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Mortgage Rates (6 Viewers)

urbanhack said:
Just refinanced on Friday.  3.5% (was at 4).  Zero closing costs.  Approved without needing an appraisal.  I was waiting to do this for a while as I needed to remove my former S/O off the title and mortgage.  Thanks to @skycriesmary for the referral a few months ago.   

Knocked $100/month off and don’t have to make a mortgage payment in September.   
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Who did you go with?    I'm at 4.5 with a 30.   Wouldn't mind getting into a 15 if the rate is right.  And I also need to remove former S/O.  

 
NutterButter said:
Who did you go with?    I'm at 4.5 with a 30.   Wouldn't mind getting into a 15 if the rate is right.  And I also need to remove former S/O.  
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LenderFi

i can send the guy’s contact info.  I pretty much had everything squared away in less than two hours.   Should be signing the rest of the docs this week.   

 
I was thinking about mortgages the other day. Thankfully, at the most, have 3 years left on mine. Of course if I were to seek even a 15 year mortgage I would be eligible for social security before the end of the term. That's sobering. Which is why I find it's better to be drunk all the time. 

 
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urbanhack said:
Knocked $100/month off and don’t have to make a mortgage payment in September.   
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Pro tip -   Refi/buy a property at the end of the first week of the month.  Don't have to make last payment on current home (most loans have grace until 15th) and then next payment is 7 weeks away.    Interest only will be part of your closing costs, but I add that to the loan.

 
I wonder if I can contact my lender and tell them I am looking to refinance elsewhere........maybe they give me a slight discount to not go elsewhere.

 
I was looking at refinancing (8 months into a 30yr fixed @ 4.75%). However the one thing giving me hesitation is if the Fed drops the prime rate again in the next few months. That would cause housing rates to decrease even further, correct?

 
Deepster said:
Yes.  And you may want to check.  Some mortgages will allow for a one time "quick" refi for a flat charge (like $750.00).
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Yeah, I went to Aim Loans and got a 3.5% quote.  Just contacted my bank I went thru last year.  Hopefully appraisals and what not are still good.   I'll check with my mortgage company too.  

Thanks for the info!

 
shady inc said:
I was looking at refinancing (8 months into a 30yr fixed @ 4.75%). However the one thing giving me hesitation is if the Fed drops the prime rate again in the next few months. That would cause housing rates to decrease even further, correct?
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Prime rate has nothing to do with lending rates.  Lending rate is based off tbill.  

 
urbanhack said:
LenderFi

i can send the guy’s contact info.  I pretty much had everything squared away in less than two hours.   Should be signing the rest of the docs this week.   
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Can you PM me his info? Thanks.

 
Is it possible to qualify for a primary residence mortgage if you don't live in the area, but have the intention in moving there in the next 6 months?

 
shadyridr said:
Bought a house two months ago when rates were at 4.25. Of course rates dropped dramatically since then. Story of my life. 

At what point is it worth it to refinance? Bull#### NY mortgage tax of 1.7% I believe really screws me.
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General rule of thumb is 0.75% less than your current rate makes it worth it, but that is definitely a general rule. Have to do some math to figure out your breakeven point like another poster detailed. We are pretty close to 3.5% now depending on the lender and points (I have seen 3.25% out there in the market on a 30 year jumbo but you have to pay 1 point.) Global slowdown plus the trade war has murdered treasury bills yields this year and mortgage rates are coming down but still aren't keeping up with the underlying treasuries.

I'm at 3.625% on a 30 and have been watching rates the last 3 months, finally we are almost close enough to where it makes sense for me to refi. Thinking about a 10/1 ARM and pulling some equity out.

 
Thanks again, guys. Michael already replied to me, but unfortunately they're not licensed in Minnesota yet, so back to the drawing board. I do appreciate all the help, though  :thumbup:

 
Have any of you looked into CIT as I mentioned above?

I have a really good relationship with a local banker here who can shop mortgages.  He did our previous 2 refi's.  He couldn't come close to the rate I got from CIT and told me himself that I needed to go with them as much as he wanted my business. 

 
gianmarco said:
Have any of you looked into CIT as I mentioned above?

I have a really good relationship with a local banker here who can shop mortgages.  He did our previous 2 refi's.  He couldn't come close to the rate I got from CIT and told me himself that I needed to go with them as much as he wanted my business. 
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Do I have to open an account there? I'm guessing yes. Looked at them briefly today.

