Be nice for a change. It's where you want to be when you're old enough to retire. More people should be so fortunate. Paying rent is part of the work 'til you die scenario.
Be nice for a change. It's where you want to be when you're old enough to retire. More people should be so fortunate. Paying rent is part of the work 'til you die scenario.
Possibly many thousands. If you can shave off 5 years at nearly the same payment, that's 60 payments you get to keep. Shorter notes also often have lower rates.
Anything not included in the "No Closing" like inspection, etc? That had to be paid outside the mortgage?I got another 0.125% off by waiting until tonight to lock. 30 year, 3.375% with no closing costs. $222 savings per month vs my old loan with 29.5 years left on it. Thanks OP, not often reading this forum is actually worth my time
repoman0
Diamond Member
- Jun 17, 2010
- 5,191
- 4,574
- 136
No appraisal or anything, they didn't want one for the "with closing cost" option either. I don't know why, maybe because it's the same bank I used to buy the place last July and they consider the old appraisal still valid? I do have to prepay some loan interest and a few months of state taxes but that's all a wash.
I really like the mortgage guy at that bank (not a credit union oddly enough but they have beaten multiple local CUs each time I've needed a mortgage and are way better to work with too). He seemed swamped over the last few days. He told me he locked in 18 refinances two days ago and I'm sure did just as many yesterday. I had responses from him before 7AM and after 9PM ..
Thump553
Lifer
- Jun 2, 2000
- 12,839
- 2,625
- 136
I'm interested in how you are getting actual interest rate quotes. I'm in a variable that is varying soon, may or may not refinance. Unlike past years/decades that I've done this, EVERYWHERE I've checked insists on a (hard) credit check before even quoting me basic numbers. Even when I quote them assumed parameters for my credit rating, amount to be borrowed, term, etc. all I get is empty promises, no numbers.
Additional PSA-stay away from Quicken/Rocket. For years IMO the best of the best they seem to have been restocked with incredibly pushy loan officers now.
Additional PSA-stay away from Quicken/Rocket. For years IMO the best of the best they seem to have been restocked with incredibly pushy loan officers now.
Dulanic
Diamond Member
- Oct 27, 2000
- 9,969
- 592
- 136
Hard inquiry didn't bother me. All within like 2 weeks only count as one.
Lots of lenders will give you rates without a hard pull. A few, like rocket mortgage, will not.
Vic
Elite Member
- Jun 12, 2001
- 50,422
- 14,337
- 136
Rate and term (no cash out) refi's generally don't require a full appraisal. Cash out's almost always will (and will have slightly higher pricing). Hard inquiries from the same industry within a 30 day period should only count as one towards your credit score.
Mortgage rates usually trend with the 10 year T-bond, with 30 year fixed Fannie/Freddie products averaging about 10T + 2.25%. And the 10 year T-bond just hit an all-time low of 0.94% (as of this post).
The purchase market is off to good start this spring, and values should increase somewhat as rates decrease.
Everytime I think I lived through the very last refi boom, along comes another one.
Mortgage rates usually trend with the 10 year T-bond, with 30 year fixed Fannie/Freddie products averaging about 10T + 2.25%. And the 10 year T-bond just hit an all-time low of 0.94% (as of this post).
The purchase market is off to good start this spring, and values should increase somewhat as rates decrease.
Everytime I think I lived through the very last refi boom, along comes another one.
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In your place, I'd do what it takes to escape the variable rate. A big part of what happened in the Great Recession was people getting screwed when home values fell & loans recast or reset. If you're upside down when that happens you will be fucked good & hard. Guaranteed. Don't be that guy.
zinfamous
No Lifer
- Jul 12, 2006
- 111,987
- 31,540
- 146
This is still what makes me consider refinancing earlier than planned. I've got another 7 years before I reach my variable period, but also 3 years before I break even on my points purchase when financing. My rate is already really low, but I guess it's still worth investigating options.
--same remaining time frame, lower rate, same monthly? still good?
--back to 30 years, much lower rate, and ~$100+ less per month? still good, right?
