Refinancing
 

Has anyone done a refinancing recently? Who did you use and what kind of rated did you get? I don’t want to spend a lot of up front money to refinance.

Thanks

bankrate.com can give you some benchmarks

we did @3.25% it took over three and a half months. I would never recommend our bank to anyone, it was a complete hassle. Never again !!!

Who was your Bank? I will avoid them!

Yes I have checked rates. Looking for a recommendation on a lender that is EZ to work with and does it quickly.

Thanks

We refinanced/closed in Sept using an on-line lender-Lower.com (Homeside Mortgage) at 2.75%, 30 yr fixed, total costs were about $2,500 which we rolled into the new mortgage. Not too much hassle, but some.

Have you asked your current lender if they would "recast" (the correct buzz word) your current mortgage? Some lenders will for a small fee (under $1,000-sometimes much less), change the current interest rate on your existing mortgage. I know 2 people who have done this.

Good luck!

Erik is great to work with

Erik Björklund | CMB
VP of Mortgage Lending
NMLS ID 129883



407 955 4651

888 259 2257 x
erik.bjorklund@fidelityhomegroup.com

fidelityhomegroup.com

McGlone Mortgage...online 2.75% closed December 16th

I recently used AAA 2.62% 30yr

I’m just finishing up with AAA we got 2.62% for 30yr

Do not use Wells Fargo. System is not user-friendly. Horrible customer service on a rental property. I have been a customer for over 20 years, and Had used them on four houses needless to say, i’m closing all my accounts.

Fairwinds in Leesburg. Never left my house. Downloaded or scanned any documents they needed. Early spring got 2.75% at 15 yrs.

VyStar CU on 466a by Lowes no closing cost, if you keep the loan for 3 years rates, are competitive.

2.99% Citizens First. We looked around, but their rate was best. They also gave a small % off for law enforcement. However, having our current mortgshe with them, we thought costs were pretty outrageous.

VyStar credit union has a no closing cost as long as you don’t pay off the loan within three years, and the rates are very competitive. And when I say no closing cost, I mean zero. They even paid for the appraisal.

Refinancing
 

I am currently going through a refi. My rate is 2.62 for a 30 YR.. I am working with Citizen's First.

James Green Union Home Mortgage (248) 345-3302. He is excellent for purchase and refi, very professional I recommend him to all my customers. Andrea Bonivich, Sellstate Superior Realty

What do other fees when you refinance (not Mtge Comp fees). On a $200k refinance do they run $2k or closer to $4k?

I just refinanced 2 homes.
Got 2.75% for 30 yrs on my primary residence with no lender fees or points at American Federal, but it took 3 months, even though I have 840 credit and have used them twice before. My total refinancing costs will be paid off in 15 months due to the lower monthly payments. I do recommend American Federal, Michael Stone 862.259.3112 or mstone@amfedmtg.com.
I also recommend using Frontier Title in Bushnell Erin Cannon, 352-419-2123 Frontier as very fast, no hassles and much less expensive than other Title Companies.
I got 2.5% for 30 yrs on my rental property with Amerisave, but paid points, paid $500 lender fee, paid $700 for appraisal, poor customer service and it's taken about 4 months with lots of hassles. Very few lenders would even consider doing a "cash out" mortgage for my rental home, so this was my best offer. "cash out" means I didn't previously have any mortgage, but now wanted a mortgage. It would have taken me years to pay off the total fees, but I took the money I got, put it in investments that already paid the fees off, now have a low monthly rate and can deduct the loan interest on taxes since it's a rental property. I wouldn't, however, ever use Amerisave again!!
The story I got from both lenders is that because of high demand for the current low interest rates, the mortgage companies put home purchases ahead of refinancing, thus 3-4 month waits.
If you're purchasing a home, the mortgage will probably be faster, but refinancing could take 3-4 months!
Good Luck!

Citizens First
 

My original mortgage is with them so I will start there.

