Looking to do some refinancing. Both primary residence and SFR rentals. What are the lenders seeing for current rates? FRED says 3.75% but it seems no one can ever get that low. Why is that?
So what rate would you be able to quote right now?SteveBott said:
If my memory serves, and that is doubtful nowadays, you invest heavily in RE so DTI might be a challenge.
aTm2004 said:
What's a good rule of thumb for rate change to refinance? Currently a year into a 30 year but rates have dropped since we bought last year, so not sure if it's worth it or not, especially given closing costs. I hear all of the time how people refinance w/o closing costs, how do you do that? I know you're paying for it somewhere (higher rate possibly) or are they making money selling the mortgage?
Would love to do a 15 year, but 1 in daycare and another in pre-school for 2 more years would make it harder on us than I'd be comfortable with.
Oh, and the last thing I forgot to say...If you had title work done recently (I'm not positive on the exact timing), then you should be able to get a new title policy for a discounted rate. Its significant--something like 35-50% off the standard rate depending on how long ago you refi'd.aTm2004 said:
What's a good rule of thumb for rate change to refinance? Currently a year into a 30 year but rates have dropped since we bought last year, so not sure if it's worth it or not, especially given closing costs. I hear all of the time how people refinance w/o closing costs, how do you do that? I know you're paying for it somewhere (higher rate possibly) or are they making money selling the mortgage?
Would love to do a 15 year, but 1 in daycare and another in pre-school for 2 more years would make it harder on us than I'd be comfortable with.
SteveBott said:
A 30 year is a financial or cash flow play.
15s are an equity play
Different transactions
aTm2004 said:SteveBott said:
A 30 year is a financial or cash flow play.
15s are an equity play
Different transactions
The 15 would be both as it'll be much nicer to have it paid off while 2 are still in HS.
Would you mind sharing the numbers on this?JHUAggie said:
Thanks to those who kept this thread going. I am 4 years into a 30 year mortgage. I finally talked to my mortgage lender about refinancing and will pay a couple hundred more a month to pay off the house in 15 years.
Same rate at Wells Fargo, and I'm hoping to refi in a couple of years.Bo Darville said:
Currently have 3.5 from navy federal with no points or origination. Close in 2 weeks.
Braxton.Sherrill said:
I just sent out 3.375 30 yr fixed with $1200 lender credit.
This was on 10% down 400k purchase, good credit.
Is this a purchase/refi? Mortgage amount $250k or purchase price is $250k? In Texas?suburban cowboy said:
What's best obtainable rate for a $250K mortgage with 20% down and really good credit? 15 year term.
Randolph Brooks Federal Credit Union is offering 3.375 on a 15yr mortgage investment property.suburban cowboy said:
Texas, purchase, purchase price