PSA - look to refinance mortgage now

[s0me0nesmind1]

Looks like that rate may require you to pay discount points but obviously look into any options you can find!

Yeah! Speaking of...

What sources are you AND others using to find your rates? Personally I'm not well-versed in this, I know of bankrate.com and pentagon federal credit union (penfed.org) as decent sources.

 

[glenn1]

Yeah! Speaking of...

What sources are you AND others using to find your rates? Personally I'm not well-versed in this, I know of bankrate.com and pentagon federal credit union (penfed.org) as decent sources.

Best place to start is asking your real estate agent as they probably have a good resource. After all if you can't get a loan (or get one at a terrible rate) then you either can't buy the house or get forced to buy a cheaper one, which means lower commissions for them.

 

[obidamnkenobi]

Looking in the wrong areas, you can get MUCH lower than that, unless your credit sucks.

No I have great credit, the best..
But I thought bankrate being and aggregator would give you the lowest rates..?

 

[Dulanic]

No I have great credit, the best..
But I thought bankrate being and aggregator would give you the lowest rates..?

Bankrate best rate for me was 4%, I got 3.175. Within the past few years they went way down hill.

Id recommend searching Google etc for local mortgage brokers/lenders. Check with a few of them, you can apply for as many as you want it only counts as 1 inquiry basically for mortgages.

 

[soulcougher73]

Just emailed my loan guy. He said their in house rate is 3.125% with 0.7% cost. I am at 3.75% currently. Will have to look into this deeper and shop around as well since they already have my mortgage they may not give the best deal. VA loan BTW

 

[Thump553]

Necroing this old thread with a bit of a brag/unanticipated positive effect of the COVID-19 lockdown.

I never did refinance my adjustable mortgage. It just adjusted-went from 2.99% to 3.125%. Will now adjust every year but right now I'm betting interest rates are going to held down until inflation (or more likely, stagflation) kick in.

 

[Fenixgoon]

I'm considering buy a house. Just hesitant with the economic impact of shutdowns, despite working in an essential business (transportation industry). I'd rather buy on the slight upswing rather than before we hit bottom, because who knows how long that will last

 

[Vic]

There may be a problem with mortgage products that require an interior inspection of an occupied property..

 

[Dulanic]

Well guess timing worked out. I just signed my refi papers today.... I'm my car since they can't have patrons due to lock down. Worked well, no real cost besides waiting for my escrow refund.

The only good thing to come from coronavirus.

 

[UNCjigga]

I actually waited it out and refi’ed at 2.625% fixed back in August. Had I waited a few more weeks I might have saved another quarter point but still happy (I’m way down from 3.75%). In my limited experience, independent mortgage brokers find better rates than Bankrate/Quicken/LendingTree etc.

My only regret is not taking any money out for backyard projects like my neighbors did (now 3 of them have expanded screened in porches with TVs/fireplaces and eggy grills.)

 

[Fenixgoon]

I'm considering buy a house. Just hesitant with the economic impact of shutdowns, despite working in an essential business (transportation industry). I'd rather buy on the slight upswing rather than before we hit bottom, because who knows how long that will last

ended up buying the house, got a 2.625% interest rate.

 

[pauldun170]

We finally got off our ass and refinanced
Nabbed 2.5%

 

[hal2kilo]

I applied Aug 21 with Navy Federal Credit Union. I've supposedly been approved, have signed a million papers. Any day now, any day now, any day now..........................

 

[Wreckem]

I refinanced from 30 years @ 4.65% to 30 years @ 2.875%. Applied on Oct 23. Closed on Nov. 18 and funded on Nov. 23 well before the new fees they added for refinances.

Not the lowest rates but it got us out of PMI. Saving $550/month between rate changes and PMI. This not so coincidently is the cost of our new pool loan which we closed on last week. Excavation is after the first of the year. Should be done around the beginning of April.

 

[dank69]

very bad idea man

Registered just to reply to 9-month-old thread. Let me guess: all debt is bad?

 

[dank69]

In fact, you're too critical. I here is suppose stumbled looking for useful information for work.

I know. It's a real problem I have. I expect you to point out when I am wrong, though. Bring attention to the beams in my eye, as they say.

 

[hal2kilo]

I applied Aug 21 with Navy Federal Credit Union. I've supposedly been approved, have signed a million papers. Any day now, any day now, any day now..........................

Revisiting, after not even looking at this thread. Yea, finally closed on 12/28/20. 30 @ 3.35% for $100000 (w/significant pay down on old loan balance). With taxes and ins. Just under $700 a month. May be able to wait to touch IRA or 401k till I have to @ 70.5.

 

[repoman0]

Bump/PSA — rates cratered over the last few days. I just got 2.875% on a jumbo 30 year with no closing costs or basis points. Saves me $400 monthly even after refinancing to 3.375% last year, which saved about $250 monthly.