Mortgage refinance offers

Lanx

Oye Ve
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i guess we missed this old thread, home/finance we have now moved to the stonkforum, as this will be moved as well
 
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Hateyou

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We did ours through Chase. We shopped around to 3-4 places and it was the best at the time. We shaved ~$200 a month off our monthly payment and around $30k I think over the life of the loan (If we don’t pay extra, which we do a bit). Absolutely worth checking. I recommended it to several people after our deal. One guy saved almost $600 a month, one $350, one $200 (and he’s only been in his house a year and a half). The bastards didn’t pass any savings on to me though!
 

Nija

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What Rocket Mortgage quoted me was beaten soundly by a regional bank - Regions bank. It was like 3.6% for a 30 fixed vs 2.85%. Wasn't even close. This was a year ago.

Not a refi, but shop around.
 

Khane

Got something right about marriage
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We did ours through Chase. We shopped around to 3-4 places and it was the best at the time. We shaved ~$200 a month off our monthly payment and around $30k I think over the life of the loan (If we don’t pay extra, which we do a bit). Absolutely worth checking. I recommended it to several people after our deal. One guy saved almost $600 a month, one $350, one $200 (and he’s only been in his house a year and a half). The bastards didn’t pass any savings on to me though!

I don't know what the rates are right now but my brother and his wife just refinanced their house last month. 2.15% for a 15 year. They are now paying a whole whopping $212 more per month for their 15 year than they were for their 30 year. Something like $110k in savings (they bought their house 3 years ago). And I thought I was doing well ~10 years ago when I refinanced to a 10 year at 3.25%.

Free money.

So yes, everyone should be looking at refinancing right now.
 

Hateyou

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I don't know what the rates are right now but my brother and his wife just refinanced their house last month. 2.15% for a 15 year. They are now paying a whole whopping $212 more per month for their 15 year than they were for their 30 year. Something like $110k in savings (they bought their house 3 years ago). And I thought I was doing well ~10 years ago when I refinanced to a 10 year at 3.25%.

Free money.

So yes, everyone should be looking at refinancing right now.
Yeah, we refied at 2.8 or something thinking it couldn’t possibly get lower. We probably could’ve shaved off quite a bit more if we waited 2-3 months but hey, you never know.
 

Pescador

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We refinanced from 4.125 to 3.75 last year and are saving about $700/mo (new appraisal was quite a bit higher then it was when we bought it in 2018 so PMI dropped a lot), and also got about $9k back in cash since we accepted a higher rate (we are planning on moving in a year or two). Literally no downside since we immediately were 9k past the breakeven and continue to save monthly. It almost makes me want to keep this place and rent it out when we move since rent in our neighborhood seems to be about $500 more than our new mortgage.

That being said, moving right now is a tough pill to swallow since the type of homes we want to move into have all increased in price by an equally absurd amount.
 

Keystone

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Refinancing now through simplist since they seem to have the best rates.. but it's driving me crazy because their website keeps showing me $ amounts to buy down to X points and it's not aligning with pricing the rep is giving me. (his are always higher) so I keep going to lock and then he tells me rates are different and i decide to wait.
 

Sludig

Bronze Baronet of the Realm
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Without sharing every last number I'm not sure how much anyone can really help. But wife isn't thrilled with our refi numbers and its starting to get to me to.

We were 23 years left out of a 30, refi to 20. Going from 4.5 to 2.85.

Payment going from 1720 to 1575, so just shy of 150. Sure over 20 years that's like 36k saved, but still seems shy.

I'm guessing it's just multiple factors together.

1: We saved some money combining all our insurance under one umbrella, but iirc, while the vehicles went down, I think house may have gone up based on our being almost double value from purchase.
2: moving forward 3 years on payments
3: general vague cost increases from yearly tax hikes, last county appraisal was like 370 and the one done for refi was 430, so they may be collecting tax based on that.


However for why it feels like it should be bigger savings is we dropped pmi which was like 150/ month
 

Fogel

Mr. Poopybutthole
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You saved another 60k moving forward 3 years on payments, which is a pretty good chunk of savings on top of the 36k from the lower payments. Combined with your increased house value it's a pretty good spot to be in when you put it all together.

Edit: and 2.85 is going to be hard to beat without doing a 15 year
 
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Haus

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So I'm kinda torn.... I'm at 3.375%, Around $70k left on the note (with an official exp date in 2031, but I'm paying around an additional $300 a month in principal right now)

Even shaving that down to 2.85% would it be worth the squeeze for the savings? My math saying goes to a 10yr at 2.85% would net me around $2k.
 

Scoresby

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So I'm kinda torn.... I'm at 3.375%, Around $70k left on the note (with an official exp date in 2031, but I'm paying around an additional $300 a month in principal right now)

Even shaving that down to 2.85% would it be worth the squeeze for the savings? My math saying goes to a 10yr at 2.85% would net me around $2k.

Remember that when refinancing you're going to also add closing costs back into the mortage and resets the amortization schedule. So add another $2-4k depending on how that goes for the $70k you have remaining and consider that if you plan on selling anytime soon, you won't have pulled much more down on the principal and added additional cost into the loan with closing costs. That said, for a 10 yr loan you might do considerably better than 2.85% as often the shorter term loans will come in at lower rates.
 

Fogel

Mr. Poopybutthole
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You should be able to find a 10 year for 2.15 - 2.3 easy, check it with those numbers
 

AladainAF

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I refinanced mine from 3.5 30yr to 2.25 15 year. However we did it a few months ago. Even though rates are under 2 now for 15yr were happy.
 

Furry

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So I'm kinda torn.... I'm at 3.375%, Around $70k left on the note (with an official exp date in 2031, but I'm paying around an additional $300 a month in principal right now)

Even shaving that down to 2.85% would it be worth the squeeze for the savings? My math saying goes to a 10yr at 2.85% would net me around $2k.
I don’t think this one is a win. Even if you come out ahead in money, it’ll be such a small difference that the hassle almost certainly won’t be worth it. I’d only consider it if you want to take equity out.