[petsetc]

After much consideration, I want to refinance my existing mortgage. I am specifically looking for 30 year fixed rate at or below 3% with low fees.

If anyone has done this/is doing this recently, would you share the lender, rate, fees (perhaps as a % of loan).

With respect, I am fully aware of the alternatives, downsides, age consideration, et al, that have been voiced in the past and in a thread earlier this month.

I am only trying to get collective knowledge to speed my search.

Thank you.

[JoMar]

Originally Posted by petsetc

After much consideration, I want to refinance my existing mortgage. I am specifically looking for 30 year fixed rate at or below 3% with low fees.

If anyone has done this/is doing this recently, would you share the lender, rate, fees (perhaps as a % of loan).

With respect, I am fully aware of the alternatives, downsides, age consideration, et al, that have been voiced in the past and in a thread earlier this month.

I am only trying to get collective knowledge to speed my search.

Thank you.

I'm on same hunt.....VA is under 3% but fees are more than I want. No fee, best rate I found so far is 3.65.

[petsetc]

This is and interesting article and site wrt mortgage rates:

Mortgage Rates Under 3% For The First Time (Again)

[TimeForChange]

If you are currently under say 3.7% with the cost to refinance it is not worth it.

[kathyspear]

Originally Posted by TimeForChange

If you are currently under say 3.7% with the cost to refinance it is not worth it.

We are currently at 3.875. If we refi at 2.875 (available through a couple of lenders now with low fees) we would save a couple hundred a month and make up the fees in six months.

kathy

[Topspinmo]

IMO depends on how long you have the loan? You start all over where the interest eats up 90% of you’re payment. That’s why they are so eager to refinance IMO you see the short term ( lower monthly payment) and they see the long term ( more money from interest).

[Jayhawk]

Originally Posted by kathyspear

We are currently at 3.875. If we refi at 2.875 (available through a couple of lenders now with low fees) we would save a couple hundred a month and make up the fees in six months.

kathy

Good job. This is exactly how one should view refinancing. Unfortunately there are a lot of others who give "opinions" as facts when they couldn't be more wrong.

[Joeint]

VyStar CU had a no-fee mortgage, you had to hold the loan for 3 years. They have an office on 466a near Lowes.

[petsetc]

As the OP, this is the results of my refinance efforts.

I spent extensive time on line "applying" since it is the only way to get info. I found most of the offers about the same with slight variance in fees.

The best offer was from lower.com (Lower is a DBA of Homeside Financial, LLC.) who had a Florida promo going on. The offer was 2.75%, no out of pocket and added about $3,200 to my mortgage balance of which I should get about $600 cash out at closing. Hopefully closing late August (this month). Bear in mind that I could skip two payments, August and September since mortgage interest is paid in arrears which reduce the real cost. I did make the August payment in case there was a glitch and it should come back to me at closing as additional money to the borrower.

A very thoughtful fellow Villager suggested I look at Costco Mortgage Program which I did. They would have been the easiest, but were not competitive against the above.

Also, if you do look online there is no obvious way to show your periodic withdrawals from IRAs (which you may need to do for "cash flow" since "assets" are insufficient). Include them in the pensions section or you might be rejected for insufficient income (I was once).

I am disclosing all this info to be helpful to any and all of you who might be looking to refinance.

And Finally, rest assured, it was the same drudgery as always.

[dsnrbec]

Originally Posted by kathyspear

We are currently at 3.875. If we refi at 2.875 (available through a couple of lenders now with low fees) we would save a couple hundred a month and make up the fees in six months.

kathy

Would you mind sharing who has this rate? Thanks

[kathyspear]

Originally Posted by dsnrbec

Would you mind sharing who has this rate? Thanks

Go to bankrate.com/mortgages/ and click on Mortgage Rates.

Specify Refinance as the Mortgage Type and fill in your zip code, property value, loan amount, credit score (drop down menu, select a range), and the loan term you are looking for.

Right now better.com is offering a 30 yr rate of 2.5% if you are willing to pay 1.312 points OR 2.696% with .922 points. This is for a loan below the jumbo or non-conforming amount (which is $510k this year) with a credit score of 740+.

The best rate listed with low fees is TD Bank, NA, offering 2.750 today with zero points and total closing costs of $1043.

We purchased our current home with a mortgage through J G Wentworth (although it has been sold to someone else, as is almost always the case). They just sent us a letter offering to refi our current loan for 2.75 as well but it doesn't say anything about points or closing expenses.

In the past we have used LendingTree.com to get the best rates but you have to give them your contact info to get the rates and you will instantly get emails and phone calls from lenders.

Good luck.

k.

[petsetc]

Originally Posted by dsnrbec

Would you mind sharing who has this rate? Thanks

Lower is a DBA of Homeside Financial, LLC

Also - total closing costs does not include "hard costs" such as lender's title insurance taxes and other govt fees, credit report, flood certification, tax service, ad nauseam.

[EviesGP]

Are you both(Petset and Kathy) quoting 30yr mortgages?

[petsetc]

Originally Posted by EviesGP

Are you both(Petset and Kathy) quoting 30yr mortgages?

Yes - 30 year fixed

[kathyspear]

Originally Posted by EviesGP

Are you both(Petset and Kathy) quoting 30yr mortgages?

Yes. You can get a 15 yr at a lower rate than the ones quoted.

k.