W00t my 2nd Refi in a year! 3.5% no closing costs

[sunzt]

Going to close tonight! This is my 2nd refi in a year. My refi company called me up from last time (when i refi'd to 4% also no closing costs) and told me i can get a 3.5% no closing cost refi and i was like fk yeah lets d00 dis!

Saving me about ~120 in P&I a month. It was also much faster than last time since they already had about 90% of the info.

 

[olds]

Nobody works for free. They put the costs in the loan.

 

[Kroze]

Nobody works for free. They put the costs in the loan.

werd. Maybe instead of getting 3.3% they raised it to 3.5% and told you it's "no closing cost"

 

[Krazy4Real]

what company?

 

[sunzt]

werd. Maybe instead of getting 3.3% they raised it to 3.5% and told you it's "no closing cost"

I'm ok with that. Still better than my 4%.

 

[sunzt]

Nobody works for free. They put the costs in the loan.

Lender paying closing costs ~4k so yeah it's in the rate. But i rather have it simpler that way at such a low rate 0.2% doesn't really mean much. However, the company doing the refi makes money by selling it to others.

Also, i checked my current bank's refi rate it was like 3.625% for the lowest non-FHA refi and requires an extra 1% origination charge! F that yo!

 

[Baked]

I need to call a loan guy and see if he can lower my shit. Mine's at 4.75% fuck!

 

[sunzt]

what company?

http://www.weicorp.com/

 

[olds]

How long do you plan to live in the house?

 

[sunzt]

How long do you plan to live in the house?

A long time.... at keast

They also threw in the appraisal for free. The report said my house market value is 6.3% higher than the price i bought it after only a year. w00t.

 

[ichy]

Nice. I recently refi'd at 3.5% as well. Record low interest rates FTW!

 

[AMDZen]

2.5 here

 

[Alienwho]

Just refi'd my house last month. Got 3.6 (from 4.7). Been in the house for just over a year, house value went up so much that I no longer have to pay PMI. Saving $240/month now.

 

[sunzt]

Just refi'd my house last month. Got 3.6 (from 4.7). Been in the house for just over a year, house value went up so much that I no longer have to pay PMI. Saving $240/month now.

wow nice. I didn't know that can happen.

 

[MiniDoom]

2.5 here

from who?

 

[Vdubchaos]

Wow, people still use brokers?

Going down .5% is a deal?

Thinking they don't get paid?

WOW

 

[sunzt]

Wow, people still use brokers?

Going down .5% is a deal?

Thinking they don't get paid?

WOW

Saving $120 month is a deal. Who said they didn't get paid? Besides, 3.5 for no closing or fees is the lowest in my area from any online sites i've looked at.

 

[Vdubchaos]

Saving $120 month is a deal. Who said they didn't get paid? Besides, 3.5 for no closing or fees is the lowest in my area from any online sites i've looked at.

Ohh ok, you shopped online too?

Dude, $120 a month is probably enough to offset your Property tax hike.....

 

[sunzt]

Ohh ok, you shopped online too?

yup, that's why i said 3.5 with zero closing is the lowest i've seen today in my area. You can get 3.25 but that's with fees and points.

Dude, $120 a month is probably enough to offset your Property tax hike.....

My property taxes did increase by about $300... a year. So 120/month more than makes up for it.

 

[ichy]

Wow, people still use brokers?

I got a better deal through a mortgage broker than I was offered from any bank.

 

[AMDZen]

from who?

FHA ARM

Its been 2.5% for the last 3 years.

 

[spacejamz]

Refi'd Jan 2009 - $136K including closing costs at 4.5% @20 years = monthly payment $863 (non-escrow). This was a pretty good deal at the time...

I now owe about $118K. If I refi this (+$3K in closing costs, not sure if this is too high or not) at my credit union's current rate at 4% @20 years, it would lower my payment to $733. Interest would be a close to wash (owe about $50K left in interest on my current mortgage which is close to what the total interest paid on the new mortgage would be)...

After running some numbers, if I do refi and continue to pay $863, I would save $8K in interest and payoff the loan one year sooner than my current mortgage...I don't plan on moving anytime soon....

I have been with my credit union over twenty years (my original credit union merged with Southwest Airlines Credit Union back in the 80's) and they have treated me right so I would probably refi with them again....

guess I need to run down to my credit union and check this out...

 

[Brovane]

I got a better deal through a mortgage broker than I was offered from any bank.

I have been wondering the same thing. The last couple of refi's for me I have done through my Credit Union. However there 30-year rates are not really that great right now compared to what I get by shopping around. It seems like I can get 1/8-1/4 a point lower for the same cost by going outside the Credit Union I use. I refi early this year to 4 1/8 so kind of waiting to see if rates go down more and then I might jump in.

 

[AMDZen]

Refi'd Jan 2009 - $136K including closing costs at 4.5% @20 years = monthly payment $863 (non-escrow). This was a pretty good deal at the time...

I now owe about $118K. If I refi this (+$3K in closing costs, not sure if this is too high or not) at my credit union's current rate at 4% @20 years, it would lower my payment to $733. Interest would be a close to wash (owe about $50K left in interest on my current mortgage which is close to what the total interest paid on the new mortgage would be)...

After running some numbers, if I do refi and continue to pay $863, I would save $8K in interest and payoff the loan one year sooner than my current mortgage...I don't plan on moving anytime soon....

I have been with my credit union over twenty years (my original credit union merged with Southwest Airlines Credit Union back in the 80's) and they have treated me right so I would probably refi with them again....

guess I need to run down to my credit union and check this out...

Your first problem is being loyal to that credit union. Those rates aren't competitive at all. Credit unions don't mean shit anymore. Shop around, you can do much better

 

[sunzt]

I have been wondering the same thing. The last couple of refi's for me I have done through my Credit Union. However there 30-year rates are not really that great right now compared to what I get by shopping around. It seems like I can get 1/8-1/4 a point lower for the same cost by going outside the Credit Union I use. I refi early this year to 4 1/8 so kind of waiting to see if rates go down more and then I might jump in.

My broker told me that after this refi i can't refi for another 6 months hehe. Not sure if you're in the same situation.

There's a general rule of thumb equation that tells you what rate reduction you need to make a refi worth it. I remember when i calculated mine it was about a 0.6% reduction, so i'd figure 0.5% was close enough especially with little to no costs and hassles for me.