I definitely don't care about the overall length, because I'm only thinking about this in 5 or 10 year terms.
Thump553
Lifer
- Jun 2, 2000
- 12,839
- 2,625
- 136
I'm not overly worried about the variable-I think the average borrower places too much weight on interest rate and not enough on the total costs of the refinance. If I can get a fixed at or near the 2.99% I'm currently paying, no escrows and with minimal closing costs I'll do it. If not I'll instead start to aggressively prepay this one, especially before the adjustment date.
I don't owe that much compared to the value of the house, if this goes underwater then the whole economy has collapsed anyway.
I haven't heard anything about Trump wiping out the HARP reforms as part of his getting rid of regulations-that was a great reform that saved the entire real estate market from collapsing in 2008. Then again, basing a decision on that fact that an action is so stupid that not even Trump would do it is probably not the soundest foundation.
I don't owe that much compared to the value of the house, if this goes underwater then the whole economy has collapsed anyway.
I haven't heard anything about Trump wiping out the HARP reforms as part of his getting rid of regulations-that was a great reform that saved the entire real estate market from collapsing in 2008. Then again, basing a decision on that fact that an action is so stupid that not even Trump would do it is probably not the soundest foundation.
Saaaay whaaaat? I haven't heard of this new rule?
You're saying I can get 10 hard pulls from different companies within 2 weeks and they all roll-up to counting as 1?
Mind sending me some reading material on that? Very curious on this.
Someone posted this in the Stock market thread, but basically the market is thinking the fed is going to do another double rate reduction in March, and another 1 in April... If that's the case, mortgage rates are only going to go down further, no?
IronWing
No Lifer
- Jul 20, 2001
- 73,590
- 35,323
- 136
It's been that way for a couple decades at least. The assumption is that you are loan shopping so you shouldn't be dinged because you looked into more than one option during short period of time.
How Federal Reserve Interest Rate Cuts Affect Consumers
Traders rejoice when the Federal Reserve drops interest rates, but is it good news for everyone? Interest rates have a direct effect on consumer behavior and costs.
Yes and no.
How Federal Reserve Interest Rate Cuts Affect Consumers
Traders rejoice when the Federal Reserve drops interest rates, but is it good news for everyone? Interest rates have a direct effect on consumer behavior and costs.www.investopedia.com
Yes and no.
Based on that, it's essentially saying that if it's looking at things from a long term basis, it already has those additional fed cuts priced in to the current rates?
ponyo
Lifer
- Feb 14, 2002
- 19,688
- 2,811
- 126
Jeffrey Gundlach thinks the Fed is going to cut another half percent at the March meeting. But he doesn't think the 10 year treasury yield is going to go much lower than .8 percent. I think it's around .92 right now.
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Paratus
Lifer
- Jun 4, 2004
- 17,753
- 16,086
- 146
I’m seriously considering it. Need to check and see what the rates are from our credit union.
I’ve got a 10 year at a very low rate (less than 3%) with about 3 years left but also recently took out a home equity loan @ 5.625% for 5 years for home improvements.
might just go with a low rate longer term loan pay them off and use the difference in monthly payments for investing.
I’ve got a 10 year at a very low rate (less than 3%) with about 3 years left but also recently took out a home equity loan @ 5.625% for 5 years for home improvements.
might just go with a low rate longer term loan pay them off and use the difference in monthly payments for investing.
Vic
Elite Member
- Jun 12, 2001
- 50,422
- 14,337
- 136
"Multiple hard inquiries within a certain time period for a home or auto loan are generally counted as one inquiry."
Nothing to see here folks! The fundamentals of the economy are strong!
Fear & Greed Index - Investor Sentiment - CNNMoney
Fear & Greed is CNNMoney's investor sentiment tool that comprises of 7 markets indicators.
money.cnn.com
ponyo
Lifer
- Feb 14, 2002
- 19,688
- 2,811
- 126
You should be happy. It's on sale. You have a mortgage now don't you? I would be jumping up and down in joy if I had a mortgage I needed to refinance or was buying a home right now.
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