I refinanced a year ago from 3.875 to 3.125 and am looking again to try and get 2.25. All 30 year.
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- Thread starter SoapyCy
- Start date
Where? I just locked in at 2.625% on a 30 year.
Not that there is much difference in the long run, $13k over the 30 years...
It’s so sad to see people not paying cash for their houses. If you have to finance it then you can’t afford it.
What are people seeing for closing costs? We're hoping to move in the next couple of years and was wondering what the payback period would be.
Low rates are pushing up prices of homes. Its good if you are refinancing old debt, but I would hate to be a first time home buyer right now. Once rates start back up you will see deterioration in value. Some people are going to be upside down. Rising rates will hit land values too.
And realize the rates online are for the "perfect" borrower. Having worked in the industry for several years people with lower credit scores, high debt to income could never understand why they couldn't get the rate they saw on the website.
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or any new home buyer. we've been snooping at new homes just to see what's out there and they are all expensive compared to a year or two ago.
Construction materials have sky rocketed.
Thought about refinancing to take out money for a remodel, but our 15 year rate is already 2 3/8 from a refi in 2016. I wasn't able to find a combination of low closing costs and a low take out refi rate. Might have pulled the trigger if I could get 2.25% and less than $1500 in costs.
Ended up going with a HELOC from Veridian. 3.1% rate that is fixed for 5 years. Closing costs were $273.
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Ended up going with a HELOC from Veridian. 3.1% rate that is fixed for 5 years. Closing costs were $273.
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Last bank I checked with for a refi had closing costs around $2k plus escrow. I think I should probably keep shopping.
That’s right around what it should cost. The next question is at what interest rate?
The interest rate for a 30-year refi was 3% and they said they could drop my PMI. This was a couple months ago. I'm at 4.25% now and I pay $120/mo PMI. But my new payments didn't drop as much as I thought they would which made me hesitant. I need to look into it again.
can you get behind a 15 year note? With PMI savings, bigger interest savings... payments with a 15 year may be only a bit more than you currently pay.
Any annual fees on this? That's a helluva deal for a HELOC. I've had one for convenience that I almost never use, but it's variable, and that's not going to be nearly as attractive very soon.
Not to get too nosy, but what was your LTV percentage when you first took out the loan?
If there is, then I didn't read the fine print well enough. Veridian's HELOC had a lower rate than the straight up home equity loan. That doesn't seem to be typical.
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Same here. Oh well, went from a 30yr @ 3.75 to 15yr @ 2.625 and dropped our PMI. Dropping that PMI really helped moving to a 15yr.
Maybe... but I haven't looked into that as closely. I'm also not sure how long I will stay in this house. If I didn't have some other debt I was trying to pay down (student loans, new HVAC system, etc.), I'm sure I could. But I also like the greater flexibility with lower monthly payments of a 30-year note in case of financial hardship down the line.