North American bank
2.25 30 yr
No one come close to that here

Quicken Loan / Rocket Mortgage

My opinion.
I do not see or know the future BUT, interest on the ten year treasury has gone over 1%.
That is historically low but it has been lower. I saw a show the other day where the talking heads predict 2% in 2021.
As to rate, you need to explore. We do not know if you are talking 15 year 30 year or what your credit is.
Money up front to refinance. I looked around and I spoke to my accountant. I was shocked to discover the bank that now has our mortgage, wanted to charge us
roughly $4,000 in closing costs. Nothing has changed. That is the gotcha.
I do find it amusing. Due to regulation, with the average age around here being 70 they cannot hold age against you. You can be 70 and get a 30 year mortgage. Chance of living long enough to pay it off is close to zero as is the chance of you staying in that home for 30 years.

Rocket mortgage by Quicken Loans. None better. None easier.

Ben Chai NASB 913 244-0341
2.35 closed a week ago. He is quick, doesn’t try to sell you and beat USAA, BoFA, and Quicken Loans

We went with Citizens First....2.95% and changed to 15 yr from 30. Costs were higher than we liked, but saved a bunch from the 4.35 39 yr we had

you did a home equity line of credit

i am in the business and be careful. Many times you will see a great rate but they charge you points to get you there. it rarely pays to do that and the points are not deductible on this years returns you have to do it over the term of the mortgage. current no points rate is 2.875 but rates have been going up slowly over the past week

What are the expenses? I am guessing CF is high in that area.

We also went with Citizens First , 2.76 %
Our original loan was with them too.

Last week I went to Bankrate dot com. Loan Monkey and a couple other outfits were offering 2.25% on 30 year fixed rate at 0 to a fraction of one point. I am working on a 0 point one right now. It looks like rates have started to inch up some.

Refinance
 

We recently closed on a 15-yr. fixed rate of 2.375 with Guaranteed Rate...and no points! We originally had our mortgage with Citizens First, so I also contacted them. When I told the VP about this offer, he said "stop shopping and lock it in!" Originally, our monthly payment was proportioned 1/3 to mortgage and 2/3 to interest. Now it's the opposite! Our son was so impressed that he and his wife also refinanced with them. Staff was great to work with. Contact Kyla DeMarzio, kyla@rate.com, 973-9398671. Tell her Ann Marie Acacio referred you.

The rates shown on Bankrate dot com are going up but still looking good. That 2.25% 30 year fixed was a once in a lifetime opportunity as I saw it!

Most inflation models are showing increasing rate pressure, so if you are considering, wait no longer, do it now! We are considering rfinancing to the max the current home, and paying off the TV house to reduce the rate and have the TV house free and clear versus the northern home. . . which is the opposite of what we have now.

"Here’s what you need to know to avoid being misled by reverse mortgage advertisements:

A reverse mortgage does not guarantee financial security for the rest of your life.
You don’t receive the full value of loan. The face amount will be slashed by higher-than-average closing costs, origination fees, upfront mortgage insurance, appraisal fees and servicing fees over the life of the mortgage. In addition, the interest rate you pay is generally higher than for a traditional mortgage.
Interest is added to the balance you owe each month. That means the amount you owe grows as the interest on your loan adds up over time. And the interest is not tax-deductible until the loan is paid off.
You still have to pay property taxes, insurance, utilities, fuel, maintenance, and other expenses. If you don’t pay your property taxes, keep homeowner’s insurance or maintain your home in good condition, you can trigger a loan default and might lose your home to foreclosure.
Reverse mortgages can use up all the equity in your home, leaving fewer assets for you and your heirs. Borrowing too soon can leave you without resources later in life.
Generally, you don’t have to pay back the money as long as you remain in your home. But when you die, sell your home or move out, you, your spouse or your estate, i.e., your children, must repay the loan. Doing that might mean selling the home to have enough money to pay the accrued interest."

Don't be Suckered into Buying a Reverse Mortgage — Consumer Reports

I am enjoying life and looking forward to my new 2.25% mortgage.

Well, we waited two weeks and you all got rates of your lifetime! We just refinanced and went from two mortgages with $3,100 in monthly payments to one mortgage with 1,650 and the TV house free and clear. . . . 2.99% with 1.4 points and 3K in closing costs. The NE house is maxed out LTV so the final amount will depend on the final appraisal, but prices here are going up weekly. . . Taking advantage of the increased values. . .

Interest rates did rise, and i hedged my 401K bond positions with TLT puts, as well as hedged the stock position as well, both profitable, to offset losses, but expect more market valuation reductions. . .