Refinancing

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  #16  
Old 01-10-2021, 08:34 AM
caljeff caljeff is offline
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Default Refinancing

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Originally Posted by TNLAKEPANDA View Post
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
I am currently going through a refi. My rate is 2.62 for a 30 YR.. I am working with Citizen's First.
  #17  
Old 01-10-2021, 08:41 AM
Dlbonivich Dlbonivich is offline
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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
  #18  
Old 01-10-2021, 08:53 AM
Rcolby7 Rcolby7 is offline
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What do other fees when you refinance (not Mtge Comp fees). On a $200k refinance do they run $2k or closer to $4k?
  #19  
Old 01-10-2021, 08:57 AM
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dkaufnelson dkaufnelson is offline
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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!
  #20  
Old 01-10-2021, 09:15 AM
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TNLAKEPANDA TNLAKEPANDA is offline
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Default Citizens First

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Originally Posted by caljeff View Post
I am currently going through a refi. My rate is 2.62 for a 30 YR.. I am working with Citizen's First.
My original mortgage is with them so I will start there.
  #21  
Old 01-10-2021, 09:18 AM
Mikenbats66 Mikenbats66 is offline
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North American bank
2.25 30 yr
No one come close to that here
  #22  
Old 01-10-2021, 09:21 AM
joseppe joseppe is offline
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Quote:
Originally Posted by TNLAKEPANDA View Post
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
Quicken Loan / Rocket Mortgage
  #23  
Old 01-10-2021, 10:21 AM
DAVES DAVES is offline
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Quote:
Originally Posted by TNLAKEPANDA View Post
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
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.
  #24  
Old 01-10-2021, 02:45 PM
Steve Mosher Steve Mosher is offline
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Rocket mortgage by Quicken Loans. None better. None easier.
  #25  
Old 01-10-2021, 11:28 PM
decarlom decarlom is offline
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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
  #26  
Old 01-11-2021, 09:09 AM
Gmaf6 Gmaf6 is offline
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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

Last edited by Gmaf6; 01-11-2021 at 09:11 AM. Reason: Should be 30 yr not 39
  #27  
Old 01-11-2021, 03:52 PM
rphil11ort rphil11ort is offline
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you did a home equity line of credit
  #28  
Old 01-11-2021, 03:57 PM
rphil11ort rphil11ort is offline
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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
  #29  
Old 01-11-2021, 09:24 PM
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TNLAKEPANDA TNLAKEPANDA is offline
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Quote:
Originally Posted by JohnN View Post
bankrate.com can give you some benchmarks

What are the expenses? I am guessing CF is high in that area.
  #30  
Old 01-12-2021, 07:43 PM
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Darlene Lansing Darlene Lansing is offline
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We also went with Citizens First , 2.76 %
Our original loan was with them too.
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