Refinance might be an option. PM me or contact info in my profile. I'm under 3 now still

Yeah a year or so ago I called Chase and tried to see if they would just lower my rate instead of me refinancing elsewhere. It took several emails and calls but someone finally told me "they don't do that and nobody has ever asked before." So I refinanced elsewhere. You can for sure do the same if the math makes sense.

How are rates looking these days? Still good? Be good all this year?

Jumping in here. On year 14 of my current 30 year at 3.625%

Worth it to refi?

Malachi Constant said:

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Jumping in here. On year 14 of my current 30 year at 3.625%

Worth it to refi?

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Are you moving soon? At this point, you're throwing more amortization vs interest by keeping the loan. Now if you're going to choose to go to a 15YR, that might make a bit of sense to refi.

I was at 3.5% 30 year with $705 monthly payment (no escrow) and just locked in 1.99% for 15 years on $130k remaining loan, expect to close mid-February and will roll closing costs of around $4k into the loan. New monthly payment will be around $850 (no escrow). My son just closed in low 2's on a 30 year. You can save good money on 1% reduction in rate. Handling everything over email, and they will bring closing docs to my house for signature. I don't have anything to gain nor any conflict of interest and can share info in PM just to help people out.

I'm in the business with Nationstar Mortgage/ Mr. Cooper.

If you have an existing account with us, I can go over your current loan and see if it's worth it to refi. I do this all day long.

No BS, no used car sales tactics.

Email me if interested and I'll reply with my office phone number.

jeffkuhlman@hotmail.com

We have a 15-yr mortgage at 3.125. We have about 7 years left on it and still owe about $100,000. Is there anything out there for someone in my position? The quotes I got a year ago did not make sense for me to pursue. Assuming that is still the case. Is it?

RightWingConspirator said:

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We have a 15-yr mortgage at 3.125. We have about 7 years left on it and still owe about $100,000. Is there anything out there for someone in my position? The quotes I got a year ago did not make sense for me to pursue. Assuming that is still the case. Is it?

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I thought 15 year rates were low 2's and even some sub-2 right now?

They are but it sounds like he originated the loan 7-8 years ago.

The term may be too short (15) and loan amount too small to make a huge difference. We don't know what his closing costs were either.

Yes, we originated the loan about 7 or 8 years ago. The few quotes we've received would give me a 15-yr note for 2 5/8 or so (this was a few months back), but the closing costs made it non-sensical to pursue.

Have rates dropped so far now that absorbing closing costs is now worth it? The other thing is we do not want to refinance to a new 15-yr rate. We'd like to keep it to a 6-7 year note.

What are rates on a 30 now?

Funny bump. I was just think the other day that the flood of mail from the VA IRRRL has dried up completely. Guess they got all of us flipped they could. This thread is 2-1/2 years old. Be interesting to see where rates go in the next 2-1/2 years. I don't see rates of 3% returning anytime soon.

She's got the right mindset at least!

Thanks to whoever bumped this. This was a blast from the past. It made me think back to that point in time of mid-2020, just a couple months into Covid and who knew what was going to happen in the world!

from a mortgage business perspective, I think we had finally decided we weren't going to be completely wiped out from margin calls on hedges (it was touch and go for a while - very stressful), and were instead panicking about what to do for the looming deluge of delinquencies and defaults (never happened!), and I don't think we had started just yet to appreciate the once in a lifetime flood of refi's at really fat profit margins that was just about to hit. Sadly I did not get as rich off all that as I should've (in hindsight). So grateful that much of the doom and gloom scenarios did not happen.

Kicking myself even more as I read through some of this. We were in the process of refinancing down to about a 2.5% earlier this year. I got sick, we had our first child, and it never happened. We're at a 3.875, which isn't bad, but it's on an FHA with about $150 in PMI each month. Really hate throwing that money in the trash each month.

I would love if someone fessed up to doing an equity cash out on their home, investing the proceeds, and are now down 20%

RockOn said:

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I would love if someone fessed up to doing an equity cash out on their home, investing the proceeds, and are now down 20%

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I did just that. I held onto a good bit of the cash and didn't invest. Not down 20%. But down some.