left on my loan, would it be worth doing a refinance to 3.25% on a 20 year loan, or would it be even better to do to a 15 year at 3,25%?

If you can lower your current rate at minimal cost (no points, no origination fees), you should do so. If you’re choosing between 15 and 30 years with both at the same rate, you would have more flexibility by picking the 30 year and making the payments at the 15 year plan.

But 15 year plans are generally lower rates than 30 year plans. The question then is whether you can swing the 15 year plan.

Another tactic is switch to a lower rate and continue making the payment you’re currently doing. You retire the loan that much sooner.