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Forum
-> Household Management
-> Finances
Bluepink
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Thu, Oct 29 2020, 12:58 am
I saw the post about a refinance taking months to completion and many posters were refinancing as well. We are using an agent for convenience and pulling cash out of our home to extend. Just wondering, what rates did you get for a 30 year mortgage?
We are locked into 3.375% with excellent credit. Could we be paying less potentially elsewhere? I know banks are occasionally cheaper but my original mortgage was through a bank and was such a hassle.
Thanks!
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amother
Goldenrod
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Thu, Oct 29 2020, 10:36 am
We are in the process of refinancing. I think location can affect your rates. We were quoted 2.99% for a 30 year loan back in July. It was just a few dollars more a month for us to move down to a 20 year loan (which actually shaves off 5 years for us) at a rate of 2.75%.
The closing has been delayed with regulation changes and in the meantime the rates have changed. The broker said that since they promised us those rates and we did everything on our end right away, they would cover the difference at a loss.
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amother
Black
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Thu, Oct 29 2020, 11:14 am
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amother
Olive
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Thu, Oct 29 2020, 11:25 am
I work in a mortgage company. Refinances can take long but most are not taking months. Rates are as low as 2.5%.
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amother
Olive
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Thu, Oct 29 2020, 11:25 am
Bluepink wrote: | I saw the post about a refinance taking months to completion and many posters were refinancing as well. We are using an agent for convenience and pulling cash out of our home to extend. Just wondering, what rates did you get for a 30 year mortgage?
We are locked into 3.375% with excellent credit. Could we be paying less potentially elsewhere? I know banks are occasionally cheaper but my original mortgage was through a bank and was such a hassle.
Thanks! |
Depending on your situation, you would definitely be lower with my company.
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amother
Coffee
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Thu, Oct 29 2020, 11:27 am
Purchase rates are different than refinance. Also, refinances are being hit with a .50 hit by Fannie and Freddie so that could be contributing as well.
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amother
Lawngreen
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Thu, Oct 29 2020, 1:21 pm
I had a 30 yr at 3.875% just finished a 30 yr refinance at 2.5%. My monthly payments were reduced by a few hundred dollars a month. Call a broker and they can run the numbers to tell you how much you will save. I was told that as a rule of thumb that its usually only worthwhile to refinance if you get a rate of at least 1% less than you are paying but it really is individual.
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amother
White
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Thu, Oct 29 2020, 1:36 pm
amother [ Olive ] wrote: | I work in a mortgage company. Refinances can take long but most are not taking months. Rates are as low as 2.5%. |
I have a 100K HE loan on my property (no mortgage) and wonder if it's worth turning that into a mortgage instead.
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amother
Salmon
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Thu, Oct 29 2020, 1:52 pm
I also recently refinanced a 30 year at 2.5%
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amother
Pearl
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Thu, Oct 29 2020, 2:08 pm
amother [ Lawngreen ] wrote: | I had a 30 yr at 3.875% just finished a 30 yr refinance at 2.5%. My monthly payments were reduced by a few hundred dollars a month. Call a broker and they can run the numbers to tell you how much you will save. I was told that as a rule of thumb that its usually only worthwhile to refinance if you get a rate of at least 1% less than you are paying but it really is individual. |
Was this for a regular loan or high balance?
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Bluepink
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Thu, Oct 29 2020, 2:38 pm
I do think I’m getting quoted a rate that’s too high then for some reason. Will email my broker, thanks everyone!
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Mollie
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Thu, Oct 29 2020, 3:00 pm
If your taking cash out that will move your rate up a bit. Still should be less then 3.3
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