Refinance

rcalexander105

rcalexander105

JV Wheeler
Joined
Nov 3, 2017
Location
High Point
Anybody with a mortgage has got to be thinking about it. Anybody not thinking about it probably should. We purchased back in June and locked a 3.99% for a 30-year. 10-year (what mortgage and auto loans are pegged off of) dropped below 0.5% overnight and the market is tanking (again) today. Can only beg the question of "are we going to see negative interest rates"?

I've personally never refinanced but certainly top of mind right now. What say ye NC4x4 financiers?

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New rule of thumb is if you can reduce your rate by 0.75%, do it. But keep in mind closing costs and other fees. I have a low rate from 2012 and will consider a refinance if I can find a rate that’s 1% lower and no points...
 
Typically, if you plan to stay in place for 5 years or more, it's worth refinancing, and also worth buying discount points to get the rate down. Unless you are like me, and did exactly that in January, and could have waited 2 months and got the same rate without throwing away $6k :shaking:
Oh well, who knew? I went from 5% to 3.25% so I thought that was a great rate. Now it would probably net me 2.75% or so.
 
What are 30 yr fixed refi at? I'm already at 3.25%, no points, 8 years in. Hard to imagine it being worth it. Only advantage I'd see is that it slides the end date back, lowers payments, then use the difference as investment. Then it just becomes a math game if that is a better long term counterbalance to the interest cost.
 
Dave you are good. I’m 3 3/8 30 fixed just ran the numbers Friday with a friend.
Top tier 30 is 27/8 but it won’t pay where you are.

15 fixed can get 2.0 no points that’s tempting
 
Ron said:
Dave you are good. I’m 3 3/8 30 fixed just ran the numbers Friday with a friend.
Top tier 30 is 27/8 but it won’t pay where you are.

15 fixed can get 2.0 no points that’s tempting
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Not following your hip lingo. What is 27/8?
 
Or as us engineers say 3.375 and 2.875.
 
haha. And I here I was looking for something complicated like "paid off in 27 if doing extra 8%".

Dang if I were a few more years into my 30, I'm jump on that 15 for 2.0 but it doesn't seem quite worth it now.
 
OK, related question - does somebody have a calculator that goes backwards, that will let me set the interest rate, current value and payment size, and tell how many payments are left?
We've made some extra payments (to get out of PMI) so my current functional end date paid to zero is not the official loan maturity date.

EDIT: for reference I found this site to work well:
Loan Payoff Calculator - Money Under 30
Says I got about 19.5 years to go. Ugh. So switching to a 20 yr is easy math if the rate is substantially lower, but seems unlikely given closing costs.
 
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Ron said:
Dave you are good. I’m 3 3/8 30 fixed just ran the numbers Friday with a friend.
Top tier 30 is 27/8 but it won’t pay where you are.

15 fixed can get 2.0 no points that’s tempting
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Please tell me where you can get 15 year at 2% and no points.

I would be all over that. Like today!

PM me if you’d rather not post it here...
 
Deplorable said:
Please tell me where you can get 15 year at 2% and no points.

I would be all over that. Like today!

PM me if you’d rather not post it here...
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I’ve got 3 lenders I work with semi regularly.

I’ll be glad to pm their info when I get in the office this am.

that rate will require a 795+ credit score and a 60 or better LTV

those are the only “gotchas”
 
Ron said:
I’ve got 3 lenders I work with semi regularly.

I’ll be glad to pm their info when I get in the office this am.

that rate will require a 795+ credit score and a 60 or better LTV

those are the only “gotchas”
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Idk what 60 or better LTV means but I want that info too, shoot me a PM.

I mentioned this thread to my wife last night, and then she just learned about these interest rates too and we are considering it. I’d love to get into a 15 year loan. I have a lot of equity in my house and we both have killer credit scores, and the house is the only debt we have.
 
Blaze said:
We were thinking of refinancing but also thinking of selling and buying so we don't know what would be best.
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I'm in the same boat, gonna hold off and start looking this summer.

77GreenMachine said:
Idk what 60 or better LTV means but I want that info too, shoot me a PM.

I mentioned this thread to my wife last night, and then she just learned about these interest rates too and we are considering it. I’d love to get into a 15 year loan. I have a lot of equity in my house and we both have killer credit scores, and the house is the only debt we have.
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Better than 60% Loan to Value...borrowing less than $120k on a $200k house.
 
77GreenMachine said:
I think we locked in at 3.2% 4 years ago, and we paid enough down to avoid the PMI. It may be in our best interest to keep what we have and pay an extra $200-$300/month. I guess we’d have to run the numbers. I would assume closing costs would be north of $8k or more if I refinance.
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I posted this in the wrong thread like a dummy...
 
Closing costs for a refi are running right around 3k up to about 500k loan...that will depend on a few factors.
Ive had several people PMing about contacts I dont feel comfortable throwing people's contact info in public so group PM going out ...
 
Add me to the PM @Ron. I also locked in a 3.75 rate back in 2012 when I bought my house but the idea of a 15yr payoff is tempting since I'm financially better now than back then. I refinanced my truck about 2yrs ago with my bank just to make it local (same rate as originally financed 1.9% but now local at family trust) because I was getting my shop loan anyway. Shop is almost paid for now and wanted to hammer down on the truck and house which is the only debt I will have left. House had about 80k in equity before I built the shop so hopefully the LTV is close.
 
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Refi looking good for some, but the old question, what Will the rate drop to, & how to time it? Always a gamble. I think I'm 3.50 for 30, & could go for a 15 year loan. Got to have 1 of them Fancy calculators, & smart fingers to work it.
 
rodney eppes said:
Rates will probably be going back up by then.
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Possibly...that's typically my luck! I'm willing to risk it, but when/where I move depends on some other stuff I'm not going into on a public forum.
 
So how many times can you refi a mortgage. I have owned the house for almost 2 years and already did a refi in sept ‘19 getting us down to 3.25 fixed/ 30yrs. Wondering with the fed dropping lower since then should I look into it? I have a VA loan whether that makes a difference. TIA.
 
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