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Thread: Time to Refinance Mortgage?

  1. #25

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    Default Re: Time to Refinance Mortgage?

    Quote Originally Posted by Rod View Post
    As of now, we are going with PFCU, with our rate locked in @ 2.75%. Details below from 7 July post...
    Check out LowVARates.com. I got 2.65% with them and they even offered as low as 2.25% but with points. It made more sense for my situation to go with the 2.65, but if you are staying in your spot for 5+ years, the numbers might work out better for you. Just a thought, if you haven't started closing yet.

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  3. #26

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    Default Re: Time to Refinance Mortgage?

    Back in 2012 we refinanced and I have a 3.29% and the mortgage will be paid off by 2027 or sooner.
    May the force be with us.

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  5. #27

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    Default Re: Time to Refinance Mortgage?

    No sense in letting a good crisis go to waste.

    We were offered a no fee refinance in 2011 thanks to TARP. (Not what the program was for, but the banks were more than happy to offer a refinance to accounts in good standing). Wells Fargo sent us a packet that we had to fill out with a notary, no reassessment necessary. I don't think we ever talked to a human being during the process. 4.5%, 15-year with only 2-3 years left after our extra payments, so it was worth it.

    We were offered many opportunities to refinance over the years, but they never seemed like a good deal. Besides, we want to be done with it.

    RE: Escrow; it's really not bad as long as you don't have to keep too much of a buffer and the account pays interest. Wells Fargo always paid a decent interest rate that was competitive with a money market account so where else would we have put aside money for taxes, insurance, etc.?


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  7. #28

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    Default Re: Time to Refinance Mortgage?

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

    Whaaaat? We recently refinanced our VA loan through Navy Federal Credit Union at 2.75% (30 years) with zero points/fees.
    We asked to not have an escrow account and they approved that with no questions asked, and we don't even have 20% equity.
    Navy Federal is a major disaster to work with, but the end result was very nice.

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  9. #29

    Join Date
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    Default Re: Time to Refinance Mortgage?

    Refi - 2.25% - serious savings on mortgage payment.

    One week paperwork - one week funding department and one week for signing docs and 3-day cool off period.

    I'm happy!

    Looking to buy land now for retirement home with the savings.
    THIS IS WHERE I WOULD PUT SOMETHING TO REPRESENT MY THINKING, BUT THEN THEY SHOW UP!
    Tracker =
    Check my position

  10.  
  11. #30

    Join Date
    Feb 2007
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    Default Re: Time to Refinance Mortgage?

    Headsup though:
    Refinancing your mortgage will cost more thanks to a new fee from Fannie Mae and Freddie Mac

    https://www.msn.com/en-us/money/real...ac/ar-BB17VxPC

    "Fannie Mae (FNMA) and Freddie Mac (FMCC)said Wednesday that they will start charging a 0.5% “adverse market fee” on all refinances, including both cash-out and non-cash-out refis. The new fee goes into effect Sept. 1."
    THIS IS WHERE I WOULD PUT SOMETHING TO REPRESENT MY THINKING, BUT THEN THEY SHOW UP!
    Tracker =
    Check my position

  12.  
  13. #31

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    Default Re: Time to Refinance Mortgage?

    New low today of 2.42% in the 15 year mortgage. Our mortgage is 15 year at 4.5%, but we're so close to paying it off a refinance isn't worth it.

    15y.JPG

    https://www.forbes.com/advisor/mortg...es-09-03-2020/

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  15. #32

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    Default Re: Time to Refinance Mortgage?

    30 year new all time low today 2.66.

    15 year new all time low today 2.19.

    Refinance now, it makes a great Christmas gift!

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  17. #33

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    Default Re: Time to Refinance Mortgage?

    30 year mortgage at 4.42% according to St Louis Fed. Right back to February 2019.

    https://fred.stlouisfed.org/series/MORTGAGE30US

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  19. #34

    Default Re: Time to Refinance Mortgage?

    When I locked in 2.25% in 2021 for a purchase I said I'll never see a rate this low again in my lifetime. Of course, I said the same thing circa 2003 when it was 7 or 8% (?). And in 2005 a little lower. Then 4% in 2011. I think my statement will hold this time, though.

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  21. #35

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    Default Re: Time to Refinance Mortgage?

    Back in 1979 when I got married, we took over my brother-in-laws house (long story) with a land contract for 8.5%. I think it was late 80 or early 81 when the banks and savings in loans started buying each other out. Anyway, we get a letter saying the land contract was going away and we had to pay off the loan or get a new loan. Well by then interest rates were around 10%. Each time we went to a savings and loan to refinance it would be bought out by someone else and the interest rates keep going up. The high point was 14% and we started to panic. By the time we could get all of our paperwork together and settle with National City Bank we were able to get a new 30-year loan for 11%. Jump forward a few years and the current home I am living in we refinanced for a 15-year loan at 3.29% in 2012.
    May the force be with us.

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