Thinking about Refinancing my House.

[FATHORSE]

So I called my dealer to see if he could give me a safe bet on how far out my Bronco could be built.
His perspective and inside info lead him to believe I might here something in October. I'm a morning after reservation holder with 4 of the deadly sins. Just thought I would throw that out there in case everyone was watching their inbox's every Thursday. I didn't want any of my bronco bucks tied up with closing cost, so I was trying to see how much time I could Re-coop for money down.

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[Blksn955.o]

Few questions you should ask yourself in my experience.

Will the refinance reduce the interest rate 1% or more? Say you have a 3.9 will it be reduced to 2.9?
Generally if you can cut 1% off the rate it is worth refinancing.

Are you looking to reduce the term of the loan? For example looking to go from a 30yr to a 15yr with only being in the current 30yr for say 3yrs that shaves a chunk of time off the loan.

Are you consolidating debt...if so how much and will the increase in payment be worth payoff of other debt. Also with that how likely are you to rack up said debt being consolidated back up?

Do you currently pay PMI and a refi would put you under the 80% mark or get you out of a FHA loan that is PMI for the life of the loan?

We refinanced late last year as it almost dropped our rate the 1% (.8) and we went to a 20yr from a 30yr but are paying that 20 on a 15yr schedule. Worst case we shave 5yrs off our loan as we had 25yrs left on our 30yr and best case we shave off 10. Regular payment went up like $20 a month from a 30yr. We also paid off a little debt and the loan was still less than the original purchase/build price of our home. We did not plan on the refi but it was great timing...far enough away from the bronco purchase to be spaced 6-10mo prior.

 

[FATHORSE]

Have around 23 years left on my 30 year dropping it to 18, so saving 5 years. Also going from 4.32 to 2.99.

Thank you for the input.

 

[MikeyFrog]

We just refinanced from a 30 at 3.875 to 15 at 2.125... worth it if you can swing it right now with rates so low.

 

[FATHORSE]

We just refinanced from a 30 at 3.875 to 15 at 2.125... worth it if you can swing it right now with rates so low.

Someone else told me they got a rate that low, Who did you go through?

 

[MikeyFrog]

Someone else told me they got a rate that low, Who did you go through?

Amerisave had the lowest rate offered. I am annoyed because my credit ends up taking a hit from multiple checks to get a rate quoted.

 

[FerkinBlonco]

I went from 4 to 2.85 through lenderfi on a 30 year around November of '20. They had surprisingly low fees, most of what I had to put down was for escrow. Not mad about it so far seemed like it was worth it

 

[FATHORSE]

Amerisave had the lowest rate offered. I am annoyed because my credit ends up taking a hit from multiple checks to get a rate quoted.

Thanks for the info. I went ahead and pulled the trigger. I should of waited, but I am happy in the 2 to 3 % range.

 

[ReimundKrohn]

Amerisave had the lowest rate offered. I am annoyed because my credit ends up taking a hit from multiple checks to get a rate quoted.

Tell me about it. Credit checks for loan approvals should have zero affect on your score; really eliminates your ability to shop.....

 

[FordOwner]

Tell me about it. Credit checks for loan approvals should have zero affect on your score; really eliminates your ability to shop.....

I'm no expert but IIRC within a certain multi-day period is considered one credit pull. https://www.consumerfinance.gov/ask...n-a-mortgage-lender-checks-my-credit-en-2005/

15 year 1.75% is the best I've seen in the last few weeks. That was with .35 or so points.

 

[FordOwner]

This doesn't benefit OP because it is only available in CA, but owning.com has 1.99% rate and APR for a 15 year refinance. About 18 months ago they were at @2.875% and under $100 in closing costs to refinance. Now the owning.com APR and rates are at 1.99%, but there are more fees in there, so no more under $100 closing cost.

 

[BroncoWar1]

Few questions you should ask yourself in my experience.

Will the refinance reduce the interest rate 1% or more? Say you have a 3.9 will it be reduced to 2.9?
Generally if you can cut 1% off the rate it is worth refinancing.

Are you looking to reduce the term of the loan? For example looking to go from a 30yr to a 15yr with only being in the current 30yr for say 3yrs that shaves a chunk of time off the loan.

Are you consolidating debt...if so how much and will the increase in payment be worth payoff of other debt. Also with that how likely are you to rack up said debt being consolidated back up?

Do you currently pay PMI and a refi would put you under the 80% mark or get you out of a FHA loan that is PMI for the life of the loan?

We refinanced late last year as it almost dropped our rate the 1% (.8) and we went to a 20yr from a 30yr but are paying that 20 on a 15yr schedule. Worst case we shave 5yrs off our loan as we had 25yrs left on our 30yr and best case we shave off 10. Regular payment went up like $20 a month from a 30yr. We also paid off a little debt and the loan was still less than the original purchase/build price of our home. We did not plan on the refi but it was great timing...far enough away from the bronco purchase to be spaced 6-10mo prior.

I work in mortgage banking and if you can reduce your rate by 1% and keep your closing cost low. It's a great time to refinance and take advantage of these low rates!. With home values rising many qualify for a Refinance w/o PMI and appraisals are waived. I just did mine and went from 30yr to 15yr fix and dropped the rate to 2.25%.

 

[dweskamp]

My brother just bought a house. 1.1 million 2.25% 375k down. Pentagon federal

 

[peta8368]

This doesn't benefit OP because it is only available in CA, but owning.com has 1.99% rate and APR for a 15 year refinance. About 18 months ago they were at @2.875% and under $100 in closing costs to refinance. Now the owning.com APR and rates are at 1.99%, but there are more fees in there, so no more under $100 closing cost.

I called owning at the end of last year, they were getting so much business that they had a loan minimum in the 400k range(can't remember exact amount). Also, they were not willing to do cashout loans. So make sure you confirm all the terms before making a decision.

Peter

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