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Mortgage Rates


MechEng

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15 hours ago, Kiddnets said:

sitting on a fixed 30 yr loan with 22 yrs left $465,000 at 4.525%....thought it would be a no brainer to refi but looks like im in no mans land....

20 yr refi keeps me about the same payments and only shaves 2 yrs off....not worth the hassle/fees

15 yr refi chops 7 yrs off the loan which is nice but monthly payment goes up over $500 which is too high.... 

I dont want to go back to a 30 yr loan even if it saves me some each month... 

.I was hoping to be able to do something but looks like im stuck.

I’m in a similar spot but with 22 years remaining with a slightly higher balance (low $500k) but luckily have a nicer rate at 3.875%. 

I only did a cursory search for 15 year rates and came to the same conclusion that it's not worth it for me to refi. Just gonna stick It out, pay a hair more each month, then  just sell the place once the youngest goes away to college (in 8 years), cash out, and down-size. 

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9 hours ago, Mario Kart said:

Any big changes with today's rate cuts? Should I be pressing my mortgage company and this weekend my credit union?

My mortgage guy told me the Fed rate cut has no impact on mortgage rates. As a matter of fact, rates have come up recently.

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11 hours ago, Mario Kart said:

Any big changes with today's rate cuts? Should I be pressing my mortgage company and this weekend my credit union?

Market was already pricing it in, Fed was kind of wishing washy on their future outlook so rates didn’t do much. Most were hoping that they’d be more committed to future cuts, but economic signs have been mixed. Some economic data is predicting a slow down or recession, other economic data is saying things are still great. So same as it ever was...

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Yeah, I just refinanced 4 months ago for a 30 year at 3.875. I contacted my guy about a month ago when rates had plummeted, I could have got a 30 year for about 3.375, but due to previous loan agreement, I was locked in for a minimum of 4 months. Now, the best I can get with no costs is 3.625. It would save me 20K+ over the life of the loan, but I'm holding out for 3.50 or better. Not sure if we'll see it. 

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We just called today to start a cash out refi. We have 24 years left on a 30 and are looking to pull a little money and cut it down to a 15. The mortgage guy told us he couldn't give us solid prelim numbers today because the market was all over the place.  Ughhh....I hope we didn't miss the boat on the good rates. 

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3 hours ago, ffweasel said:

Closed on our new home on Wednesday. Went with LenderFi as well. I’m not sure if it was the same guy recommended by @skycriesmary as I just contacted them directly. 30 yrs @ 3.375, no points, & even a small credit. 

I closed mine on Wednesday also. Same deal.

I'll send you a PM in 30 years when we pay these things off and we can grab a beer.

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On 9/17/2019 at 8:10 AM, Long Ball Larry said:

for you or anyone, is it easy or common to get PMI wiped based on a re-appraisal?  I thought the terms of my mortgage were that it was based strictly on the original loan amount, but maybe I was misunderstanding or misremembering.

mine got reduced, but not eliminated.  

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On 9/18/2019 at 12:55 PM, Kiddnets said:

sitting on a fixed 30 yr loan with 22 yrs left $465,000 at 4.525%....thought it would be a no brainer to refi but looks like im in no mans land....

20 yr refi keeps me about the same payments and only shaves 2 yrs off....not worth the hassle/fees

15 yr refi chops 7 yrs off the loan which is nice but monthly payment goes up over $500 which is too high.... 

I dont want to go back to a 30 yr loan even if it saves me some each month... 

.I was hoping to be able to do something but looks like im stuck.

You sure that 20 year isn't worth it? If i'm following correctly you make the same payment but end 2 years early. 2 years of mortgage payments could be a decent chunk of change.

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On 9/20/2019 at 6:54 PM, Tool said:

You sure that 20 year isn't worth it? If i'm following correctly you make the same payment but end 2 years early. 2 years of mortgage payments could be a decent chunk of change.

after fees and costs it would probably be closer to 1.5 yrs - just not worth the hassle right now....also gambling that rates drop a little more and perhaps the 15 yr difference gets closer.....

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40 minutes ago, Kiddnets said:

after fees and costs it would probably be closer to 1.5 yrs - just not worth the hassle right now....also gambling that rates drop a little more and perhaps the 15 yr difference gets closer.....

Well have no idea what your monthly payment is but if it were me I’d take the savings.

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1 hour ago, Kiddnets said:

after fees and costs it would probably be closer to 1.5 yrs - just not worth the hassle right now....also gambling that rates drop a little more and perhaps the 15 yr difference gets closer.....

