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Thread: Time to Refinance Mortgage?

  1. #1

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    Default Time to Refinance Mortgage?

    Wow! I just noticed I can refinance to a 15 year fixed mortgage at 2.75% at Navy Federal Credit Union. I think I'm going for it. Anone have thoughts that it may go lower soon or by next month with new rate cuts?
    Thanks!


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  3. #2

    Default Re: Time to Refinance Mortgage?

    2.75% is awesome, and yes, I think it could go lower but not by much. Maybe 2.4% but that's not a sure thing. I'd jump on it.... You know what they say about getting greedy! Time to Refinance Mortgage?

    Sent from my moto z3 using TSP Talk Forums mobile app

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  5. #3

    Default Re: Time to Refinance Mortgage?

    That’s the rate I got at my credit union many years ago. I only got a couple years left on my 15 year.There is no way I would pass up that rate on A guess that It might go lower. Good for you!

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  7. #4

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    Default Re: Time to Refinance Mortgage?

    We bought our retirement home a few months ago with a NFCU loan. We locked in mid-May at 3.625% (with zero points/fees)...now just 3 months later we could have got 3.375% or maybe 3.25%, argh.

    Note that the rates they show online are basically teaser rates and the rate you'll actually get will be a quarter percent or so higher.
    https://www.navyfederal.org/loans-ca...s/va-loans.php

    I think rates will go even lower based on the predictions now for the Fed to cut at least 3 more times...that doesn't affect mortgages much though, but long term rates should continue to edge lower as well, I'm hoping to refinance at 3% or lower next year. The times they are a changin'!
    Last edited by Tsunami; 08-13-2019 at 05:02 PM. Reason: added link

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  9. #5

    Default Re: Time to Refinance Mortgage?

    Quote Originally Posted by pmaloney View Post
    Wow! I just noticed I can refinance to a 15 year fixed mortgage at 2.75% at Navy Federal Credit Union. I think I'm going for it. Anone have thoughts that it may go lower soon or by next month with new rate cuts?
    Thanks!
    Nice PM! What are their closing costs like? Some lenders will do a no closing cost refi- for a 1/4 to 1/2% higher interest rate. I like that option because if you decide to move you haven't paid the closing costs without getting the full benefit of the interest rate cut. I.E. if you decide to move before you get the full benefit of the interest reduction.

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  11. #6

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    Default Re: Time to Refinance Mortgage?

    Quote Originally Posted by Scout333 View Post
    Nice PM! What are their closing costs like? Some lenders will do a no closing cost refi- for a 1/4 to 1/2% higher interest rate. I like that option because if you decide to move you haven't paid the closing costs without getting the full benefit of the interest rate cut. I.E. if you decide to move before you get the full benefit of the interest reduction.
    Good question and I appreciate your reply. They say that their closing costs are between 2 and 4%. I don't have all the details yet but I can use NFCU to close so I don't think my simple refi should cost that much especially since the cost of the 2.75% rate is contingent on a origination fee of 1% and 0.25 % points. However, I can get a 3.125% 15 year fixed by not paying any points and hence, no origination fee. This would mean that I will pay less than $50 more a month for 15 years than I am paying for 20 more years at 4.85%.

    I would consider the points and origination fee for 2.75% but I live in Reston and it is going full tilt high rise so my great lake view may easily get bought out in the next five years. What lenders offer a no closing cost loan?
    Thanks again!

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  13. #7

    Default Re: Time to Refinance Mortgage?

    PM, most mortgage brokers will offer the no closing cost option. Credit unions and banks generally have fixed procedures and don't like to deviate from them. You may have to check around some to get the best combination for you. Lending Tree has a lot of options but can be really annoying to deal with. Also, they will wear your phone out calling from their call center if you ever contact them. Best of luck to you!

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  15. #8

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    Default Re: Time to Refinance Mortgage?

    Have you looked into the streamlined refi program for VA loans? That's what I plan to do. They roll over all closing costs into the new loan.
    https://www.militaryvaloan.com/va-st...refinance.html

    I also read that with VA loans you have to wait 210 days after making your first payment before you can refinance. So that clock runs out for us on about 2/10/2020, and until then I'll be hoping for rates to keep dropping, which looks likely since the recession is only just now getting underway.

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  17. #9

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    Default Re: Time to Refinance Mortgage?

    Some people at work talking about refinancing the past few weeks. Many of them aren't on solid financial footing. When everyone's looking to refinance, it makes me wonder who's swimming naked.

    REM ETF. Basically these are mortgage backed securities, aka Bonds. Cratering. Down almost 30% in the past four days.

    This investment seeks to track the investment results of the FTSE NAREIT All Mortgage Capped Index composed of U.S. real estate investment trusts ("REITs") that hold U.S. residential and commercial mortgages.
    REM.JPG


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  19. #10

    Default Re: Time to Refinance Mortgage?

    Fed just cut interest rate to 0, I wonder if that will lower mortgage rate even further? I'm thinking of my refinancing my place, got in about 7-8 years ago @ 2.125% for 15 years, paying the mortgage sucks but I'm half way there.

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  21. #11

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    Default Re: Time to Refinance Mortgage?

    Quote Originally Posted by law87 View Post
    Fed just cut interest rate to 0, I wonder if that will lower mortgage rate even further? I'm thinking of my refinancing my place, got in about 7-8 years ago @ 2.125% for 15 years, paying the mortgage sucks but I'm half way there.
    Mortgage rates have actually increased recently due to a logjam in mortgage applications. Too many applying! Thus, affecting mortgage-backed securities. Therefore, banks have increased rates in order to combat that. So, I doubt rates will decrease significantly any time soon. They must first clear up that logjam. We need to give rates time to settle into the new environment.
    "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

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  23. #12

    Default Re: Time to Refinance Mortgage?

    yea I been tracking it several month, I thought my eyes were deceiving me.

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