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Refinance Rates?

MagicMan

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I received an offer through Chase for a 30 yr Refinance at 2.887 percent, no closing costs. Got me thinking over the weekend. Im currently at 3.65 30yr loan with the new rate and continuing same payment I will pay my home off sooner. I then went online and scoured the market for quotes below is the lowest quote so far, anyone seen better offers

Watermark Home Loans

$290K

30Yr Fixed APR 2.5%

Origination fee $1200

Title/Settlement $1400
 

Nord

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Im checking this out myself. chase sent me a letter offering just above 3.1%. I’m yet to see anyone close below 3%. My current loan is at 3.75%. Considering calling them to feel it out since my current loan is through them. If you are 3.65 I would definitely refi.
 

Activated

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We contacted our current lender to shop rates. Ended up at 2.75% and took 6 1/2 years off the length of our loan. We always paid extra towards our mortgage, so even though the payment went up, it was still less than what we were paying before. It cost us around 3k in fees but probably saved us 110k in interest. No money out of pocked and although I didn’t like It, we didn’t have a payment for a couple of months.

No brainer.
 

Boat 405

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Go to a mortgage broker, not a bank. I found much lower rates and dealt with the same guy from start to finish. Easy process took a loan from 3.75% to 2.77%. This was on a 30 year to 29 year loan. So I was 6 months into a 30 year at 3.75%. Then converted to a 2.77% 29 year loan.
 
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OldSchoolBoats

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That is a solid offer. They are either paying their LO's nothing or selling direct to Fannie/Freddie to be there right now, with that cost structure.

Super volatile market right now with the Stimulus and Trump tweets. Lock em up while you can because it will be a wild ride until Q1 2021 IMO.

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Cole Trickle

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Just completed a 15 year 2.62% with zero points

Paid off my solar and the new payment is still $200 less per month. I will throw what i was originally paying for the mortgage and solar so an extra $350 a month will go to principal.

I will work to get this thing paid off in the next 12 years........At least that was the plan but with how this state is going I can see us making a move to red state if we can continue to work from home much quicker.
 

MagicMan

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That is a solid offer. They are either paying their LO's nothing or selling direct to Fannie/Freddie to be there right now, with that cost structure.

Super volatile market right now with the Stimulus and Trump tweets. Lock em up while you can because it will be a wild ride until Q1 2021 IMO.

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Thanks for the advice, Lenders original quote as of Friday gave me a lender's credit of $1088. I processed my loan application on Monday, fast forward to yesterday and all of a sudden he says the lender credit is no longer available but I still get the same rate. Was this bait and switch, or is the change in lender credit do to volatility. Still wanna do the 2.5%, I'll be able to pay off the loan sooner by adding extra principal each month. I also like the flexibility of having a lower payment in case I were ever in a bind. Not taking any cash out on this loan. I definitely want to pay it off and be debt free 10yr goal.
 

OldSchoolBoats

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Thanks for the advice, Lenders original quote as of Friday gave me a lender's credit of $1088. I processed my loan application on Monday, fast forward to yesterday and all of a sudden he says the lender credit is no longer available but I still get the same rate. Was this bait and switch, or is the change in lender credit do to volatility. Still wanna do the 2.5%, I'll be able to pay off the loan sooner by adding extra principal each month. I also like the flexibility of having a lower payment in case I were ever in a bind. Not taking any cash out on this loan. I definitely want to pay it off and be debt free 10yr goal.
The cost to obtain the rate goes up and down everyday due to market movement, investor appetite, pre pay speed, MSR values, etc. Had a deal that lost $2500 in credit from Thursday to Monday. It happens and nothing we can do to avoid it, market goes up and down. Definitely not a bait and switch.

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bldrinker

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2.75% for 20yrs no points.
This was about 2 or 3 months ago.
 

Shady

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We locked in at 2.57% for a 30 year fixed 3 weeks ago. Coming from 3.875% that we closed on 4.5 years ago.
 

renodaytona

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I just locked in at 2.69% on a “no cost” 30y fixed refi. Cash to close is $2700 with a $3500 lender credit...so they’re paying me to lower my rate.
Exact same thing we just did at 2.75%.
 

YZFRider

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Cash Call Mortgage, I closed a 30yr @ 2.5% and 950$ closing costs.
 

Evo

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I always use zillow mortgages to get the best rates and constantly check. I am finishing up 2.625% with sebonic financial that i found through zillow mortgages.
 

