S/O refinancing home

Bluepink

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!

amother

Goldenrod

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.

amother

Black

Thu, Oct 29 2020, 11:14 am

We just closed on a new house beginning of October and got a 2.5% interest rate.
We used FM Home Loans
https://socialsurvey.me/pages/.....loans

amother

Olive

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%.

amother

Olive

Thu, Oct 29 2020, 11:25 am

Bluepink wrote:

Depending on your situation, you would definitely be lower with my company.

amother

Coffee

Thu, Oct 29 2020, 11:27 am

amother [ Black ] wrote:

We just closed on a new house beginning of October and got a 2.5% interest rate.
We used FM Home Loans
https://socialsurvey.me/pages/.....loans

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.

amother

Lawngreen

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.

amother

White

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.

amother

Pearl

Thu, Oct 29 2020, 2:08 pm

amother [ Lawngreen ] wrote:

Was this for a regular loan or high balance?

Bluepink

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! Smile

Mollie

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