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- Thread starter SoapyCy
- Start date
https://www.greenstate.org/rates/mortgage-rates.html
2.5% ON A NEW PURCHASE 30 YR MORTGAGE!!! INSANE!!
3.7% if you want to refi... Maybe I show upgrade my home instead of refi
2.5% ON A NEW PURCHASE 30 YR MORTGAGE!!! INSANE!!
3.7% if you want to refi... Maybe I show upgrade my home instead of refi
It will take you a while to close because everyone is doing the same thing, or at least trying.
Pretty sure Green State is not doing refis at the moment as they dont have the capacity.
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If the calculator says it is better for you to refinance (adjusting for fees and the time and effort annoyances of doing it, of course), then go for it.
My point was less about you and more about the Fed throwing money out the window and buyers gleefully throwing it all back into housing --
At a larger scale (the red line is mine) --
It is like we have not learned anything or something.
Housing prices grew with incomes from the 1940s through 2000, then we had a bubble, then it deflated, and now we have another one going.
No refinancing is fine. If you can get the bank to agree and make the loans.
But I think people should keep this is mind...
A house with a mortgage of 4% 30 year loan (10% down payment) on a $350,000 house. P&I is $1,503 / month
If you lower the rate to 3% that same P&I of $1,503 would buy approximately $396,000 house. So the so-called value of the home has increased 13%. The market will take time to adjust but that is a big contributor to the market value increases.
If rates suddenly increased to 5% then that same $396,000 house could drop to $311,000 (>20% drop).
But I think people should keep this is mind...
A house with a mortgage of 4% 30 year loan (10% down payment) on a $350,000 house. P&I is $1,503 / month
If you lower the rate to 3% that same P&I of $1,503 would buy approximately $396,000 house. So the so-called value of the home has increased 13%. The market will take time to adjust but that is a big contributor to the market value increases.
If rates suddenly increased to 5% then that same $396,000 house could drop to $311,000 (>20% drop).
Any good leads on who does have capacity (and competitive rates / fees)? My current loan servicer proactively contacted me with their "VIP" no-cost refi offer for existing customers - 3.375% APR on a conforming 30-yr. Even their 15-yr was above 3%!
Yeah...think I'll shop that around. Thanks, but no thanks.
The rates will tell you how bad they want to make the loans. The banks are in no hurry to lose money or potentially sit on a <3% loan for 30 years.
We just refinanced with Triumph Mortgage about a month ago and got 3% on a 25-year. Rate was the same for 30 year, might be even better now. Everything went according to plan and we even closed about a week ahead of schedule.
https://www.triumphhomeloans.com/
The exact same logic is a primary reason college has gotten so expensive.
We made it easier to finance in a couple of different ways, so the holder of the "principal" (i.e., the schools) increased their prices to the point they collected much of the windfall that we intended to go to students. It was a good system (for them).
Instances of this are common across the economy.
Ditto on the extra mortgage payment (for my personal circumstances anyway). I'll not rob my 6% pocket to pay my 3% pocket...
just out of curiosity, do you even understand the spreads that are being earned on <3% loans right now? Who is losing money? Rates have been adjusted based on capacity for the last 90 days, not how bad they want to make the loans.
Hearing processors are getting offers north of $150k and underwriters over $200k in some markets.
Please remember the rates quoted are websites are for the perfect borrower. You need to actually apply to find out the real rate you will be offered.
From GreenState Credit Union:
Actual rate may be higher based on credit history, occupancy and LTV.
Also:
Due to the unprecedented number of applications – REFINANCE applications are temporarily paused to allow our Team to process those already submitted. We invite you to check back in August as we hope to re-start at that time. Thank you for your patience.
From GreenState Credit Union:
Actual rate may be higher based on credit history, occupancy and LTV.
Also:
Due to the unprecedented number of applications – REFINANCE applications are temporarily paused to allow our Team to process those already submitted. We invite you to check back in August as we hope to re-start at that time. Thank you for your patience.
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