A lot of people are doing the same

I think I jump if there's a 15 under 3 without points. Could happen in the near future

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2 hours ago, -OZ- said:

A lot of people are doing the same

I think I jump if there's a 15 under 3 without points. Could happen in the near future

So Friday I signed a 3.125% 15 yr refi.   If it dropped to 2.875%, I would save $34/mo.    That's not worth waiting for IMO.   And rates have gone back up since I locked the 3.125.

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4 hours ago, Getzlaf15 said:

So Friday I signed a 3.125% 15 yr refi.   If it dropped to 2.875%, I would save $34/mo.    That's not worth waiting for IMO.   And rates have gone back up since I locked the 3.125.

Yeah, but I'm at 3.25 for a 30 year right now. 3.125 @ 15 seems less than an ideal swap.  

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On 9/19/2019 at 11:07 AM, skycriesmary said:

Yeah, I just refinanced 4 months ago for a 30 year at 3.875. I contacted my guy about a month ago when rates had plummeted, I could have got a 30 year for about 3.375, but due to previous loan agreement, I was locked in for a minimum of 4 months. Now, the best I can get with no costs is 3.625. It would save me 20K+ over the life of the loan, but I'm holding out for 3.50 or better. Not sure if we'll see it. 

Well, he contacted me today and had a 3.5 rate locked with zero costs. I couldn't refuse. Sure, it might go a wee bit lower, but 3/8 lower and no costs? I'm in. It saves 29k over the life of the loan.

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  • 2 weeks later...
32 minutes ago, shadyridr said:

3.375 with no points? Did rates drop that low?

I closed on a house Sept.18th @3.375 no points and even got a small credit. I locked that rate 3-4 weeks before closing. I noticed rates had gone up, but apparently dropped again. 

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Locked a 25 year 3.5% refi/cash out. Last year sucked for us--we took a big step back financially as the hail storm wiped out all our cars and our house.  We went from zero car payments to two car payments and co-signed on our daughter's car, plus a fair chunk of CC debt. This cash out is going to pay off our CC debt and is only going to up our payment $100 while saving us a boatload monthly. We were 6 years into a 30 year at 3.75%--so this isn't a huge difference, but I want to retire here in 3 years and the CC debt wasn't going to be gone by then if we stayed the course--especially paying for one daughter in college and another one going in two years.  

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4 hours ago, Foosball God said:

I just got a 15 yr fixed at 3% with no closing costs, was at 3.7 on a 30 year with about 24 left to go.  Monthly went up a few hundred dollars but worth to dump off 9 years in my case.

With who?  Lowest I've seen is 3.6.

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6 minutes ago, rascal said:

Where?

http://www.hartwest.com/mortgage-rates.asp?show=true&type=refinance&amt=300000&state=AZ&mType=fixed#datafeed

I used them for my mortgage in 2010 and again in 2013 for a refi. They sold immediately to Provident Funding. They only operate in a few states. AZ, NM, OR, UT, CO, and WA.

Edited by cap'n grunge
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48 minutes ago, DA RAIDERS said:

@skycriesmary  called your dude.  :lmao:   he better buy you a nice xmas gift.  he started laughing, when i told him i was from the football website.  he's getting back to me later with some numbers.  i'll let you all know what he quotes me.

He should, but it's against the law for lenders to give gifts over a nominal amount.  

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1 hour ago, DA RAIDERS said:

@skycriesmary  called your dude.  :lmao:   he better buy you a nice xmas gift.  he started laughing, when i told him i was from the football website.  he's getting back to me later with some numbers.  i'll let you all know what he quotes me.

Funny stuff. I hope it works out for you, he's come through for a lot of people I've referred to him. In all seriousness, I might check out working for Lenderfi, as the company I work for is likely going belly up.

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1 hour ago, DA RAIDERS said:

@skycriesmary  called your dude.  :lmao:   he better buy you a nice xmas gift.  he started laughing, when i told him i was from the football website.  he's getting back to me later with some numbers.  i'll let you all know what he quotes me.

Can i get this information?

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45 minutes ago, skycriesmary said:

Funny stuff. I hope it works out for you, he's come through for a lot of people I've referred to him. In all seriousness, I might check out working for Lenderfi, as the company I work for is likely going belly up.

I'll take the info, too. Getting ready to check refi options.

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6 hours ago, Foosball God said:

I just got a 15 yr fixed at 3% with no closing costs, was at 3.7 on a 30 year with about 24 left to go.  Monthly went up a few hundred dollars but worth to dump off 9 years in my case.

i got a different quote from lenderfi  3.5  15 year, no cost.

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