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skywalkr
All American
6784 Posts
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Quote :
" I've already got a 15 year at 3%. Probably not worth it to refi right?"


Definitely not worth it. Even if you got a better rate the closing costs probably would offset any benefit.

5/22/2020 8:06:10 PM

HaLo
All American
13184 Posts
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Just closed my refinance with provident. Went from 4.75 to 3.375/30 with an eighth of a point. Gonna pay it off like a 15 though. Will just have flexibility on the payment amount in case of job loss

5/26/2020 1:50:58 PM

David0603
All American
12715 Posts
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Just locked 2.875 0 pts 15 year

5/26/2020 3:17:53 PM

Money_Jones
Ohhh Farts
11490 Posts
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Anyone else who recently refinanced getting relentlessly spammed with “mortgage protection insurance” mail? For the last few weeks I’ve gotten at least 1 letter a day (and up to 4 one day)

5/29/2020 1:58:21 PM

JP
All American
16802 Posts
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Currently on a 30-yr 4.125% fixed (5 years into it) & looking to refinance. Got one quote @ 3.25% 30-yr. Could go to a 20 or 15, but I'm a little leery paying more per month. 20-yr may be ok since we'd be paying roughly the same payment. But lowering the monthly payment is intriguing since we could continue the same payments to pay down more principal & gives us a cushion to lower our payment in case we need to. Closing cost was around 3k to 3500, but that's mostly to cover escrow (and we would probably get back a good majority of that from our current loan's escrow).

I suppose I should shop around for more quotes? I tried through our current lender over a month ago, but they told us it wasn't worth it at that time. Also, do we have to have escrow & insurance lumped into the loan? Are there pros and cons to doing so?

Also, the wife is the only one on the current mortgage, as her credit was better than mine at the time. I have since improved mine, so would putting both of our names on the new one help in any way?

[Edited on June 2, 2020 at 5:59 PM. Reason : ]

6/2/2020 5:51:23 PM

skywalkr
All American
6784 Posts
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^^ yes that always happens with a new mortgage and banks/mortgage brokers should really do a better job of informing people of that scam. They try to really make it look like something you have to do and is incredibly scummy.

6/2/2020 6:08:30 PM

bbehe
2019 Egg Champ
17630 Posts
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It's 1000x worse if you're using a VA home loan because the refinance process is super easy

6/2/2020 8:06:38 PM

HaLo
All American
13184 Posts
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^^^ escrow. it is not required in all loans. if the lender does not require it I would strongly encourage you to not do it. stroke the check for the insurance and taxes each year yourself. the escrow account gets squirrelly when you end up with too little in it and that ends up making your monthly payment rise.

6/2/2020 8:23:56 PM

David0603
All American
12715 Posts
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Yeah, not a fan of escrow, but the last lender made me do it for taxes.

6/3/2020 4:18:49 PM

ComputerGuy
(IN)Sensitive
5045 Posts
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I think Coastal is pretty awesome folks. I've talked to their folks, and they said they are crazy busy, but I know 4 people that have refi, and closed with them lately.

6/11/2020 4:03:01 PM

David0603
All American
12715 Posts
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Refiing today with primelending 15 yr 2.75

7/15/2020 12:30:31 PM

synapse
play so hard
59563 Posts
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$3500 in closing costs?

7/15/2020 12:40:28 PM

David0603
All American
12715 Posts
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$2100 - the mortgage is only for 122K and I didn't need an appraisal

7/15/2020 1:15:06 PM

Str8BacardiL
************
41528 Posts
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Got a quote from BBT @ 2.75%

7/17/2020 7:58:33 PM

tchenku
midshipman
18485 Posts
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$280k loan

originally at 4.5% for 30 yrs; (29 yrs left)

refi'ed two weeks ago and now at 3.125% for 30 yrs and saved ~$220/month. Got a check for ~$500 at closing and no payment until September

[Edited on July 22, 2020 at 10:09 PM. Reason : cred scores 795, 745, and 762]

7/22/2020 9:58:44 PM

Jeepin4x4
Cam Time Steamroller
35450 Posts
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Send me your lender.

7/23/2020 10:03:47 AM

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