 
ChiefD said:
Do I have to open an account there? I'm guessing yes. Looked at them briefly today.
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I don't think you have to open an account, no.

However, if you do, they have offers to save even more.  $525 back if you open an account.  You can also get an additional 0.1% off your rate if you bring an additional 10% of the loan amount over.

FWIW, I moved over the bulk of our down payment that we'd been saving to them several months ago due to the high interest rate in their savings account.  That's how I found out about it in the first place.  Because they do only online banking and don't offer a full array of service that traditional banks do, their costs are lower and thus can offer better pricing on savings accounts and mortgages. 

Here's a review on them

 
I have a construction loan at 4.625% that I will be turning into a mortgage once I get my Certificate of Occupancy in the next few weeks. 

Will be keeping an eye on this thread...

 
Sinn Fein said:
This has probably been asked and answered - but what is taking the place of LIBOR?

(And when does LIBOR cease to exist?)
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End of 2021. It's all still being worked out on what the replacement will be and depends on the financial instrument you are talking about as well. The Secured Overnight Funding Rate (SOFR) is the one I have seen as the most likely US replacement. It's basically the rate for large financial institutions to borrow money overnight. It has a number of limitations as a replacement which are being worked on and still need to be ironed out.

 
Senor Schmutzig said:
I have a construction loan at 4.625% that I will be turning into a mortgage once I get my Certificate of Occupancy in the next few weeks. 

Will be keeping an eye on this thread...
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The construction loan interest is deductible and the mortgage probably not?

eta - I imagine you're talking about a home construction loan, not business.

I'm looking at borrowing heavily against mt rental property and using the cash to buy my new residence, since the rental interest offsets income

 
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Bucky86 said:
Yeah. Do you currently have another mortgage? You'll just have to provide extra documentation regarding your work situation. We bought, and even though we are allowed to work remotely, we had to get letters from our employer stating that this was allowed.
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I do not currently have another mortgage and neither my wife nor I want to go to our employers and let them know we are leaving.

This would just be to buy a place to move to after I land a job, either in 6 weeks or in 6 months. Currently live with my in-laws and could float giving them a few bucks and a regular mortgage payment. I'd prefer not to end up in a situation where I'm trying to qualify on an offer letter and we have to buy the best thing we see in a weekend.

 
Bucky86 said:
I’d talk to a broker. I’d guess most banks will have an issue lending as a primary residence in another state without  verifying your employment.
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Yeah, I spoke with a guy at my Bank of America who basically said the same thing. Was hoping there was some other possible work around.

I'd be fine with verifying my employment and we could show pay stubs. It's the whole "planning to leave the area" that might be problematic. 

 
I’m 6 years into a 30 yr fixed @ 3.75.   Getting very tempted by a 2.75% quote on a 15 year loan, but the 1.323 points is keeping me from pouncing.  

Sure would be nice to shave 9 years off my loan for $100 more in payment per month.  

 
tommyGunZ said:
I’m 6 years into a 30 yr fixed @ 3.75.   Getting very tempted by a 2.75% quote on a 15 year loan, but the 1.323 points is keeping me from pouncing.  

Sure would be nice to shave 9 years off my loan for $100 more in payment per month.  
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The points probably cost a few thousand. If you're staying long term it's probably still worth it 

 
-OZ- said:
The points probably cost a few thousand. If you're staying long term it's probably still worth it 
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I ended up on Lending Tree after my local bank only offered 4.2%.  

Is there a downside to buying points?  You're still locked in that rate for 30 years right?  

I'm one year into a fixed 30 yr with a 4.7% rate.  

They came back with offers 3.125% (buying points costs $6500) lowering my payment by $200+.  

The no point option is 3.75 and saves and saves $125 a month.  

There a right or wrong answer here?  We really have no intention of moving.  Buying points will pay off for itself in 7.25 years.  I'd be absolutely floored if I wasn't in this same house 10 years from now.  I like the bottom line being low.  

 
jb1020 said:
I ended up on Lending Tree after my local bank only offered 4.2%.  

Is there a downside to buying points?  You're still locked in that rate for 30 years right?  

I'm one year into a fixed 30 yr with a 4.7% rate.  

They came back with offers 3.125% (buying points costs $6500) lowering my payment by $200+.  

The no point option is 3.75 and saves and saves $125 a month.  