Your ad here

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Called the guys that I got my mortgage through to inquire about a refi. They were excited to lower my rate and pull equity. I told them I wanted a lower rate and put $20k into the principal. Their tone changed and nothing came of it. What happened there?
 

CobraDave

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Those fees are pretty low...


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sirbob

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Anybody doing a no verified income loan these days?

How about if you have the cash to match the loan?
 

THE WIDGE

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Anyone with luck on a jumbo. I have a jumbo cause I’m in chino hills , San berdo co w 510k limit. I owe like 650 but value of 1.2, lots of equity, 830 score. I’m at a 3.7 jumbo but can’t seem to find any jumbo products at 3 or sub 3. Not really interested in paying loan down into conventional limits for San berdo co, rather save cash. Anyone find jumbo deals
 
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NeedlesRat

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I just locked in at 2.69% on a “no cost” 30y fixed refi. Cash to close is $2700 with a $3500 lender credit...so they’re paying me to lower my rate.
What lender is this with?
 

ChumpChange

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Called the guys that I got my mortgage through to inquire about a refi. They were excited to lower my rate and pull equity. I told them I wanted a lower rate and put $20k into the principal. Their tone changed and nothing came of it. What happened there?
The $20k reduction may have put your loan request under their minimum.
 

MagicMan

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Those cash call rates looked soo good had to check for myself. Below are their current rates I guess we missed the 2.5% 0 points.

Question for cash call customers did they just lump the Total closing fees into your loan, therefore nothing out of pocket?

Also on their $900 origination fee disclaimer (see highlighted below) they cover 3rd party Escrow/closing fees. Does this include transfer taxes, prepaids and escrow account for taxes homeowners insurance?

I dont think it would, although these could be offset by a lender’s credit.
E99E0B06-8FFE-48F0-A029-20462ACD9AB0.jpeg
B1728055-4AF6-47E6-8CB8-D3D716B26E73.jpeg
 

cofooter

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How long are you guys taking to close? I re-fi'd with my credit union and locked in what I thought was a good rate (2.625%) a long time ago. We blew past the 45 day target 3 weeks ago, and they are not giving me a solid closing date. I am sure they are way overextended on resources for everyone trying to re-fi......... but c'mon, man!
 

RogerThat99

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If I have to hear the "I Crushed My Mortgage" ad on the radio again...


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YZFRider

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Those cash call rates looked soo good had to check for myself. Below are their current rates I guess we missed the 2.5% 0 points.

Question for cash call customers did they just lump the Total closing fees into your loan, therefore nothing out of pocket?

Also on their $900 origination fee disclaimer (see highlighted below) they cover 3rd party Escrow/closing fees. Does this include transfer taxes, prepaids and escrow account for taxes homeowners insurance?

I dont think it would, although these could be offset by a lender’s credit.
View attachment 930199 View attachment 930200


No, they disclose the fees and apply credits back to you. All I paid was the flat fee plus the funds to setup the impounds.
 

lbhsbz

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How long are you guys taking to close? I re-fi'd with my credit union and locked in what I thought was a good rate (2.625%) a long time ago. We blew past the 45 day target 3 weeks ago, and they are not giving me a solid closing date. I am sure they are way overextended on resources for everyone trying to re-fi......... but c'mon, man!
I have a buddy that's been working on a refi since July.
 

HB2Havasu

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I just locked in at 2.69% on a “no cost” 30y fixed refi. Cash to close is $2700 with a $3500 lender credit...so they’re paying me to lower my rate.
Who did u go thru?
 

cofooter

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I have a buddy that's been working on a refi since July.
Started 7/31. And absolutely no issues on my side delaying it. Just processing time on their side........
 

scottchbrite

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Anyone with luck on a jumbo. I have a jumbo cause I’m in chino hills , San berdo co w 510k limit. I owe like 650 but value of 1.2, lots of equity, 830 score. I’m at a 3.7 jumbo but can’t seem to find any jumbo products at 3 or sub 3. Not really interested in paying loan down into conventional limits for San berdo co, rather save cash. Anyone find jumbo deals
I’m in the same boat. I’m at 3.625. I’ve talked to tamalewagon a few times but nothing yet.
 

MagicMan

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No, they disclose the fees and apply credits back to you. All I paid was the flat fee plus the funds to setup the impounds.
Thanx for clarifying makes perfect sense now.
 
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