Anyone else doing a refi on their home mortgage?


 
Kyle in Woodstock

Kyle in Woodstock

TVWBB Guru
Curious if anyone else has chosen to refi their home loan recently. I just did one and was able to get a pretty good rate of 3.25% on a 30 year mortgage with Quicken Loans. I didn't pay down any points or anything. Saved me a couple hundred bucks each month. Curious if the rates vary depending on what state you are in.

Since I'm working from home and have more time to think about stuff like this, I also worked with a home/auto insurance broker and was able to save $900/year by switching from Allstate to a smaller insurance company.

Nice chunk of change saved each month for me doing those things.
 
What was you origination fee and what rate did you drop from? I’m kinda in the same boat. On 4.75 on an investment property but the cost to refi is high where I am. Heard the back offices are backed up with refi applications.
How did you find the auto/home broker?
 
I refinanced after the housing crash in 2008. I got a 3.25 VA mortgage. I paid VA Loan Origination points and it was a steep fee.
 
My closing costs were $4,400 and I went from 4.25 to 3.25%, so my break even to make up for the $4,400 was less than 24 months. Made sense for me.

And for the insurance broker, I actually just asked around on my neighborhood HOA and a few neighbors recommended a guy. He took my current docs with coverage from Allstate and ran similar quotes from a few different companies. I ended up going with one of the insurance companies that my neighbors use. Mainly because the insurance company is know for being pretty good about paying for replacement roof (mine is 12+ years old).
 
Kyle in Woodstock said:
My closing costs were $4,400 and I went from 4.25 to 3.25%, so my break even to make up for the $4,400 was less than 24 months. Made sense for me.
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That's the key. Knowing how long it takes to break even. After that, the monthly savings look good! Makes sense if you're going to stay for a while.
 
We may have missed the low point by only a couple of days a few weeks ago, apparently could have gotten a 3.0% on a 15 year. Still waiting to see if rates dip again, they're bobbling a little above that low point.
 
I just closed yesterday on a 15 year fixed at 2.8% closing costs were $1250.00 I save 500 because we didn't have to have the home appraised.
Also went with a local bank we found thru bank rate.com. They don't sell the loans either.
 
Pretty surprised you at that good of a rate for a 15 with a closing of less an 2k. Im hoping the rates start to get volatile as Election Day comes. Hoping to get a 3.5 rate on a 30 for my investment property.
 
JimZ said:
Also went with a local bank we found thru bank rate.com. They don't sell the loans either
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We went through a local bank when we bought 10 years and going through the same agent again. They're very clear and upfront that the loan will be sold at first good opportunity. She's been very pleasant to deal with, compared to some other agents (one in particular who was told to NEVER contact us again.)
 
JKalchik said:
We went through a local bank when we bought 10 years and going through the same agent again. They're very clear and upfront that the loan will be sold at first good opportunity. She's been very pleasant to deal with, compared to some other agents (one in particular who was told to NEVER contact us again.)
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My experience with brokers is more upfront fees but that's their whole gig so I get it. I really have no problem with the loan being sold either what do I care my terms are fixed so I'm just paying a different guy. IT just pays to shop. The last guy I refinanced with quoted me over 3 grand this time around.
 
JohnS NJ said:
Pretty surprised you at that good of a rate for a 15 with a closing of less an 2k. Im hoping the rates start to get volatile as Election Day comes. Hoping to get a 3.5 rate on a 30 for my investment property.
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To be honest we started watching the rates after approval and when we hit 2.8 I just grabbed it. I wondered how low they could go cause the bank has to make something right? I cant imagine them going below 2.5 but anything seems possible these days.
 
goes below that and you’re hitting 2008 crash levels. Might be a regional thing also. I’ll keep my eyes out in the coming months
 
Of course, during the pandemic, I re-evaluated my expenses and all my debts. I managed to get a rate of 3, 20 % from 4, 20 %. I had a lot of loans besides the mortgage, so I had to lainojen yhdistäminen 60,000. I did it so that I could borrow the loans in one, through a company from Finland. All the loans were taken in a hurry, without analyzing each one. So, I need a few more years to get rid of everything, and after that, I can quietly deal with investments because otherwise, they are all a burden at the moment.
 
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