There a right or wrong answer here?  We really have no intention of moving.  Buying points will pay off for itself in 7.25 years.  I'd be absolutely floored if I wasn't in this same house 10 years from now.  I like the bottom line being low.  
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Add it to the loan.  That's what I am doing 

 
jb1020 said:
I ended up on Lending Tree after my local bank only offered 4.2%.  

Is there a downside to buying points?  You're still locked in that rate for 30 years right?  

I'm one year into a fixed 30 yr with a 4.7% rate.  

They came back with offers 3.125% (buying points costs $6500) lowering my payment by $200+.  

The no point option is 3.75 and saves and saves $125 a month.  

There a right or wrong answer here?  We really have no intention of moving.  Buying points will pay off for itself in 7.25 years.  I'd be absolutely floored if I wasn't in this same house 10 years from now.  I like the bottom line being low.  
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The only way you "lose" with buying points is if you move in less than 7 years.  As Getzlaf said, just roll it into the loan. 

 
jb1020 said:
I'm 13 months into a 30 year fixed @ 4.625%.  I need to look into refinancing right?  
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I’m 10 into a 30 @ 5 and I’m refinancing to a 20 @ 3.5 (currently floating) Starts at better point in amortization curve per what I’m seeing. 

 
So I bought 2 months ago and my rate was 4.375. I talked to my mortgage broker. My only option in NY to avoid the 1.8% mortgage tax (appx $8k) would be something called a CEMA. It would take about 6 weeks to go through and Id have to pay upfront (appx $1300). My closing costs would be around $11k. My monthly payments if I got 3.875 would only drop down about $80-$90 less a month (assuming I roll closing costs into loan). It would take appx 10 years to pay off.

So Im not gonna refinance now.

 
shadyridr said:
So I bought 2 months ago and my rate was 4.375. I talked to my mortgage broker. My only option in NY to avoid the 1.8% mortgage tax (appx $8k) would be something called a CEMA. It would take about 6 weeks to go through and Id have to pay upfront (appx $1300). My closing costs would be around $11k. My monthly payments if I got 3.875 would only drop down about $80-$90 less a month (assuming I roll closing costs into loan). It would take appx 10 years to pay off.

So Im not gonna refinance now.
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Damn that sucks.  1.8% mortgage tax.  Oof

 
shadyridr said:
So I bought 2 months ago and my rate was 4.375. I talked to my mortgage broker. My only option in NY to avoid the 1.8% mortgage tax (appx $8k) would be something called a CEMA. It would take about 6 weeks to go through and Id have to pay upfront (appx $1300). My closing costs would be around $11k. My monthly payments if I got 3.875 would only drop down about $80-$90 less a month (assuming I roll closing costs into loan). It would take appx 10 years to pay off.

So Im not gonna refinance now.
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Closing costs of $11K on a refi is obscene. That can't be right. You can shop around for that for sure and I'd be shocked if you can't get that lower.

You should be able to do better than 3.875. That's why everyone is looking to do this now. 

You might want to talk to someone else.  Try the bank I recommended or the other guy that's been referred to here.  You don't have to stay local for this stuff.

You can do much better than 4.375 and should be able to save money.

 
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shadyridr said:
So I bought 2 months ago and my rate was 4.375. I talked to my mortgage broker. My only option in NY to avoid the 1.8% mortgage tax (appx $8k) would be something called a CEMA. It would take about 6 weeks to go through and Id have to pay upfront (appx $1300). My closing costs would be around $11k. My monthly payments if I got 3.875 would only drop down about $80-$90 less a month (assuming I roll closing costs into loan). It would take appx 10 years to pay off.

So Im not gonna refinance now.
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2 months after you close the guy informs you of the 1.8% mortgage tax, but he can fix the problem with a refi and 11K in closing costs?  Sounds really shady (no pun intended) to me.

 
cosjobs said:
The construction loan interest is deductible and the mortgage probably not?

eta - I imagine you're talking about a home construction loan, not business.

I'm looking at borrowing heavily against mt rental property and using the cash to buy my new residence, since the rental interest offsets income
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THat's a good question. Not 100% sure. Yes, it's a home construction loan.

 
Steeler said:
2 months after you close the guy informs you of the 1.8% mortgage tax, but he can fix the problem with a refi and 11K in closing costs?  Sounds really shady (no pun intended) to me.
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Huh? I reached out to him and he's a good friend of mine

 
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