Page 2 of 3 FirstFirst 123 LastLast
Results 13 to 24 of 28

Thread: Time to Refinance Mortgage?

  1. #13

    Join Date
    Sep 2006
    Location
    Upstate NY
    Posts
    2,376
    Blog Entries
    45

    Default Re: Time to Refinance Mortgage?

    Mortgage Rates Hit All-Time Record Low Heading into Holiday Weekend

    frm.JPG

    Mortgage Rates - Freddie Mac

  2.  
  3. #14

    Join Date
    Oct 2010
    Location
    Aiea, Hawaii
    Posts
    1,116

    Default Re: Time to Refinance Mortgage?

    I refi’d last year, Jumbo Loan, 30 yr, 3.375%.
    Is 3.0% a good target?
    There are 10 types of people in the world. Those who know binary, and those that don't!!
    Retired on December 31, 2018!!

  4.  
  5. #15

    Join Date
    May 2011
    Location
    Florida
    Posts
    1,441
    Blog Entries
    6

    Default Re: Time to Refinance Mortgage?

    Quote Originally Posted by uscfanhawaii View Post
    I refi’d last year, Jumbo Loan, 30 yr, 3.375%.
    Is 3.0% a good target?
    Depends on a lot of factors. If you plan to sell anytime soon then probably not worth it. If you are planning on stay there for 30 years, maybe. Look up some mortgage calculators online to get an idea if its worth it. 0.375% is not much, so it would take staying in the house for a long time to break even on the closing costs. I wouldn't do it personally for that small of a gain.
    Don't Fight The Fed!

  6.  
  7. #16

    Join Date
    Oct 2010
    Location
    Aiea, Hawaii
    Posts
    1,116

    Default Re: Time to Refinance Mortgage?

    Quote Originally Posted by bmneveu View Post
    Depends on a lot of factors. If you plan to sell anytime soon then probably not worth it. If you are planning on stay there for 30 years, maybe. Look up some mortgage calculators online to get an idea if its worth it. 0.375% is not much, so it would take staying in the house for a long time to break even on the closing costs. I wouldn't do it personally for that small of a gain.
    Thanks for the response! Yeah, I was thinking the same thing.
    There are 10 types of people in the world. Those who know binary, and those that don't!!
    Retired on December 31, 2018!!

  8.  
  9. #17

    Default Re: Time to Refinance Mortgage?

    USC sounds like you got a great interest rate. Keep watching! May go lower yet. You can occasionally get the larger mortgage brokers to forgo the closing costs on a refinance. Usually in exchange for a slightly higher new rate. The new rate w/o closing costs usually ranges between 3/8 and 1/2 % higher than the normal refi rate w/ closing costs. No closing cost plan benefit is more for homeowners who may be selling before the mortgage is paid off. Even if the closing costs are wrapped into the new mortgage you still have to pay it. JMHO I always ask for no closing costs.

  10.  
  11. #18

    Join Date
    Jun 2004
    Location
    In Your Imagination...
    Posts
    4,321

    Arrow Re: Time to Refinance Mortgage?

    We currently have two refinance applications (VA IRRRL) in the pipeline... trying to decide which one to go with. Our current 30-Yr VA fixed is @ 3.75%. We have 25 more years to go on it. But, we do plan to move (back to the Carolinas) in about 5 years. Our "break-even" (recouping closing costs) on both of these mortgages would be within 3 years. If we do indeed move at the 5 year mark, we would pocket close to an additional $4,000.00 due to the refinance after we broke even.

    Pentagon Federal Credit Union (who we "bank" with): Locked in @ 2.75% (Closing costs: $4,820.80) Close within 60-90 days. If interest rates drop within this time, we can "float" down to it for a $750.00 fee.

    Freedom Mortgage (our current lender): Locked in @ 2.625% (Closing costs: $5,358.92) They want to close by 13 July.

    Although PFCU does not have a 1% Origination Fee (like Freedom Mortgage does), their "service fees" add up. Freedom Mortgage does not have as many service fees because our current mortgage is already with them.

    We wanted to decline escrow, but the VA requires it because of COVID. At least that's what PFCU said.

    As of now, we are leaning towards PFCU because communication with Freedom Mortgage has been lacking. I sent the agent an email on 1 Jul with some questions that needed answered before we moved forward. I have not received a reply, but have received many automated texts/voicemails urging us to call and move forward with the refinance. That's crappy customer service.

    In the end, we may decide not to go with either of these lenders. But, at least we have the ball rolling.
    "Treat your wife with honor, respect, and understanding as you live together so that you can pray effectively as husband and wife." 1 Peter 3:7


  12.  
  13. #19

    Join Date
    Jun 2004
    Location
    Boiled Peanut, Georgia, USA
    Posts
    62,298

    Default Re: Time to Refinance Mortgage?

    NO Senor I don't have no Stinking Mortgage!! Paid it off in 12 years.

    stinkingbadges.jpg
    08/03/2020
    LS CRUDE Oil
    =$41.01 a Barrel, Daily Status +$.74

  14.  
  15. #20

    Default Re: Time to Refinance Mortgage?

    Great job Nnuut!
    The Dave Ramsey status symbol of choice! LOL

  16.  
  17. #21

    Join Date
    Jun 2004
    Location
    Boiled Peanut, Georgia, USA
    Posts
    62,298

    Default Re: Time to Refinance Mortgage?

    Quote Originally Posted by Scout333 View Post
    Great job Nnuut!
    The Dave Ramsey status symbol of choice! LOL
    I really saved a bunch of cash, had an 8% VA loan, refinanced for 5 years @ 4%. How much is interest @ 8% for 18 years?moneypot.gif
    08/03/2020
    LS CRUDE Oil
    =$41.01 a Barrel, Daily Status +$.74

  18.  
  19. #22

    Join Date
    May 2011
    Location
    Florida
    Posts
    1,441
    Blog Entries
    6

    Default Re: Time to Refinance Mortgage?

    Quote Originally Posted by nnuut View Post
    How much is interest @ 8% for 18 years?
    Depends on how much the principle is
    Don't Fight The Fed!

  20.  
  21. #23

    Default Re: Time to Refinance Mortgage?

    Randolph Brooks Federal Credit Union has mortgage refinance...via Equity loans at very low rates and barely any closing costs if you borrow less than $120K. It runs $300 to close. 10 year is at 3.1% and 15 year is at 3.2%. I refinanced in March.
    Current 8-5-20=F15-S40-C20-i25 /Prior: 7-27-20=G45-F35-S5-C10-5i/7-22-20=G20-F35-S20-C20-5i/Chart Links=Page 241-242, posts#2892-2895/old charts @Page 215, #2575-76

  22.  
  23. #24

    Join Date
    Jun 2004
    Location
    In Your Imagination...
    Posts
    4,321

    Arrow Re: Time to Refinance Mortgage?

    As of now, we are going with PFCU, with our rate locked in @ 2.75%. Details below from 7 July post...

    Quote Originally Posted by Rod View Post
    We currently have two refinance applications (VA IRRRL) in the pipeline... trying to decide which one to go with. Our current 30-Yr VA fixed is @ 3.75%. We have 25 more years to go on it. But, we do plan to move (back to the Carolinas) in about 5 years. Our "break-even" (recouping closing costs) on both of these mortgages would be within 3 years. If we do indeed move at the 5 year mark, we would pocket close to an additional $4,000.00 due to the refinance after we broke even.

    Pentagon Federal Credit Union (who we "bank" with): Locked in @ 2.75% (Closing costs: $4,820.80) Close within 60-90 days. If interest rates drop within this time, we can "float" down to it for a $750.00 fee.

    Freedom Mortgage (our current lender): Locked in @ 2.625% (Closing costs: $5,358.92) They want to close by 13 July.

    Although PFCU does not have a 1% Origination Fee (like Freedom Mortgage does), their "service fees" add up. Freedom Mortgage does not have as many service fees because our current mortgage is already with them.

    We wanted to decline escrow, but the VA requires it because of COVID. At least that's what PFCU said.

    As of now, we are leaning towards PFCU because communication with Freedom Mortgage has been lacking. I sent the agent an email on 1 Jul with some questions that needed answered before we moved forward. I have not received a reply, but have received many automated texts/voicemails urging us to call and move forward with the refinance. That's crappy customer service.

    In the end, we may decide not to go with either of these lenders. But, at least we have the ball rolling.
    "Treat your wife with honor, respect, and understanding as you live together so that you can pray effectively as husband and wife." 1 Peter 3:7

  24.  
Page 2 of 3 FirstFirst 123 LastLast

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
SPY (C Fund) (delayed)
Time to Refinance Mortgage?
(Stockcharts.com Real-time)
DWCPF (S Fund) (delayed)
Time to Refinance Mortgage?
(Stockcharts.com Real-time)
EFA (I Fund) (delayed)
Time to Refinance Mortgage?
(Stockcharts.com Real-time)
BND (F Fund) (delayed)
Time to Refinance Mortgage?
(Stockcharts.com Real-time)

Yahoo Finance Realtime TSP Fund Tracking Index Quotes